Each bank is totally different concerning how they handle inspection requests. Sometimes, banks will make minor repairs on items that may delay financing, like a plumbing leak. Other banks won’t do any repairs, and others could make other repairs that are only required for financing.
In different words, they won’t accept offers that are significantly underneath appraised value. The first stage of a house in foreclosure is when a home owner falls behind on their mortgage funds. A house in foreclosure is often called a short sale or pre-foreclosure house. Unlike the average house owner, the bank has no private attachment to the property. It is interested in selling, it is well conscious of market worth, and is commonly so motivated to promote that it will sell a foreclosure for much less – generally considerably less – than that market worth.