On Mon, 3 Apr 2017 07:46:04 -0700 (PDT), trader_4
wrote:

On Monday, April 3, 2017 at 7:44:12 AM UTC-4, caroline wrote:
replying to Duff2, caroline wrote:
Hi,
Here are few things to keep in mind while buying a foreclosed property:-

1. Get an approval from a lender who has verified your income and assets.
2. Do some research on foreclosed properties and recent trends with a property
value in that area.
3. Do investigation by self and make your offer on agreeable outcomes
4. Determine potential repairs and their costs
5. Remember that you have the high ground in arrangements with respect to the
bank paying closing expenses and making repairs.
Thanks!!

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for full context, visit https://www.homeownershub.com/mainte...ty-301718-.htm

Besides the fact that the thread is 9 years old, the poster also said
that the properties they are considering are being auctioned at the
court house. That is the final act of the foreclosure process and
you don't have the option of negotiating with the bank about closing
costs, repairs, or anything else. Also, being qualified for a mortgage
is pretty much useless, you need cash at the auction, you typically have
to pay off the rest of the full auction price within days thereafter too.

Exactly right.
Also be sure what your state laws are about other encumbrances. In
Florida most of these will be wiped out in the auction but be sure.
Tax liens will still survive the auction and there may also be code
enforcement liens that survive. Usually mechanic liens and other bad
paper are wiped out in the auction and the people with surviving paper
will have to pick over the proceeds.

Bear in mind, the bank may open the bid with what they are owed and
you might not see that bid until you match it. This is like Ebay. High
bid is hidden until it is matched.