The Top 10 Things You Need to Know When Purchasing a Foreclosure in Metro Atlanta


Tip #4.  Banks Have Their Own Contracts

 Your offer to purchase the property will be written on a Georgia Association of Realtors Purchase and Sale Agreement, which is the standard form used in real estate transactions in Georgia. However, once all terms of the offer have been accepted by the bank, they will issue their own contract and addendums.

 These are legal documents in the state of Georgia, and supercede the forms submitted by your Agent.  The addendums clearly define that the property is being sold “as is” and release the bank from all responsibility regarding condition.  There is usually very little negotiation concerning the bank addendums.


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