Camden County Real Estate News
Buying a Foreclosure Part II (and hopefully the last installment)
As you may know I posted a blog approximately 1 month ago about buying foreclosures. This is an update to that blog and a simple heads up, slow down and be aware that it's not always easy to buy a foreclosure.
My client and I are now bringing this stressful deal to a close. After home inspection the house seems ok and it's a GO to move forward. We have done everything as per the selling banks wishes and the house looks to close shortly, but not without some big time stress.
After signing the contracts (approx. three weeks ago) we were supposed to go into attorney review, then a seven day home inspection, closing was supposed to take place on December 7th, 2007. This would have given us adequate (rushed, but enough time) to get our bank ready to go, title complete etc..
Folks, we just got the contracts back the end of last week (Thursday... often banks move slowly) and the bank still demanded we close on the 7th of December. We were ready to kill the deal, first I thought I would call the selling Realtor. He said you should still try to close on the 7th! Wow...my initial reaction was to just kill the deal and protect my clients money, but that's not my call. I got in touch with my client and he agreed, if they don't give us more time, we will kill the deal and get back our deposit money.
I called the selling Realtor and explained to him, with the three day attorney review beginning Friday morning and the seven day inspection (inspection was already completed) it would put us past the 7th of December! He agreed (basically he had to) and was nice enough to reach out to the bank, he had the date changed to the 14th of December.
Well see if it closes...were hoping it does.
The moral of the story... Foreclosures are not for everyone.. Find a good Realtor that will protect YOUR best interest and invest in a good attorney, preferably a Real Estate Attorney.
Dave Sulvetta REALTOR®-Associate
Century 21 Hearst Realty
www.davesulvetta.com
www.camdencountyrealestatenews.com
Email; dave@davesulvetta.com
Cell; 856.889.8163
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