There are many other banks not mentioned, including credit unions, hedge funds, and small investm foreclosures ent firms. Fannie Mae and HUD foreclosures typically have an owner occupied bidding period, so only buyers who will be residing at the home can bid on the REO listing. If the Vancouver WAforeclosure property does not sell within the allotted timelines, it becomes open to all bidders, including investors.
If your offer is accepted the bank will send an addendum which overrides our state contract. Make sure you carefully read through it, as there are very important timelines, special clauses, and more that home buyers of a foreclosure should be aware of. A couple other important things to know when purchasing an REO or Foreclosure listing:
·Give the bank 2-3 business days to send and sign all documents.
·In most cases your contingencies (financing and home inspection) time frames do not begin until you have a seller signed contract
·Earnest Money checks are almost always required to be in the form of certified funds (cashier’s check or bank wire)
·There is also per-diem (a charge the buyer incurs if the transaction is not completed in a timely manner), which is typically $100-150 per day
Other than a little delay with communications with the seller these transactions can close within 45 days of acceptance.
Multiple offers are a common scenario with REO or Foreclosure homes for sale. When this happens, the seller usually asks for all buyers highest and best offer. A lot of people get intimidated and don't want to get involved in a bidding war, but it is just an equal opportunity for all parties to come in with the best offer. Sometimes full price gets the deal done, sometimes $1000 over, and sometimes it can get up $10,000 or more. I suggest just putting in what you feel good paying for it, a number you won't regret when you sleep on it and decide what the home is worth to you.
Author:Traci Novak - WA Listing Specialist Phone: 360-931-1667 Dated: February 11th 2013 Views: 1,712 About Traci Novak: Traci was born and raised here in the Northwest, and purchased her first home at just 19 years old. ...
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