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What are some things to watch for when buying a foreclosed home?

"You are purchasing a home as-is, and typically with no warranties and representation of condition from the Bank. The greatest risk is one the buyer has the most control over through the diligent use of a Licensed and experienced home inspector. The buyer should also take care to understand the contract and the associated addenda. An attorney should always perform a title search. The buyer should make certain the lender is aware of the buyer's intent to purchase a foreclosure. This is important since some lending guidelines can change based upon the condition of the property. There are also specialized loan programs to assist clients interested in purchasing and repairing foreclosures."

Do banks make money by having foreclosed homes on their books?

"The big question may be, what's it really worth to whom? The community sees one cost, they buyer another cost and the Bank it's costs and associated fees (which could also be entangled with the servicer's interests). According to a study by the Joint Economic Committee of Congress, the average foreclosure costs $77,935 while preventing a foreclosure runs about $3,300. Estimates from non-profit agencies approved by the Department of Housing and Urban Development suggest their cost ranges between $1000-$14,000 to save a home. Holding the home costs the bank in other ways as well, since by law they must hold a percentage of capital in reserve as long as they hold an REO on the books. The reserve capital can't be used for loans until the asset is sold. The community takes a loss as well, in fact, declining property tax base directly affects the remaining property owners as communities adjust upward to continue services and cover pre-crisis level costs."

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