3 Things To Know When Purchasing a Foreclosure Home

Phoenix Bank Owned Foreclosure Home Purchase3 things to know when purchasing a Phoenix bank owned foreclosure home that are universally important considerations in all bank owned transactions.

1. The acceptance process is a two-fold process. In a traditional transaction where a buyer writes an offer, the offer is then either accepted, rejected or negotiated and if accepted you have a deal. With a bank owned foreclosure transaction once terms are accepted the buyer will then have a bank addendum that that will need to be signed typically received by the Buyers within 3-5 days which will not only reiterate the terms of acceptance but also outline any specific bank verbiage/terms. Then only after this is signed and sent to the Sellers and returned fully executed by all parties do you have a deal.

2. Deadlines are crucial. If the bank requests sign/executed documents with signatures by 2:00pm on Friday you very well could lose your  accepted offer if you do not have them at that time.

3. You will have to have a cashiers check ready to go for your earnest money amount should your offer be accepted. A copy of it will have to accompany the bank addenda referenced in Item 1 prior to the deadline. Personal checks and money orders will not be accepted by the banks and again could cost you your accepted offer if you do not have it on time.

It may seem at first that there are a lot of hoops when purchasing a bank owned foreclosure home, and while it is true that the nature of a foreclosure transaction is much different than that of a traditional transaction, an experienced Phoenix agent that has in-depth knowledge and a history of working foreclosure/bank owned deals will be able to explain the process from start to finish so nothing is confusing or unexpected.

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