Outer Banks Foreclosures and the Bank Addendums

Aug. 20, 2009 - PRLog -- Once you have toured the Outer Banks and found your foreclosure the bank will look at your offer. Once they accept your offer the bank/seller will have an Addendum attached to and made part of the NC state Offer to Purchase/Contract that must be signed by the Buyer or there is no deal.  If you read every word of these Addenda it can appear to cancel all the Buyer's rights afforded in the original Contract!

The Buyer is not given these Addenda to read and understand before they make the offer and begin a negotiation process.  The Buyer doesn't get to see it until their offer has been accepted, and then reading 12-15 pages of legalese can be scary.    

The Buyer can feel pressured at this stage because the clock is ticking on the days until closing (which, once set by the Asset Manager, is difficult to change and the Addenda usually stipulates a per diem amount the Buyer must pay for every day missed if closing is late), and the fact that competing buyers might be right around the corner ready to submit or re-submit competing back-up offers.  

Be soothed knowing we have never seen the bank's Addenda cancel or terminate a foreclosure sale--these banks WANT the inventory reduced and they WANT to sell the property!

But they have to add their typical "CYA" legal mumbo-jumbo to everything, so the Buyer either signs the Addenda as it reads or they simply don't proceed with the purchase, period.

The buyer still has rights given in the NC state Contract.  Because the bank/sellers and AMs are spread across the country, they make standard provisions across the board to cover themselves and make clear the rights of both parties that are attached to individual locality Contracts.    

Again, we have never seen a bank/seller cancel a foreclosure Contract after the lengthy negotiation process has brought a buyer and seller together, each with the intent to sell.  As in most real estate deals, the genuine intent of a buyer and seller to transfer property between them usually works out successfully.  

All deals have the chance of fizzling for all kinds of reasons.  Don't be scared away from some of the truly good deals one can find with Outer Banks foreclosures.  Being prepared gives you excellent chances of success and you can start by searching all of the Outer Banks foreclosures for sale here. http://www.outerbankshome.com/real-estate-news.html Be sure to check out the mapping feature with the satellite images of all the foreclosure properties for sale. if you have any questions about any of these Outer Banks foreclosed properties just give us a call at 800-647-1868.

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Helping people buy and sell Outer Banks real estate from Corolla to Hatteras Island including Nags Head, Kitty Hawk, Duck, Southern Shores, kill Devil Hills, Colington, Manteo and everywhere in between. For help call Shore Realty at 800-647-1868