A very important step to take before you make the final decision on this type of property is to have a thorough home inspection performed on it. You might find that your realtor tries to dissuade you from getting one though, this is because they may reason that you are buying the property in the state its already in so there is no point spending the money. But, wouldn’t you like to know before you buy what kind of condition the place is in? What if the property has major structural issues that could end up costing you thousands or, worse still, make it uninhabitable?
Think too about the nature of bank owned foreclosures, if the homeowner had not been able to pay the mortgage, how much maintenance could’ve been done on the property? You may also find that unhappy homeowners will strip the home of anything valuable or even vandalize the place. Junk and rubbish may have been left behind that you would be responsible for removing.
So, although bank owned property can work out very well for you, do all you can to find out the exact condition of the place by having it inspected by a certified home inspector who will work for you, with your interests in mind. By doing this you could end up saving thousands on unforeseen problems.