Standard sale vs. Foreclosure

Regular sale Fannie Mae Typical foreclosures
Title Policy (1%) Seller pays Seller pays Often buyer has to pay
Warranty (about $450) Seller covers No warranty paid by seller No warranty paid by seller
Survey Often seller has a copy No survey. Buyer must pay No Survey
Seller’s disclosure Required  No disclosure  No disclosure
HOA transfer fees  negotiable  Seller won’t pay  Seller won’t pay
Option period  Typically 7-10 days of unrestricted right to cancel the contract  Inspection period often applies  Inspection period often applies
Contract extension  Negotiable and often extended for various and reasonable reasons. Per diem can apply  Per diem can apply

Standard sale vs. Foreclosure

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.