Boston Real Estate FAQs / Foreclosures /
Are there guarantees?
Votes: 0
No. In fact, almost all banks will have the buyer sign an addendum which is added to the Purchase and Sale agreement, stating that the bank has absolutely no liability and that the buyer is essentially accepting the property “as-is”. This addendum is something that makes buyers' attorneys cringe, but if you want to buy a foreclosed property, it is something you must be willing to deal with. Just keep in mind that things are worded to give the bank every protection, which often leaves the buyer biting fingernails until the closing
happens.
Others in this Category
- When is a property foreclosed?
- What is a shortsale?
- Can I find them on the MLS?
- Can I get a great deal?
- Are there risks of buying a foreclosure?
- What are the risks of buying a shortsale?
- How do I get financing?
- If I get to Purchase & Sale Agreement, am I guaranteed to get the property?
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