4. Banks Have Their Own Contracts
Your offer to purchase the property will be written on a Georgia Association of Realtors (GAR) Purchase and Sale Agreement, which is the common form used in real estate transactions in Georgia. However, once all terms of the offer have been accepted by the bank, they will issue their own contract and addendums. These are legal documents in the state of Georgia, and supercede the forms submitted by your Agent.
The addendums clearly define that the property is being sold "as is" and release the bank from all responsibility regarding condition. There is usually very little negotiation concerning the bank addendums.
I hope you are finding this information informative and are getting a better understanding of the process of purchasing a foreclosed property.
If you are thinking of buying or selling a home, contact Andre Allen, REALTOR® with Keller Williams Realty - Atlanta Partners servicing the real estate needs of Metro Atlanta, GA. Contact me at (678) 252-2959 or AndreAllen@kw.com.
Comments(0)