What to expect

 

Buying a forclosure homes doesn't have to feel like this...

it won't if you know what to expect.
Forclosure homes are sold "AS IS" and list price already reflects needed repairs Disclosures are seldom provided
Surveys are not provided Sometimes banks require 5-10 day listing periods before accepting offers
Home sale contingencies are not accepted. Obtain Bridge Loan or pay cash. Taxes are prorated 100% reguardless of local contract
Buyer is responsible for all inspection costs such as pest or well/septic. Buyer is responsible for de-winterizing and re-winterizing.
 All offers must have loan pre-approval or proof of funds  All offers must include earnest money.  Most require $1000
 Incomplete offers will not be accepted  Offers submitted on weekends or holidays are submitted to the seller  the following business day
 You can expect lengthy response times and seller extensions of closing dates.  If buyer does not perform, earnest money if forfeit.
 Sellers are not obligated to respond to offers  Every buyer may not have the opportunity to imrove their offer in multiple offer scenerios
 Price is not the only determining factor  Additional addendums are required after offer is accepted and override any existing contract
 Extension to closing date due to buyer error is a stiff penalty.  Time is of the essense. Seller can extend with no penalty.  Sellers do not have to allow inspections and seldom negotiate after inspections are completed.