Foreclosures
The Foreclosed properties on this site are bank owned.
Here are a few requirements to purchasing Bank-Owned Properties.
If you would like additional information on this process, please call or e-mail me.
1. Offers on the 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-approval letter from your lender is required at the time of offer. No offers will be submitted to the bank without these conditions being met. (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 bank has given their approval to your offer you will have 4-5 days to conduct a home inspection on the property. Do not expect the bank to make any repairs to the property. Do not expect the bank to escrow any funds to complete repairs.
3. The bank 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 Banks Title Company. This deposit shall be in the form of a certified check and will need to be expressed overnight to them.
5. You will receive clear title to the property at closing.
