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Redfin Real Estate Forums :
Washington DC/Baltimore :
Please Help Me for Buying Bank Owned Property- First Time Home Buyer
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Please Help Me for Buying Bank Owned Property- First Time Home Buyer
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o50505
Visitor
Posts: 4
Registered: 11-07-2009
Message 1 of 6
Viewed 304 times
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I got a few problems on buying a foreclosed property. Please give me any advice for the following case. Thank you in advance. My offer was accepted this Thursday Nov. 5th and seller agent sent me bank addendum thru my agent and request me to sign and initial those documents which are Real Estate Purchase Addendum and Water Damage, Toxic Mold & Enviromental Disclousre Agreement. What I am scary about is the Water Damage & Toxic Mold Disclosure thing. Is this typical and generic form for all the foreclosures? I asked my realtor but didn't get a clear answer. Actually, this is the other problem. I cannot reach my agent after I heard my offer was accepted and I got the bank addenda. Since Thursday night, I have been trying to reach her but she didn't answer my call. I left sevaral messages and sent emails to her and finally I got an email from her today afternoon saying that she was sorry for missed calls and made an excuse that her cell phone has had bad reception. Her final sentece from the email says, "So from now on, Email me." I am so frustrated. I have been trying to reach her for two days to discuss for the addendum and just got the unsincere email from her. I cannot help but feel that she is avoiding my phone calls and emails because I can contact anytime before my offer was accepted. I am a first time home buyer and have to respond to bank for the addendum by next Monday. I don't know what to do. Please give me any advice for this situation. Thanks.
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11-07-2009 04:15 PM
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Re: Please Help Me for Buying Bank Owned Property- First Time Home Buyer
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Jess_in_NOVA
Contributor
Posts: 16
Registered: 08-20-2009
Message 4 of 6
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Definitely keep on your agent to provide you any information you might need, our agent was terrible and in the end it caused us lots of problems with our foreclosure offer experience, hopefully your agent was just having a bad couple of days and will be responsive soon. But to answer your question, yes those disclaimers are normal, we had to sign a 15 page disclaimer that practically covered any possible problem that could ever happen with any property, anywhere I think! The odds are that any foreclosure home has some issues, the bank may or may not know about them but probably does since I think they do inspections, but they make sure to make you sign the addendum so that they can't be held responsible if there are any issues. Hopefully you have a solid inspection / return of EMD contingency (plainly spelled out and in addition to the regular contract, as the bank addendum supersedes the standard contract). This way if there are any issues you have a chance to learn about them and get out if you can't afford them. Unfortunately you don't have a choice on whether to accept it or not or negotiate further if you really want the place, hopefully it is priced well enough to offset the additional risk you take by buying "as is" versus through a regular sale.
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11-08-2009 03:05 PM
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Re: Please Help Me for Buying Bank Owned Property- First Time Home Buyer
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jimi
Contributor
Posts: 27
Registered: 08-19-2009
Message 5 of 6
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I agree with Jess ... the REO disclosures are normal and you need to protect yourself via a property inspection that you pay for, and the ability to walk if the inspection reveals issues beyond your threshold (within a reasonable timeframe). You are buying the property in "as-is" condition. You need to understand the condition, an experienced pro can help you. REO's can offer some fine deals, but you take some additional risk at the front-end . They push the risk to you via the myriad of disclosures ... you manage this risk by doing proper due diligence on the property, enlisting expert help where needed. my $.02
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11-09-2009 04:03 AM
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