With so many foreclosures on the market today, many buyers think they can get a good deal in a foreclosure. Sometimes foreclosures are not the best deal. This apartment was stripped bare, including the entire kitchen, all bathroom fixtures, the doors, baseboards, even the air conditioner was ripped out! There was no way to do an inspection.
To minimize his risk, the buyer had several contractors come through to determine the cost of replacing everything and took those costs into account in his offer to the bank. His offer was accepted and he got a very good deal compared to the price of other recent sales in the building.