When buying a foreclosure it is important to know that each REO property is different depending on the financial institution that own it. Almost anything can happen all the way up to settlement, sometimes even after settlement occurs! Let™s look at some questions that often arise in foreclosure transactions.
1. Are there any consequences if the Seller™s addendum states that the Buyer must waive their write to receive a Property Owner™s Association Package?
2. Will I, the Buyer, receive a copy of the signed Regional Sales Contract back from the bank and the bank™s counter addendum?
3. As a buyer, what are the risks related to the bank being able to void the contract at anytime and for any reason?
4. Do I, the buyer have to use the settlement company that the listing company recommends? Will this help my offer?
5. What does œAS IS really mean?
6. Should I, the Buyer, plan on countering the Bank™s counter offer? Or is it a waist of my time?
7. What if I, the Buyer choose not to sign the Bank™s Addendum?
As as buyer, you don’t want to wait till you are writing an offer on the home of your dreams for these and other questions to arise. If you are in the market for a new home and you have a real estate question, please don’t hesitate to call me. I specialize in foreclosures and have had the opportunity to be on both sides on the transaction.