It is the same thing that draws million of people to eBay on a daily basis. Of course, your offer must be written and should include every required information such as a complete standard or local contract, a Fannie Mae Real Estate Purchase Addendum, an earnest money, and such other financial documents that could serve as your proof of funds such as a preapproval letter.
These companies employed by the banks that utilize their services have recently focused their attention on the ordinance requirements for properties under their management, at the same time, promoting a partnership with local jurisdiction code enforcement staff to help alleviate the problems with vacant and abandoned properties and create a better method of communication when problems are not being addressed with property maintenance issues.
It will be pretty clear to a judge from the as-is clause in the real estate sales contract that the buyers purchased the house understanding that there may be severe problems with it and that the bank was not taking responsibility to fix these problems before the sale.
Some research shows that of the number of foreclosures happening throughout 2008 where specifically on homes that were purchased in the last two years (2005 and 2006.) Purchases of up to 70 percent of the four million homes in foreclosure occurred at this time.
Since the house I bought will be with me for at least half a decade, I was not too worried to see four more houses on the block in foreclosure I believe five years is ample time for prices to drop and come back up again, guaranteeing that my investment is safe.