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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