BANK ADDENDUMS ON REO SALES - WHAT YOU NEED TO KNOW!
By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
One of the most confusing part of a sale involving an REO (Bank owned home) is the banks disclosure addendums. With a bank owned home, your offer is usually presented to the listing agent in your standard purchase and sales agreement. That offer is loaded into that banks system by the listing agent. if the offer is accepted, the bank will then send their version of the seller addendum or seller disclosure. They can range form 2 pages to 24 pages. They bascally outline the terms of the sale and include any state and federal disclosures that all basically state the property is sold AS IS.The number one thing you need to know as a buyer or buyers agent is: You can not cross out or change anything on those bank addendums.What is being sold "as is"?It means the bank is not making any warrant...
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