Whether you are a broker or a buyer considering an offer on one of our bank-owned listings, there are some factors that you should consider in advance:

• Earnest money MUST be in good funds. A cashiers check is preferred. Do not submit earnest money until you have been notified that your offer has been accepted.
• The bank addendum makes substantial changes to the state approved contract and should be reviewed carefully before signing.
• Allow 5 days for a response to your offer. We will often have a response sooner, but please be patient.
• If multiple offers are received on a property, the seller will likely counter all offers to submit their "highest and best" offer.
• These properties are sold in as-is condition. In most cases, sellers will not negotiate repairs.
• You are entitled to an inspection period where you can terminate the contract based on inspection findings.
• The seller will NOT de-winterize the property or turn on water service for your inspection. If you wish to activate these services for inspection, you must immediately re-winterize the proerty following inspection via a competent contractor and bare all costs.
• A lender pre-qualification MUST accompany your offer if the transaction will be financed.
• Proof of funds MUST accompany your offer if the transaction will be cash.
• If you are a licensed agent and will be purchasing a bank-owned listing you may not be entitled to any real estate comission. Please call for the details regarding a specific property.

Call Tom or Tim with your questions at 303-973-7600.