Signification about « Foreclosure »

A « foreclosure » is when the bank becomes again the owner of a house. It is a seizure, a mortgage resumption. « Foreclosures » is much more interesting and the bank quickly answers the offers. It is the ideal. The Bank can answer, generally, between 12 pm and one week has an offer.

 

Normally the bank asks for 10 % of the sale price after the offer is accepted. The rest is of during the close or  » the exchange of hands « . Financial proofs of fund(collection,funds,collections) must be supplied during the offer and the buyers have normally ten days to complete their inspections after the offer is accepted.

 

A buyer in the USA has the right to remove his offer if for example he does not agree with inspection, but it must be formally made before the period of ten days of inspection ends. A « foreclosure » can be to finance by a bank as in France, Canada…

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