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Is It Easy To Buy A Foreclosure?
The simple answer to that is, "NO!" Foreclosures are mean, angry, volatile, unrelenting creatures that make no sense what so ever! But once you get past all of that, there is a diamond in the rough just waiting for you to polish it!Buying a foreclosure is not easy for the simple fact that no mater whether you are dealing with a government owned property or a bank owned property, there are tons of hoops to jump through (very little regulation or accountability for their actions, time lines that they almost never meet, unworldly expectations of you, etc.) Here is a basic rundown of buying a foreclosure from start to finish:
Make an offer on the foreclosure (6 page contract) Wait 7 to 10 days for a response Find out there are multiple offers so there are new forms to fill out Make "Highest and Best" offer on property Wait another 5 to 7 days for a response If my offer is accepted, now I have a 9 to 15 pages "Contract Addendum" to initial and sign which supersedes my original contract and states that if closing is delayed due to my fault (inspections, surveys, lender, etc.), the seller will charge me ... more

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