Property Q&A in Racine>Question Details

Lynn Jones, Home Buyer in 53405

I would like to have someone give me some details on how to go about purchasing a Foreclosure.

Asked by Lynn Jones, 53405 Sun Jul 5, 2009

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When considering a foreclosed property, a buyer must be somewhat flexible in regards to response times from the bank/seller as well as terms of the offer. Closing dates do not always happen in a timely fashion. There may be additional costs that you might otherwise have not incurred with a traditional sale such as title insurance. Most bank/sellers will not even consider an offer from a buyer who has not been preapproved at a lending institution. Sometimes those bank/sellers will demand that a buyer is preapproved through their organization in addition to the buyer's actual lender. Most bank/sellers will never accept an offer that is contingent upon the sale of another property unless the sale of that property is expected to close within a very short period of time. A buyer will not receive a property condition disclosure when purchasing a foreclosed home. Though a buyer understands that they are purchasing a foreclosed home "as is," they are still entitled to have a home inspection for their own knowledge. Should they find a serious defect with the property, the buyer does have the ability to walk away from the transaction provided they retained that right in the initial offer. I hope this answers you question. If you have any other specific questions in regards to foreclosures, please feel free to contact me at
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0 votes Thank Flag Link Thu Sep 10, 2009
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