Have you considered buying a foreclosure from Fannie Mae?
It can be an intimidating task. You really need to have an experienced agent to help you through it.
You first have to submit a standard purchase contract with your agent. If your bid is accepted, you will receive an addendum to sign that consist of about 13 pages. This addendum supersedes the majority of your purchase contract and can be a bit frighting to review and comprehend. The addendum will give you a 10 day period of time for your due diligence period from notice of acceptance of your offer, not from the actual binding agreement date which will come much later.
Most buyers are fearful that they will spend money for a home inspection and appraisal during this period only to find out that the agreement was not approved by the higher ups that make these final decisions.
It has been our experience that this fear is unwarranted. Every Fannie Mae foreclosure purchase that we have facilitated both on the selling side and the buying side have received the final approval based on the original agreement.
So I would say that it is a safe bet to go ahead and spend the money for the inspection and appraisal prior to final acceptance.
For more information about buying foreclosures call Mike and Melody Vanderhoff.
Labels: alpharetta homes for sale, cumming homes for sale, foreclosures
