My Foreclosure Purchase Part 2
Posted by Rebecca
Read Part 1 of this story.
At the end of my last post, the bank had verbally accepted our bid on the home. In a traditional home purchase , the seller accepts an offer by signing the original purchase and sale contract. The two parties would then have a binding agreement at that time. In this case, the bank didn’t sign anything, but sent us an unsigned "addendum" to fill out, sign and return to them, at which point they would sign it and the original purchase and sale contract. Not until then would we have a binding agreement.
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About a month ago, my husband Rob and I bought a foreclosure as our primary residence. We were living in a small but comfortable condo at the time and weren’t in a huge hurry to move, but we’d been keeping a casual eye on a few neighborhoods on Wilmington Island. We liked one island neighborhood in particular and were riding through when we noticed the home. Being a Realtor, I’d seen the listing online already, knew it was a foreclosure, but for some reason had it in my head that we wouldn’t be interested in it. Since it was vacant and on lock box, we decided to check it out anyway and were pleasantly surprised at the interior.