Gilbert Real Estate Blog
~ by Randy Hooker of Dreamcatcher Realty
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8th Thing You Should Know About Buying Foreclosures in Gilbert, Arizona
In the first seven installments of this series (1st Thing You Should Know About Buying Foreclosures, 2nd Thing You Should Know About Buying Foreclosures, 3rd Thing You Should Know About Buying Foreclosures, 4th Thing You Should Know About Buying Foreclosures, 5th Thing You Should Know About Buying Foreclosures, 6th Thing You Should Know About Buying Foreclosures, 7th Thing You Should Know About Buying Foreclosures) I wrote about Terminology, Pricing, Multiple Offers, Response Time, Property Condition, Repairs and Utilities – as they relate to “Things You Should Know About Buying a Foreclosure.” Here’s the 8th post of the series:
- Bank Addenda – It’s a common practice for banks/sellers to require the buyer to sign off on their counter offer and/or addenda PRIOR to the bank/seller signing the contract or addenda. Each bank and bank asset manager operates their own way, but the buyer should be aware that the bank will inevitably require their own documents to be executed by the buyer before the buyer is ‘awarded’ a contract for purchase of the property.
Once again, Buyer Beware! Often these addenda and counter offers contain language that supersedes or nullifies certain clauses in the standard Arizona Purchase Contract, so make sure you thoroughly understand the language and intent of the addenda. If and when in doubt, consult your buyer’s agent and attorney.
