So this week the emphasis is on foreclosures. This week I received two offers on homes that are bank owned foreclosures (different homes, thank goodness) and the people who made the offers are friends of each other. Each bank required different papers to be submitted with the offer. One bank insisted on having the bank statements of the buyers (to prove they could afford the down payment), a preapproval letter (of course), and an offer form filled out (of their design). This particular bank also wanted the potential buyer to pay all of the following expenses (besides paying for the home itself)....
*transfer taxes
*survey
*title fees
*cost to turn the utilities on and off for an inspection
The second bank, which was selling the other home wanted just a preapproval and the offer.
Since both potential buyers were friends, one asked me why I was asking her for "all this stuff" when I wasn't asking her friend for ANYTHING.
One would think that the process would be standardized.... ONE WOULD THINK.
I'm waiting for the first bank to come back and say that they still require a blood sample.. and it has to be type "O"!!!
Stay tuned for more another day....
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