Live Oak Real Estate

Very very few foreclosure homes are in good condition. Folks who are not able to pay their mortgage payment each month usually do not have the funds to keep a home well-maintained. Rest assured that the bank that owns the property is aware of the way the home looks.

As stated above, the bank has received copious reports, including photos, documenting the condition of their REO.
If your buyer would like the seller to make any repairs to the property, this request MUST be in the original offer to purchase; therefore, it may be to your buyer’s advantage to have a home inspection prior to making an offer on the property.

If your buyers need the seller’s help with closing costs on their loan, that must also be in the original offer to purchase in order to be considered.

Occasionally, you may see a home before it has been ‘trashed out’ and the previous mortgagor’s belongings are still in the property or there is still debris or belongings or high grass in the yard. The bank usually will not sell the property without it being cleaned up, so please consider that it will be cleaned up before your buyer purchases the property and your buyer may not make an offer that includes the buyer performing the trash out and yard.

If your buyer decides to make an offer without having a home and pest inspection first, s/he will be allowed 5 days from verbal acceptance of the offer to have any inspections done; the seller will not repair anything, but the buyer may get out of the binding contract and have his earnest money refunded if the inspection reveals conditions that are worse than the buyer anticipated. The banks are quite adamant about the 5 day window, so any and all inspections as well as the request to be released from the contract must be taken care of within that time frame.
There is no survey or appraisal available.