Things to know about foreclosures:
- The sale of a foreclosure is as-is which means that the bank will not complete any repairs. Buyer is free to do any inspections during the first 10 days of being under contract but seller will not be responsible to make repairs or upgrades.
- To make an offer on a foreclosure you must provide a preapproval letter, bank statement, or a proof of funds.
- Binder deposit on a foreclosure is normally at least 1% of the purchase price or $1000.
- Banks require that the buyer sign extra documents aside from the normal Tallahassee Board of Realtors contract.
- Foreclosures normally get offers on them very quickly so it is important to move fast if a foreclosure interests you.
- Some banks require that we close with their preferred title company.