One question we continually have come up in Ann Arbor is when we are working with a buyer on a Foreclosure is?
Can I Mark Out Something on a Bank Addendum?
After your buyer's offer is accepted on a foreclosure the bank will send ove their addendums. It can range from 10-48 pages of Bank Addendums.
We strongley encourage our buyers to have a Real Estate Attorney to read the addendums before signing.
Most of the attorneys here in Ann Arbor that I work with are quite familiar with them. Sometimes they would like to mark out a paragraph or some wording.
We tell them that the bank will not accept scratch throughs or mark-ups and the Attorneys confirm this.
Banks are selling foreclosed homes all over the United States and they have their own forms to make it consistent for them.
Typically the one big hang-up for buyers is the paragraph about not closing on time and the per diem rate if they fail to do so.
The buyers feel out of control and can't do anything about the promptness of their lender getting it closed on time.
They ask if they can mark that sentence out?
Nope
"Just stay on top of your lender, make sure all the paper work they ask for it sent to them promptly. Tell them to go ahead and order the appraisal."
The listing agents on the foreclosed properties say that banks don't impose the per diem rate "if" it is only a few days late, but there is no guarantees.
There are many advantages in terms of price in purchasing a foreclosed home in Ann Arbor but not being able to not change the bank addendum's is one area that the buyers must be willing to accept.
I am submitting an offer(?) in the AM for a foreclosed home. It is basically a one page document, more like an application. Now that is a first for me.
The listing agent said they will review the application, and if we are chosen, give us 7 days to do inspections. During the 7 days they will not entertain any other offers. If the inspection is fine, then they will send over their bank addendums for us to sign.
Will we be able to change them?
Guess what we will tell them?
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Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com
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Missy Caulk & Team can be reached at 734-926-9797 or email: Missy@MissyCaulk.com
Our Team of 6 agents are available to help you relocate to Ann Arbor, Saline, Dexter, Chelsea, Milan, Ypsilanti Township, Clinton, Manchester, Whitmore Lake, or throughout Washtenaw County, MI.
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Stay strong, stay faithful, stay honest, stay loving, stay true to who you are, most importantly stay true to who God is as you'll be who you are, and you'll be happy, you'll be you, you'll be free. -Jamie Caulk
