MAKING OFFERS ON BANK OWNED PROPERTIES-PART 2

June 14, 2011

 

I have had a few clients ask me if there is a difference between working with one bank from another. The answer is absolutely YES. Most of the banks you will work with will have an addendum that they want you to sign. Make sure to read it work for word. I have had one bank that I was working with that didn’t want to give my buyer their earnest money deposit back on a rescission that we made. The asset manager is was dealing with read the addendum incorrectly and thought that we waived our right to inspect the home for structural issues. We actually waved our opportunity to conduct a risk assessment or inspection for the presence of lead-based paint. So be careful when you are working with Bank Owned Properties!

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