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Updated almost 10 years ago on . Most recent reply

User Stats

104
Posts
14
Votes
Roy Mitle
  • Palo Alto, CA
14
Votes |
104
Posts

buying foreclosed property

Roy Mitle
  • Palo Alto, CA
Posted

I am looking to buy property which was foreclosed on last year. Some investor bought it and is now looking to sell it at the same price as last year - regular sale. My guess is that they found something which makes it not worth their time. 

The property is in good school district and the houses around it are significantly priced higher (~20% higher). So it will be a good rental place.

How do I get confidence that there are no unknown risks. One option is of course to put inspection contingency and then wait for that report. However, i'll be out of the 1K-2K to get inspection done. Known fixes are accounted for since I have gone inside the house and seen what needs to be fixed (carpet, paint etc).  Its the unknowns - leaks, termites, asbestos etc. that I want to get a rough handle on before getting it into contract.

ps: The selling agent is not returning calls. Its almost like a black box when you ask for disclosures/why being sold etc.

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