Things You Should Know Before Buying A Foreclosure Property

THINGS YOU SHOULD KNOW ABOUT BANK OWNED PROPERTIES

The only information regarding the property is represented in MLS. There will be no disclosures. The premises are being sold as it and in its condition at the time of Buyers first view and without representation or warranty of any kind. There is no history on the property, no seller’s description, no operating expenses, and no repairs will be made to the property.

STATE REQUIRED INSPECTIONS Title V/ Septic Inspections: Although most banks will work with buyers to complete a septic inspection, it should not be assumed and if it fails do not assume they will correct any failures with the septic system. Smoke & Co Certificates : Always assume this responsibility is yours, however this can be negotiable.

SELLER ADDENDUM’S: Some banks require seller addendum’s to be present at the time of the offer. These addendums are used nationally, no changes can be made.

PURCHASE AND SALES AGREEMENT: Once the offer has been verbally accepted, banks anticipate the purchase and sale agreement to be signed within 72hrs. Until all contracts are signed the property will continue to be marketed and new offers will be presented to the seller.

PER DIEM: Some banks my impose a per diem charge if the property is not closed in time. This charge can be any where from $50 to several hundred dollars depending upon the property. If the closing is delayed due to the seller than this charge would not apply.