Libra,
Conditions are just like typical real estate except a few things..
1. Houses are sold "As Is Where Is." Yes you can get a home inspection and decide after the inspection is done if you want to move forward, but the bank will not fix anything.
2. Homes are sold via "Special Warranty Deed" instead of "General Warranty Deed" basically stating that the bank can only guarantee the title being clean since they took back ownership. This typically isn't anything to worry about as that's why you have an attorney do title work for you.
3. Must be pre-approved with a bank & have documentation before submitting and offer.
4. Patience as sometimes the bank will take a few days and sometimes a week or so to respond.
5. If you are interested in renting your property (weekly rentals) that is something you will have to "start over with" as the bank is not in the business of renting homes.
6. Sold Unfurnished.
As for prices being negotiable - Absolutely!!!
Hope that helped, any other questions.
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