My Foreclosures
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The Foreclosed properties on this site are bank, corporate or government owned.
Here are a few requirements for purchasing REO properties.
If you would like additional information on this process, please call or e-mail me.
1. Offers on theses property can be cash or financing. If you are paying cash, a financial statement is required at the time of offer, showing your cash to close the property. If you are financing the property, a pre-qualification letter from your lender is required at the time of offer. No offers will be submitted to the seller without these conditions being met. (Please be aware some properties may not qualify for VA or FHA loans since most need repairs, check with your lender first.)
2. All sales are in "As Is" condition. Once the seller has given their approval to your offer you may have 4-5 days to conduct a home inspection on the property. Do not expect the seller to make any repairs to the property. Do not expect the seller to escrow any funds to complete repairs. Do not expect to re-negotiate the price of the property with the seller. If you are not satisified with the inspetion you will have the right to cancel the contract.
3. Once the seller accepts the offer they will require you to sign their addendumns and disclosures on the property. These are binding agreements and if not understood you should obtain legal advice.
4. Once the home inspection is satisfactory to you, your good faith deposit is due to the sellers Title Company. This deposit shall be in the form of a bank certified check and will need to be expressed overnight to them.
5. You will receive clear title to the property at closing. In most cases the seller will cure liens and pay fines on the property prior to closing, this however does not include correcting any code violatons that may exist on the property.
