REO/Foreclosure Information

I want to purchase a bank owned property! What do I need to know?

All properties are sold "as is" condition.
The buyer is permitted an opportunity to do inspections but they are for buyer information only!
Buyer’s are responsible for all certifications and township c/o
Buyer MUST have pre-approval and/or proof of funds to submit offer.
Offer must contain the full name that buyer wants title to be vested in. It is difficult to make changes later.
Residential deposits are required and range from $ 1000+ depending on bank/lender.
Commercial real estate deposits are typically 10% of sale price
Banks require that Cash offers close in 2 weeks and Finance offers close in 30-45 days.
Some Banks charge a penalty if closing is delayed. This penalty charge varies.

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