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.