We made an offer to buy a bank foreclosure. The bank is demanding that we sign a 17 page as-is contract addendum. We made some changes because we didn’t like some of their terms and now they won’t sign at all. Don’t they want to get rid of this property?

Attorneys who were paid by the pound to produce these works of art have been paid to do so to protect the bank’s interest, period. The asset managers responsible for these files are not typically allowed to deviate from the standard, authorized contract addendums. You can get a great deal purchasing foreclosures, but read the contract, perform your due diligence and make sure that what you see is what you get.