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We have an approved offer on a Homesteps Foreclosure. Owner Occupied. Need Advice?

We need to sign the contract of sale BEFORE the inspection, which I gather is normal. We'll get the 20% back if there are issues with the house. We love the house but the main issue is there is an elderly homeowner who is waiting for senior housing. Our lawyer is reviewing now but I assume we can't change any of the contract language.
  • November 04 2012 - Natick
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Answers (5)

   Wow trend lightly with tenants in a foreclosed property. Federal law can not begin evictions for 90 days after foreclosure, I'm not an attorney normally foreclosure deed needs to be record then clock starts. The federal law is Foreclosure Act of 2009  this protects the tenants. Does tenants have a bon-fin lease?
 If you financing, tenant occupied purchasers expect 25-30% down min, not primary home. No proof of financials from defaulter on rents, net income, etc.. The road just got real steep.
 Your lender is going to need access to interior of property to do complete appraisal will tenant cooperate? Strongly encourage having attorney in the picture for this transaction.
  • November 14 2012
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Signing the contract bf inspection is standard protocol. As far as changing the contract language I would not advise it. Banks,HUD, etc are very strict about protocol and language used. It's pretty much you agree or move on to another house. Using a buyers agent is always to a buyers advantage. The seller typically pays the commission for both sides of the transaction. Making it in most cases no charge to you for your own representation. The listing agent should be answering your questions but lets remember their name is on the sign and they represent the best interests of the seller. Keep in touch and use your lawyer for guidance on representing your best interests.
  • November 05 2012
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Profile picture for Cindy Quinton
Are you using the listing agent? Again, even if you are, they should be assisting in any way you need them. 

However, if you are using them, and this deal doesn't come together, you should back up a bit and find yourself a good agent. 
  • November 05 2012
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Profile picture for vfoley2
Thanks, that is helpful. The listing agent is being incredibly unhelpful and ucommuicative. This REO is being sold with owner in the property which makes it tricky...
  • November 05 2012
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Profile picture for Cindy Quinton
I have heard that Homesteps will cancel the contract if they for some reason they can't get the person out.

And yes, my experience with REO's in general is that you can not change anything in the contract or they will not come to an agreement. (I have no experience with Homesteps...only Wells Fargo, HUDhomestore, and Homepath). 

In Oklahoma, we always sign the contract before inspection; however, you can get out of the contract for virtually ANY reason during that time period. I assume you are using an agent? Even if you made the offer through the listing agent, they should be answering your questions to complete satisfaction and understanding. 
  • November 05 2012
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