Considering Purchasing that Foreclosure?
I am considering purchasing a foreclosure, why do I have to follow the process?
You need to follow the process because that is the Bank’s procedure.
Why can’t I have an inspection done prior to writing a contract?
This is an “as is sale” with the bank, you cannot have an inspection until after you have a contract on the property. There is a contract clause written in the contract.
What if there is something major wrong with the property?
You have an option to cancel the contract.
Can I offer $50,000 less than asking?
You can, but I doubt the bank will take it; you will probably get a rejection.
I have found that with most foreclosures, it is best to follow the Bank’s parameters, they get thousands of contracts a day on properties and they need to go through their proper channels.
Playing hardball with a bank will get you No Where Fast!
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