The past two years have ushered in an unprecedented number of bank-owned property sales in San Francisco. But actually purchasing one can be a challenge.
Competition among buyers in general for bank-owned homes is strong, because the perception exists that such properties are “deals.” In some cases, they are. But disclosures are minimal, and even with property inspections involved, there will always be information lacking (and appliances missing). And the reality is that many homes in this category end up selling at or around market value—especially those located in central, walkable locations. Paying market value for properties that offer little in the way of history or known issues doesn’t usually resonate well with buyers. Continue Reading