1st time purchase on a foreclosure
Hi BP world,
May be making a cash offer on a foreclosed duplex in NY's Hudson Valley; this will not only be my 1st time putting an offer on a foreclosure but if successful will be my 1st deal, period. Wondering if there's anything I need/should know about the process of buying a bank owned property. If I go in offering cash and the offer is accepted will it close quickly and in similar fashion as a non-foreclosure property? Any extra fees etc. I should know about? Anything I should be aware of that a 1st timer may not know about?
Any advice any of you have to give about this process would be very much appreciated. One of the two units is pretty beat up so there's some work to be done here for sure.
Thanks!