Most agents think all forclosures are sold “As Is” This is not true! This is why you need to be an agressive Buyer’s agent.

Having done a few foreclosures, here is what I have found:

Write into the contract that the SELLER will have ALL utilities turned on and if winterized, for the home to be de-winterized for the home inspection. To date, I never had a bank refuse to have the utilities turned on, and only one bank (Chase) refuse to pay for the de-winterizing of a home (a cost of around $125), my buyer made a full price offer on. My Buyer backed out of the deal just for that reason. Five days later, the bank lowered the price of this home $10,000. They would not pay the $125 to have the home de-winterized, but could lower the price $10,000. No wonder banks need a bail out, but that’s another story.

Every foreclosure my Clients ever bought was always listed “AS IS”, however, I always wrote into the contract that they still have the right to inspect and back out of the deal, based on the results of that inspection and get their earnest money back. Once again, I never had a problem here.

As far as the Bank’s Addendum. If it was in the original, but directly contradicted in the Bank’s Addendum, no matter what the Selling agent tells you, there is nothing wrong with drawing a line through the area of the Bank’s Addendum you do not agree with and writing the words “See Original Contract” Have your Client Initial it and send it back to the Seller’s Agent for the bank to initial. - Once again I have done this also, with very little to no problems.

One last item. I have been told by several foreclosure agents, the home is being sold “As Is” so do not ask for any repairs. If it is important to your Client, ASK and insist the Seller’s Agent present it to the bank or mortgage company, I have on a few forclosures, and got the repairs done for my Clients on the banks dime.

Good luck to all Buyer’s Agents and do not let foreclosure agents bully you, as they will try to do!