Alabama Mortgage Lenders

Douglas Said:

What happens to a foreclosed home that has SERIOUS structural problems?

We Answered:

The bank most likely won't fix it. They will just try to get what they can for it.

All of this will take time and your next door eye sore will be around for a while.

If they can't sell it at all (needing $30k in repairs on a $100k place means they will be able to sell it eventually) they will stop paying property taxes on it and the city/county/town will possess it for back taxes and either auction it off or demolish it.

Foreclosure sales are as-is, usually with no inspection. Let the buyer beware (caveat emptor).

Good luck!

Rebecca Said:

Getting my "Earnest Money Deposit" back from Seller?

We Answered:

You will need to ask your real estate agent how your financing contingency was worded. In most states, the standard real estate financing contingency is considered fulfilled when the buyer presents written evidence to the seller that financing is approved. The contingency does NOT renew itself if the lender later changes its mind. Unless the agent writing the offer included explicit language covering exactly what occurred here, your financing contingency is probably GONE, along with your earnest money.

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