The house which could not be sold after Short Sell Period would become "Bank Owned" meaning foreclosure. Owner family needs to leave and house would be under control of bank. There are problems there as well in addition to the damages leaving owners left. Bank is not regular seller. So, the bank conditions are "as is". You need to check there are vital damages in the house which might cost you more than you are paying for owning. Roof damages and pluming might be major ones. There might be termite problems. Even with one or more of these problems, owner bank will neither repair nor reduce the offered price. Any problem will become your own problem, if any.
Foreclosure houses look like having new problem this time. Because people are paying attention to the lower cost of bank owned houses market, people tends to bid any and many properties. Then, it became like auction of foreclosure home. Actually, the house we offered had 59 offers. This tendency inevitably push up the price.
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