Important points you should know before you consider buying a foreclosure

property.

 1.) In the event you need a loan to buy a  property, most Mortgage Companies and

Banks require the buyer to be pre-approved with a lender before they will consider an

offer from a buyer.

2.) Cash buyers are required to show proof of funds to close.

3.)Most Banks sell their foreclosure properties "as is".

4.)Most banks give buyers 10 days to do any inspections a buyer may want to have

performed.

The purpose of the inspection is to determine if the property is in the condition that

the buyer thought it was at the time of submitting the offer to the seller.

In the event that the property is not in the condition that the buyer thought, than the

buyer may get released from the agreement of sale and receive their deposit back.