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Laura Twors' Blog

By Laura Twors | Agent in Pasadena, CA

Foreclosures, Contracts, and Addendums

Can I change something on a bank contract or addendum page for a foreclosure?

 

If you are serious about buying the property the answer is NO.  Unfortunately, a foreclosure sale is “as is” and the additional contract addendums from the bank are required for purchase of the property.  These addendums are used to make the foreclosure process for the bank personnel more uniform, since purchase contracts vary from state to state.  It is also important that you understand that these addendum pages override your regular state contract.  Therefore, you need to read them thoroughly.  If you are not sure of what is being expected of you, ASK!

 

Your agent may not have all the answers regarding the bank contracts since they are not standard state procedure, but your agent should do everything that he/she can to get the answers from the listing agent for you before you sign the papers.  If you are still not satisfied with your findings, consult an attorney.

 

In my experience, the biggest bone of contention for the buyer is the per diem cost for each additional day that the transaction does not close.  These fees will vary depending on the lender holding the note, however, in my experience they have fallen in the ballpark of about $100 per day.

 

You can get a great deal on a foreclosure sale, but it is not without it’s headaches.   Make sure that your agent has experience in dealing with foreclosures so that they can navigate you through the rough waters!

 

Happy hunting!

 

Laura Twors, Realtor®

Mobile (310) 919.8375

www.HousingAround.com


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