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Rebecca Wilson, RE/MAX Gulf Shores
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This is an overview of the foreclosure purchase process from Steve Warren, RE/MAX of Gulf Shores, Gulf Shores, Al 36542.  steve@gulfshoresmls.com

Please read this document in its entirety before making an offer on a foreclosure.

The following information is being provided to Buyers to assist in understanding how to prepare an offer on a  REO property and to outline other procedures necessary to complete the REO sale.

 A signed copy of the purchase contract, proof of funds documentation* and a copy of the earnest money check, which is to be made payable to RE/MAX of Gulf Shores or the designated company, MUST accompany the offer to purchase at time offer is presented to the foreclosure agent.  *The proof of funds letter includes cash offers and offers involving financing. The Escrow amount required for cash offers is 10% of the contract price.  Financed offers require a 3% escrow amount.  The checks are held until the offer is accepted.  The checks are returned on offers that are not accepted or deposited within three days of acceptance.  Offers cannot be presented to the seller without this documentation. 

The following information is directly from the foreclosure companies.

1.   Seller acquired the property, which is subject of this transaction, by way of foreclosure or deed in lieu of foreclosure.  The former mortgage on this property has been eliminated and there is not a mortgage to assume.

2. The Seller will not finance this property and property is not eligible for FHA financing unless specifically stated in the MLS. 

3.   Offers contingent upon the sale of an existing property will not be considered.

4. OCCUPANCY OF THE PROPERTY BY THE BUYER PRIOR TO CLOSING WILL NOT BE CONSIDERED.

5. Buyer is not permitted to do any alterations or repairs to property prior to closing. The property is being sold AS IS, and the Seller has no obligation to make any changes, alterations or repairs to the property, unless, otherwise agreed upon by the Seller, in the Purchase Agreement. Buyer will be responsible for lender required repairs to the property.

6. Initial offers should be submitted in writing.  Subsequent negotiations may be conveyed by phone or facsimile.  Once the offer is verbally accepted, the property is not off the market, unless otherwise indicated in writing, and contracts reflecting the accepted verbal terms should be prepared and signed by the Buyer.  This will be sent to the Seller for their signature.  It takes at least 7 to 10 days for contracts, as well as subsequent closing documents to be signed by the Seller and returned.

7. A "Proof of Funds" statement or pre-approval letter must accompany all offers to purchase. 

8. The Seller is a Corporation that has never seen or occupied the property.  The Seller makes no representations, guarantees or warranties, whether written or implied, regarding the property.

9. The Buyer has the right to inspect and investigate the property and all improvements, either independently or through agents of the Buyer's choosing.  Buyer realizes that they are relying solely on their own inspection of the property and not upon any representation made to them by any person, including Seller or its agents, as to the condition or safety of the property and/or any improvements, including, but not limited to electrical, plumbing, heating, sewage, roof, air conditioning, foundations, soil, geology, lot size, square footage, marketability or suitability of the property and/or any improvements for particular purposes, or that any appliances, plumbing and/or utilities are available and/or are in working order, or that the improvements are structurally sound and/or in compliance with any city, county, state and/or federal statutes, codes, or ordinances.

The seller will NOT make any repairs. 

The buyer has the right to withdraw from the contract if the inspection presents an issue the buyer chooses not to deal with.  This withdrawal has to be submitted in writing within the specified inspection period, typically 7 to 10 days, or the inspection is automatically considered approved.

10. Multiple offers may be received on the property.  The Seller is under no obligation to negotiate offers in the order in which they are received.  It is solely at the discretion of the Seller as to which offer, if any, is accepted or countered at any given time.  If multiple offers are received, the Seller may call for all buyers to make HIGHEST and BEST offer.

11. The foreclosure company and its agents cannot guarantee or predict which offer the Seller will accept or consider and cannot outline criteria under which any offer may or may not be selected.  The foreclosure company and its agents only obligation is to present all offers to the Seller when they are received.  The Seller may or may not act upon any offers received.

12. Buyer is aware that any property built prior to 1978 may contain lead based paint.  Seller makes no representation regarding the presence or content of lead based paint.  Buyer may perform lead testing at their expense within the inspection time frame specified.

13. Seller may not provide a wood infestation report or buyer's title insurance unless specifically specified in the Purchase Agreement. 

14. Any additional inspections or reports are the responsibility of the buyer including, but not limited to, radon, mold, asbestos, septic, and Megan's Law.

15 Any extension to the Contract must be in writing, with consent of Seller. 

16. This Contract is not assignable.
If sale fails to close on time, a per diem, as stated in the Purchase Agreement may be applied.

17. Buyer acknowledges that a one year Right of Redemption exists from the date of foreclosure (not the date of your accepted contract).  It is your agent's responsibility to provide this information before submitting a contract.  Buyer further agrees to seek independent personal legal counsel and further agrees that they are NOT relying on any representation of the title, or Rights of Redemption made by the Seller or the foreclosure company.  An indemnification bond may be necessary for financing and closing/title. 

The sale will close in compliance with Alabama Real Estate Law and all provisions of law pertaining to foreclosure properties. The sale will close with Seller's choice of Attorneys, Title Companies and Closing agents.  Buyer may choose their own attorney to accompany them at closing.  The Seller will provide a Statutory Warranty Deed at closing.

This information is deemed accurate but not guaranteed

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