Michael Eddy

  Let me start by saying that it is impossible for me to include here everything I have learned in 30 years of selling foreclosures. I will simply touch on some topics to contemplate and leave the details for a one-on-one conversation. The most important point is to consult an agent who thoroughly understands bank-owned houses and everything that will be taking place during the foreclosure buying process. How one approaches the process of making an offer on a foreclosure will be influenced by the property. Regardless of the house, there are multiple items to consider. For example:
* Inspections- which and when?
* Seller/bank addendum- buyer responsibilities?
* Agreement of Sale contingencies- which?
* Offer amount- how much?
* Down payment- how much?
* Seller financial assistance- available?
* Buyer financing- which program?
* Local municipality - requirements?
* Settlement- fees?