Is the process different for buying a foreclosure home?
One other thing you will encounter with a foreclosure property is that after you offer the bank will likely counter verbally until you come to an agreement. Once that happens, the bank will send you a lengthy addendum that virtually wipes out ALL of the banks responsibility towards the property other than the monetary terms. It will shift the terms of the contract in favor of the bank They will spell out how long you have to inspect and typically some terms with regard to the Earnest Money and per diems for any delays or changes. You must agree to this addendum to proceed. When they say AS-IS, they really mean AS-IS.
