What happens after you make an offer on a bank-owned home?
I’m getting ready to buy my first house, so I don’t know too much about the process. Since I don’t have money, all the houses I’m looking at are foreclosures or bank owned. What happens when you make an offer on the house? If the bank accepts your offer, are you legally bound to follow through or is there some leeway?
You wait to see if the bank accepts your offer. If your offer is accepted, then escrow is opened. You need to sit down with your real estate agent and have him/her walk you through the process. There are timelines for inspection periods and loan contingency removals that must be met as per the contract. There is also a period where you can back out if you discover anything in the inspections, but it may vary from state to state so I don’t want to give you California’s information. Once escrow opens it’s pretty much a race for the buyer until closing.
If you back out, depending on the timing and reason, the seller may be able to keep your deposit. Again, talk to your real estate agent! Good luck!
Gonna Make You An Offer You Can’t Refuse – hilarious X Factor audition
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