Buying a foreclosure? What do I need to know????????
REO, Bank Owned, Fannie Mae owned? There will be an addendum, make sure you get the addendum up front and read it. They are adamant on there time limits for inspections and closing dates. If there is going to be an extension, they have a form for that and it needs to be addressed ahead of time not after.
Get your inspections lined up immediately, surveys, get your contractors out if there if there is work to be done so you know what you are in store for.
Make sure all utilities are on for the inspection.
Keep a good communications line open with the listing agent.
Get a copy and read the restrictive covenants.
Check the tax bill, the tax assessment may be higher on a foreclosure and you will need to appeal to get an adjustment after closing. (Save the closing statement)
Check the title, your attorney will do this and you can also go online and find out a lot.
Just a few suggestions.
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