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The Skinny On Buying a Foreclosure

Before deciding to buy a house for a price that seems too good to be true, buyers need to be willing to put money upfront for all the expenses that come with foreclosures.

"Typically foreclosure properties have deferred maintenance and there are some additional costs to buyers during the process of inspections," says Jeanne Moir with Hasson Company Realtors.

Moir says potential buyers need to be aware that banks have their own agreements, and they're charging more.

"It's a little bit longer of a process because banks' contracts are null and void so its not a bad idea to have an attorney look at the agreement," she says. Foreclosures are sold as is.

No matter how much of a deal buyers may think they are getting, a full home inspection also protects buyers, allowing them to know the true state of the property. Moir says foreclosed homes are being bought by larger companies at sheriff's sales or auctions before they go on the market. It's important to understand that "some of those homes may have just cosmetic renovations," she says.

Buyers also need to account for additional expenses like the cost of winterization. Some homes have their water mains shut off in preparation for winter so homes need to be up and running in order to undergo a full home inspection. Because of the additional expenses and work, Moir says buyers should ask for a discount from the bank selling the foreclosure. She suggests asking for a 10 percent discount.

"There's not a lot of supply for foreclosures; it's a sellers' market for the banks," says Moir.


2647 Ne Pikes Peak Rd. Bend, OR 97701

3 br, 2 ba, 1,825 sf, 0.15 acre lot,

built 1998 | $190,000

Listed by Re/Max and Land and Home Real Estate


61291 Linfield Court Bend, Or 97702

3 br, 2 ba, 1,495 sf, 0.18 acres

built 2005 | $359,000

Listed by Cascade Sotheby's International Realty


2941 NW Wild Meadow Dr., Bend, OR 97701

4 br, 3 ba, 2,641 sf, 0.15 acres

built 2003 | $569,000

Listed by Cascade Sotheby's International Realty


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