Prices may look attractive and the subliminal thought of benefiting from someone else’s misfortune may be psychologically appealing, however, that doesn’t mean a buyer should let their guard down when negotiating with a bank over a REO (Real Estate Owned) property recently acquired through foreclosure.

Although banks have a fundamental desire to unload a non-performing asset from their books, buyer beware, banks can be extremely difficult to work with.

Below is a list of ten common pitfalls buyers should be aware of when purchasing foreclosed properties from banks.