bank owned property: Purchasing a foreclosure can be a great deal financially, but there are things you need to know before you do.
- 01/03/09 07:21 AM
1. Time is of the essence but... Often the closing is delayed. Plan for this because giving yourself more time for moving will alleviate stress for you. Make sure that you allow at least a month between final acceptance of purchase agreement to closing so there is adequate time to attain signatures, addendums, inspections, title documents,appraisal, and final underwriting approval. 2. Communication is slow during negotiations, and slower once the purchase agreement is signed by all parties. Expect it to take days to hear back from the bank once you put an offer in on a house. Any changes to the contract will most often take days if not weeks … (0 comments)
1. Time is of the essence but... Often the closing is delayed. Plan for this because giving yourself more time for moving will alleviate stress for you. Make sure that you allow at least a month between final acceptance of purchase agreement to closing so there is adequate time to attain signatures, addendums, inspections, title documents,appraisal, and final underwriting approval. 2. Communication is slow during negotiations, and slower once the purchase agreement is signed by all parties.
;)
;)
