Question Details

Jadabug4, Home Buyer in Lawrenceville, GA

Is this normal?

Asked by Jadabug4, Lawrenceville, GA Wed Jul 9, 2008

I had my offer on a foreclosed house accepted on 07/03/08 they told me to have my earnest money and all paperwork to them by Monday 07/07/08 due to the holiday. I did but I still do not have the contract and I need the contract in order to have the water turned on for the inspection. This is bank owned property and the previous owner left a water bill with the county. Do I need be concerned?

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2
Most foreclosures may not ever have the utilities turned on for inspection. The property is sold as is, does not prevent you have not having a partial inspection, In order to register a contract in title company must have an executed contract. http://www.lynn911.com
0 votes Thank Flag Link Wed Jul 9, 2008
It is case by case basis... Asset manager are that ones that makes the decision it is depends on how fast they move, because they have a swamp load of properties in foreclosure. I had dealt with bank owned property that all we have is verbal acceptance. It took a while for us to get it in escrow...and they pick the escrow company/title company they want to work with. You need a lot of patience when it comes to dealing with REO/foreclosed property.
0 votes Thank Flag Link Wed Jul 9, 2008
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