Most
homeowners stopped maintaining their home long before they could no
longer make mortgage payments. Be sure to have enough money left after
the sale to make at least minor, and sometimes substantive, repairs.
Bank Own Properties (REO) require that you purchase the home “as is,” which means in its current condition. Depending on the REO some may need minor cosmetic repairs to the homes to make them more marketable, and may even give you an allowance for repair costs to help with you fulfill your lending requirements. To protect yourself from this situation order a home inspection to uncover the true condition of the property, gett a pest inspection, and purchase a home warranty.