Boston Real Estate FAQs / Foreclosures /
If I get to Purchase & Sale Agreement, am I guaranteed to get the property?
Votes: 1
Not necessarily. Banks participating in shortsales and those owning foreclosed properties almost always have a special addendum 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”. There is often also a clause in there that gives the bank the option of revoking the agreement for any one of a lengthy number of reasons with no legal recourse to the buyer than the return of their earnest money
deposit. Of course, this leaves you out any other expenses incurred, such as inspection costs and loan application
fees, etc.
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?
- Are there guarantees?
- What are the risks of buying a shortsale?
- How do I get financing?
Powered by
KnowledgebasePublisher (Knowledgebase software)
