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Placing a Bid to Purchase a Bank Owned Hemet Home
Buying an REO home or other real estate in Hemet, CA (or elsewhere) can be a daunting experience, at best. The process appears to be fairly straight-forward, from the beginning.  The banks each have their own proprietary addendums to our California Purchase Agreement which ends up negating many of the key provision of our ‘standard’ contract. CONTRACT CLAUSES Probably the most important is that the banks will not (typically) accept the provisions for liquidated damages, arbitration and mediation.  Often time, the buyer will initial these clauses – but the bank will not.  If the buyer’s agent does not pick up on this, then the buyer would be bound by these terms and the seller would not.  I have seen addendums come back after a contract has been ratified by all parties, to exclude these particular clauses. Other important clauses that are negotiated away when the buyer signs the addendums is that the seller will not perform any repairs – regardless of the outcome of any inspection.  The key here is to inspect prior to writing the offer and asking for adjustments in the form of an adjusted asking price.  In other words, if you would offer $200,000 for a Hemet REO ... more

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