1) You are buying the property "as is". In most cases the banks will not do any repairs.

2) The California Residenital Purchase Contract will be amended. The banks have their own contract you must sign or you will not buy the property.

3) Time is of the essence. The banks Will expect you to do your inspections in a hurry. They are all different, I have seen as little as 5 days. Ironically it will take them the better part of a week or two to get a fully exicuted contract back to you.

4) In most, I said MOST cases the banks will not do any repairs.

5) Make your dicission weather you want to buy or not! If you don't decide you might loose your deposit.

6) This might be the most important: Make sure you are fully QUALIFIED by a major lender. Often times the bank will want you qualified by their Lender. (This is especially true with Countrywide, They will not look at your purchase contract without a PreQualification from one of their agents.)

7) Along with your prequalification, have your paper work in order: This includes FICO score front page, Bank statements to show your deposit funds and a copy of your earnest money deposit check.

8) THE ITEMS LISTED ON LINE 6 and 7 WILL BE REQUIRED WITH ALL BANK OWNED PROPERTIES.

9) Highest and best offer: MAKE SURE you give your best offer. The banks will not counter your offer, they will only let you know if you got the property. Most don't even have the courtesy to call and advise the property was excepted by another buyer.

10) Be prepared for a multiple offer situation. If the property is newly listed and it is priced good it will recieve alot of offers. I have had deals with 26 offers and I have heard of 90+ offers from my colleagues. This is why your "HIGHEST AND BEST " offer is so important.

11) Be prepared to travel to sign your final paperwork.The escrow company can be anywhere in California. Most of the time they are within 40 miles of the property. You can sign at a local escrow company but this could add 4+ days to your closing date.

12) Most of the banks have a per diem. They will charge you and you agent for every day you don't close the deal.
The fee can be any amount. I have seen $100.00 to $325.00 per day.

LASTLY make sure you have an educated REALTOR to help you through this process. Weather it is your first home or an investment
call 805-660-8219 or E-Mail US

YES WE ALSO MARKET HOMES FOR PRIVATE HOME SELLERS
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