The following information contains answers to the most frequently asked questions agents and their purchasers have about REO properties. When you finish reviewing this information, you will feel more familiar with the buying process and the 3rd party (seller) is mutually concerned.

General Information

Our bank foreclosures sell, on average, in 90 days or less. They are priced competitively in the marketplace. It is not unusual to have more than one offer at the same time and you will be notified of a multiple offer situation.

Prequalification

Before submitting an offer, you should have either your prequalification from a lender or proof of funds. Many sellers will not negotiate without this documentation.

Earnest Money

1% -- Homes minimal under $100,000+

2-3% -- Homes over $100,000+

Disclosure

The seller or 3rd party did not occupy the subject property. Therefore no disclosure is provided. You DO have the right to an inspection without any obligation for the seller to make repairs.

Contingencies

The seller will not accept a contract if the primary home of the buyer is not under contract.

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