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. 



Useful Links

Call me; let’s discuss if purchasing a bank owned property is right for you!
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Maryann D'Agostino
Maryann D'Agostino
BRUCE ASSOCIATES