No worries...just another simple transaction when purchasing a foreclosure & short sale listing!
Some buyers are sooo scared to purchase a foreclosure or short sale. You just need to follow the same steps as you would when purchasing a seller-occupied home...
-In GA...with my offer, I include a due diligence period to inspect the home...usually 10-14 days. This allows plenty of time for inspections, title search, loan underwriting, appraisal, etc. AND...if problems arise, you are given the option of "...terminating this Agreement, for any reason...", per the 2009 GAR Purchase and Sale Agreement, #11.A.#1.("Due Diligence Period")...page 3 of 7. By terminating within the due diligence time frame, you can get your earnest money back!
-Conduct the proper inspections...home inspection, termite inspection, survey(if needed), HVAC(if needed), foundation(if needed), etc.
-Also, during the diligence period, have your closing attorney run a title search...if any problems arise, you can have these corrected before the closing date.
-During this diligence period, your loan officer needs to be underwriting your loan and fixing any problems that will halt the purchase. Truly, this should be done before you put in an offer...you should be totally ready to purchase before submitting an offer.
-Another reason for the diligence period is to guarantee the home will appraise for the contract price..or higher! This will give you time for the appraisal to be completed and allow time for negotiating...in case the appraised amount is less than your contract price.
Once the title search, appraisal & inspections are complete...you then need to get the utility information switched to your name(these need to be in your name the day of closing). After these simple steps...you will be READY TO CLOSE ON YOUR HOME!!!
Best Wishes & Good Luck...Happy Selling!
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