Detroit Real Estate

When you buy a West Bloomfield foreclosure and you put in an offer the banks want to make sure it is a solid deal from the moment they get the paperwork.  They want to tie it up, they want to lock you in so you don't bail out, THEY WANT TO SELL THE HOUSE AND GET IT OFF THEIR BOOKS.

One of the ways they do it is to have you make out a cashiers check made out to their listing agent.  There want their agent to hold the money.  They don't want to wait to have the check clear.  This way they can take one more step to make sure the West Bloomfield foreclosure is going to be sold.  No chance for buyers remorse right after you put in your offer.

So when you are buying a West Bloomfield foreclosure you will have put in an offer.  What happens next is the bank accepts your offer.  They send me, the buyers agent, their addendums, their instructions, and their requirement to get a cashier check made out to them.  All this usually has to happen within 24 or 48 hours depending on the bank.

So when you buy a West Bloomfield foreclosure be prepared to get a cashiers check as soon as the bank accepts your officer.  Then I as your agent has to get the signed banks addendums and the cashiers check delivered to the listing agent within the time period they give me.

There is no delaying the process. Either you want the West Bloomfield foreclosure and meet the requirements or they sell the foreclosure to somebody else.

I hope this explains why your agent will tell you they need to switch checks and have to have it as soon as possible.

Russ Ravary your Oakland and Wayne County real estate agent

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