You probably have been preapproved already since the bank would have required it to accept your offer. Your agent should be able to guide you through and relieve some of the hair pulling which is normal for the inexperienced buyer. If you are uncomfortable by all means ask for the agent's broker to speak with you.

Anna - one more... read through the posts below, if you or your agent haven't dealt with these transactions, it might help you know what to expect. You have received great information from many agents here, but they didn't addess somethings that might happen to you and really create an issue - like... that the bank often doesn't sign the closing paperwork for days, maybe weeks, after you close, and they don't normally turn over posession until it's all said and done. There will be state to state and regional variances, but this represents my experience in Va, and the BANKS are dealing with the processes pretty much the same throughout the country. Also - one agent mentioned that you should call the managing broker if you're concerned. YES, please do that. You can do it without stepping on your agent's toes by asking her to call her broker and get a second opinion. Everybody's gotta learn some time. But, don't let it be at your expense.

Good luck.

Thank you all for your answers!!!

Even though you are buying a bank owned property, it will not matter what you have to do next. A deal is a deal is a deal! Ask your agent. They are getting paid to represent you. If they ar no help, contact the Managing Broker in the office.

Anna,

Speak to your attorney and your agent! I am sure they have each sold homes before and will be able to walk you through the entire process.
If your agent really doesn't know what to do, then pick up the phone and call the agent's managing broker - each office will have a managing broker. It will be the managing broker's job to ensure that you are properly represented.

Good luck with buying your home!

Without reading your Purchase and Sale Agreement that was accepted, I cannot be sure, but I am assuming that you have a contingency for inspections. Schedule inspections as soon as possible so that you can decide whether you are going to proceed with the sale. The bank most likley will NOT make any repairs so you have to decide whether you are willing to make any repairs yourself. Usually the price is attractive enough that if the repairs are minimal, you will not mind absorbing that cost.

You also need to complete your financing processing as soon as possible. You may also have a financing contingency that will require that you inform the bank in writing that you have been approved and also if you have not been approved so that they would then return your good faith escrow deposit.

Keep in close touch with the closing agent and ask for the title insurance committment as soon as possible. Also learn whether they find any liens on the property other than the mortgage. The bank may or may not pay these, which can include HOA fees, contractor liens, a second mortgage, and so forth. You may need to work through your Realtor to negoitate the handling of any liens.

Watch the time deadlines carefully and adhere to them. Check the HUD statement carefully. Show up at closing with certified funds to pay. Then enjoy your new home!

Your agent should have had you pre-approved for the loan.Just take your fully signed contract to your lender and start the loan application process.

Anna,

If you have an agent I can't help you in how to go through the process especially if you are signed with that agent. Here's my website for reference http://www.ziprealty.com/agent/cadamo.

Cheryl Adamo