Upcoming Foreclosures

Will a bank pay or replace appliances in a home if you want to buy it?

I would like to buy a home, but would like the seller (a bank) to make some repairs or replace a couple of large appliances (furnace, hot water heater). Is it ok that I ask them to do this and how likely are they to do it? This is a bank owned foreclosure.

Public Comments

1. Kidding right? A bank is already losing money on the deal. They aren't replacing anything. They aren't even guaranteeing in most cases there are no outstanding liens you need to worry about; or that the taxes are paid.
2. We purchased our home (a foreclosure) two years ago. The property came completely AS IS. Unless there is something really "life threatening" wrong with the property I doubt they will pay money to have anything fixed just because you want it. Most banks are out to make money, not spend it, lol. But I guesss you can ask, but I don't think they will.
3. ahhahahaha you are super funny thanks i needed a good laugh
4. Some banks want to unload the home. So if you offer top dollar and ask for the repairs you may be suprised at the answer.
5. Typically bank owned homes are sold as is meaning the bank won't even pay to have the front lawn mowed for you. If the house needs repairs, then lower your offer amount to compensate for it. If the bank won't accept an offer that is fair based on the actual current condition of the home, then walk away and find another house.
6. NO! Foreclosures are sold as is. The bank is not going to put any money into a place they are already losing money on. That said- it never hurts to ask.
7. Not a chance. When a bank sells a foreclosure, it is sold as-is and it's up to the buyer to do due diligence in performing inspections and verifying everything in the property listing. The bank also does not have to submit a transfer disclosure statement (TDS), which is required for all other real estate transactions. A TDS is an affidavit that is filled out by a seller that lists all conditions and known deficiencies with the property to the best of the seller's knowledge. This would include all appliances or other personal property that would convey with the property, any structural problems, any code violations on the property, and even something as obscure as the seller has knowledge that a neighbor intends to add a second story that will affect the buyer's view. If within two years of close of escrow the buyer discovers a problem with the house that was not included on the TDS, and the buyer can prove that the seller had to know about the problem prior to selling the house, the buyer can sue the seller and the seller's agent for non-disclosure, and receive an award of an amount that remedies the problem. But, the buyer of a foreclosure is S-O-L. They're stuck with the problem, whether they found out about it during an inspection or not. That's the biggest risk with buying a foreclosure. You may end up with a property that has a serious structural defect or that is known to the city to be in violation of building codes, and it may become a money pit to correct. So, be careful and do your homework when looking at foreclosure homes. And, do not expect the bank to offer any considerations like paying for repairs or even helping with closing costs. They're already taking a bath on the foreclosure and they're not going to be willing to lose any more than they have already.