Tips For Anyone Interested in Purchasing Foreclosures.

1. Most foreclosure properties on the markt were obtained by way of foreclosure or deed in lieu of foreclosure. The former mortgage on the property has been eliminated and there is not a mortgage to assume.

2. The seller rarely finances a foreclosure property. An except is on some VA foreclosure Vendee financing is available.

3. Offers contingent upon the sale of an existing home will not be considered.

4. OCCUPANCY OF THE PROPERTY BY THE BUYER PRIOR TO CLOSING WILL NOT BE CONSIDERED.

5. Buyer is not permitted to do any alterations or repairs to property prior to close of sale, without written permission of the seller. The property is being sold AS IS, and the seller has no obligation to make any changes, alterations or repairs to the property, unless agreed upon by the seller, in the Purchase Agreement. Buyer will be responsible for lender required repairs to the property.

6. Initial offers should be submitted in writing. Subsequent negotiations may be conveyed by phone or facsimile. Once the offer is verbally accepted, the property is not off the market, unless otherwise indicated in writing, and contracts reflecting the accepted verbal terms should be prepared and signed by the Buyer. This will be sent to the Seller for their signature. It takes at least 7 to 10 days for contracts, as well as subsequent closing documents, to be signed by the Seller and returned.

7. Seller is a corporation that has never seen nor occupied the property. The Seller, the listing company or their agents, makes no representations, guarantees or warranties, whether written or implied, regarding the property.

8. Buyer has the right to inspect and investigate the property and all improvements, either independently or through an agent of the Buyer's choosing. Buyer realizes that they are relying solely on their own inspection of the property and not upon any representations made to them by any person, including Seller, listing company or their agents, as to the condition or safety of the property and/or any improvements, including but not limited to, electrical, plumbing, heating, sewage, roof, air conditioning, foundations, soil, geology, lot size, square footage, marketability or suitability of the property or any improvements for particular purpose, or that any appliances, plumbing and/or utilities are available and/or in compliance with any city, county, state and/or federal statutes, codes or ordinances.

9. VA foreclosures do not have an inspection contingency. All inspections must be done prior to submitting offer.

10. VA foreclosures closing fees are approximately $400 higher and owner's title insurance or a new termite letter for closing is considered a buyer's cost, if needed.

11. Multiple offers may be received on the property. The seller is under no obligation to negotiate offers in the order in which they were received. It is solely at the discretion of the Seller as to which offer is accepted or countered at any given time. If multiple offers are received, the Seller may call for all buyers to make HIGHEST and BEST offers.

12. Listing company and its agents cannot guarantee or predict which offer the Seller will select. The obligation of the listing company and their agents is to present all offers to the Seller when they are received. The Seller may or may not act upon any offers received.

13. Buyer is aware that any property built prior to 1978 may contain lead based paint. The Seller makes no representation regarding the presence or content of lead based paint. The Buyer may perform lead testing at their expense within the inspection time frame specified.

14. The Seller may not provide a wood infestation report or owners title insurance policy unless specified in the Purchase Agreement

15. Any additional agreed upon inspections or reports are the responsibility of the Buyer including but not limited to radon, mold, asbestos, septic, and Megan's Law.

16. This Contract may not be assignable.

17. If the sale fails to close on time, a per diem, as stated in the Purchase Agreement may be applied.

18. A Right of Redemption may exist on this property. The Buyer should seek independent personal legal counsel and further should not rely on any representations of the title, or Rights of Redemption made by the Seller, listing company or their agents. An indemnification bond may be necessary for financing and closing. The sale will close in compliance with Real Estate Law and all provisions of law pertaining to foreclosure properties. The sale will close with the Seller's choice of Attorney, Title Company and Closing Agents. The Buyer may choose their own attorney to accompany them at closing. The Seller will provide a Statutory Warranty Deed at closing.