Saturday, January 31, 2009

Daily Real Estate News

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Thursday, January 29, 2009

Purchasing Foreclosures – Home Inspection

In reference to the (parenthesis) portion of my previous blog about obtaining a home inspection on a bank owned property, it is important to note that you can still order and complete a home inspection, but the contract itself will not be contingent on the results of the home inspection.
It is important to adhere to all the deadlines in your contract with regards to obtaining a home inspection. Once the inspection is completed, you will want to provide to the Seller in writing your acceptance of the inspection.

Monday, January 26, 2009

Purchasing Foreclosures

A foreclosed property simply means the bank has taken over the property from the previous owner. The bank is now in possession of the property and in most cases hires a Realtor to market and sell the property.
These properties are usually purchased As/Is.  Because the bank has not owned the property in most cases they will not provide you a copy of Sellers Disclosures. It is prudent that a buyer hire a licensed home inspector to thoroughly inspect the property. (Please note: Some banks may not make an offer contingent on a home inspection, so it is important to read any bank addendums and/or contracts thoroughly). In most cases however, the bank will allow the offer to be contingent on a home inspection. Typically you must complete these inspections within 7 to 10 days after acceptance of the offer.
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