Buying directly from the Bank

[Tracey Williams]

Hi friends,

I went out to look at a property today. An officer of the local bank that owns it came to show it to me. He inform me that if I have to bring in my agent I will have to come up on my offer. I like the property and will like to purchase it.

My questions is?

1. Do I need an agent to represent me when am buying directly from the bank?

2. If I do not use an agent how do I go about writing the offer or contract for it.

I intend to pay cash for it.

If you have done this kind of transaction before kindly share your experience.

Thanks, Tracey

[Jeffrey K.]

If the bank has a broker have him draft the offer the way he wants it. Will is right that you should then have it reviewed by a lawyer.

A GAP is a type of title insurance that covers the time between the time of commitment and the time the doc are recorded. It is not standard unless you ask for it and it is always worth the extra $100 or so. It is usually custom for the seller to pay for this coverage if you ask for it.

Look for your OTP online and print it out and read it over. You can then have questions for a lawyer when you meet with him.