Updated about 2 years ago on . Most recent reply
Bank Foreclosures PSA
Hello, I am purchasing 3 properties on one parcel that a bank foreclosed on: 2x SF homes and 1x duplex. We agreed on a great price for the area. However, the broker sent me a PSA used by the bank, and there are a lot of clauses that I am not used to seeing. Since this is a bank-foreclosed property, they are unwilling to negotiate on any terms of the PSA.
For example, the bank can terminate the contract at any time, for any reason, up to closing. I do not want to spend money on DD, only for the seller to back out right before closing.. This is my first time purchasing a foreclosure directly from a bank. Is this a normal clause in a bank foreclosed sale? Has anyone else experienced issues when purchasing properties after foreclosure?
Any advice would be greatly appreciated. Thank you!!