The addenda that comes along with the purchase of a bank owned/short sale/foreclosure property are very important and should be read in detail. They can overide the Purchase Agreement on many items, including inspections, who's responsible for de-winterizing, who's paying back HOA fees, etc.....
The scenario is played over and over across the land as bargain-seeking homebuyers attempt to purchase a foreclosed property. A real estate agent constructs an offer for the home, and the offer is “acknowledged!”
But first there are a “few” addenda that must be signed before the deal is done. And while it may be true that the seller will only convey the property under their terms, buyers need to understand the absolute fact that the addenda CONTROL the agreement.
And these addenda are so comprehensive that in most cases, they override almost all of the language in the original offer. It is not uncommon for the addenda to be many pages longer than the original Purchase and Sale Agreement.
The signing of these instruments, while obligatory, is not perfunctory. A buyer needs to carefully read the addenda and understand them before moving forward with the purchase.
Because although the terms set forth in the addenda may be considered to be very seller-friendly, the purchase can still be a bargain for the savvy buyer.
And that can make all of the trade-offs pay off in a big way!
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