Posted by: terryorealtor | September 13, 2009

Thinking of writing an offer on bank owned property?

Remember this, many banks or investors have addendums they want you to sign. PLEASE read them carefully and/or take to an attorney. These addendums HAVE NO BENEFIT to the buyer nor any protection for the buyer. The addendums are solely for the protection of the bank, asset management company or investor and/or all of the prior mentioned. NEVER give up your rights to inspections and review of disclosures. Many have changed the active removal of contingencies to passive……. Many indicated a $100 a day penalty if you do not close on time….. ALWAYS make sure you have in writing a SIGNED RATIFIED contract and do not base your time periods or inspections based on a verbal agreement. Bank owned properties may or may not be the best choice or value…….. It is not atypical for some banks to get you ratified contract several weeks after the fact……while still reviewing and possibly accepting another offer thereby knocking your purchase offer out of the running…… Just be aware, never assume and always get something in writing…

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