marion: Your concerns are very legitimate. The other aspect to consider with bank REOs is this: The banks are literally being inundated with foreclosures right now, and simply don’t have the time to assess the status of each house thoroughly.
We had a foreclosure on our street that the new owners bought from the bank. I spoke with the wife and she said the outgoing owners had blitzed the place prior to eviction. Broken windows, torn up carpet, paint splashed on the walls, etc. When she spoke to the rep at the bank, he told her he had spent a grand total of 15 minutes at the house, because he had over a dozen other houses to look at that day. We’re in Fallbrook, and he was handling Fallbrook, Vista, part of Oceanside, Temecula, Murrieta and Menifee. One guy.
