CSTERGGION; JUST CAME ACROSS THIS GUIDELINE FROM ONE OF THE MAJOR FORECLOSURE, OUTLET SOURCES; FIGURED I COULDN'T SAY IT BETTER THAN THEM, SO I AM SENDING YOU THIS; PREWTTY STRAIGHT FORWARD INFO; HOPE YOU ENJOY THE READ;
Please read the following:
A foreclosed property purchasing process is somewhat different then a
traditional retail purchase. The process is as follows:
â€¢ The offer is submitted
â€¢ If there are multiple offers then there may or maynot be a highest
and best so do not expect it. Make sure your buyers is aware of that
potential situation. If there is a highest and best then the response
is due within 24 hours.
â€¢ The bank makes a selection or could counter, if they choose. If
they make a selection then the next step occurs otherwise the counter
process will continue forward.
â€¢ If your buyerâ€™s offer is selected an addendum or rider to the
contract is issued by the bank to be completed within 24 hours.
â€¢ The buyer then completes this document and turns it in with the
earnest deposit. The earnest deposit has to be in certified funds
addressed to â€¢
The bank requires the completed contract, addendum, other documents
(lead base paint, etc) and certified funds to be in the Properties Trust Account office WITHIN 24 hours after offer has beenaccepted. If this is not completed within the allotted time the bank may go onto the next
â€¢ Once your offer and addendum have been turned in and the bank has
signed them then there is usually a 7 day period of time to do
inspections. Also, if the property has been winterized there is a fee
to de-winterize the property if your buyers want to conduct the
inspections with the utilities on. There is also a re-winterization
â€¢ Even if the buyer chooses to an inspection the house is SOLD â€œAS
ISâ€. Do not set any other expectations with the buyer.
As a reminder, the buyer is responsible for all CO's. The CO process
should begin immediately when the signed contract from the bank has
been received. If the CO process is held up because it was not begun
on time then the buyer will be held accountable for the per diem rate.
Also, if your buyerâ€™s lawyer is not familiar with this foreclosure
process it might cause a delay which in turn you may lose the deal.
Please read this and make sure you prepare your buyer prior to them
potentially winning the bid. If a buyer delays the process and the
bank chooses to move forward with another offer then you will loose as
well. You are responsible for the MLS fee.