You found an REO for sale! We can help with your Settlement!
The past couple of years and even before that, there have always been REO’s for sale by lenders, bank and other financial institutions. Some are distressed beyond repair and some properties need a little TLC to make it a home again. These types of sales and properties are a whole different situation when it comes to making an offer and getting it accepted and finally getting to settlement. We work with and network with all agent, but some specialize in REO’s and that is their core business. Just like other agents deal only with Buyers or Relocations, it is extremely important to work with the right Agent to get it done.
In most cases when a Bank lists a property on the market it is done through their listing agent and is marketed through the MLS. Sometimes there are incentives to use their Bank for your loan and even their Title Company for the Settlement. Some even offer an owners policy of Title Insurance when you agree to select them are your provider. We have worked with many of these in the past and will continue to work with them as some buyers want a better deal than dealing with a retiring seller. In most cases there will be many offers and some homes are priced lower than market in attempt to get traffic to the property and eventually end up in a bidding war. This strategy by the banks is done on purpose so if you see something that is too good to be true, it usually is. Many of these listings have errors and incomplete information so it is paramount that you deal with someone that is familiar with these types of properties.
Many of these types of homes have mold or other serious issues that if left to a wrong agent, can break the deal. Many homes have had mold and have successfully been remediated and now have families living in them like nothing ever was wrong in the first place. Other issues like foundations, well water, and un permitted electrical work of other renovations can leave a homeowner with huge problems. Where is the agent and home inspector when you are faced with a huge repair bill? They both do have liability if hired, but the homeowner has to foot the bill. Litigation and post sale problems often arise, but many are small and can be dealt with. As a consumer, you have the right to do your due diligence and walk away but many times we see compromise from these banks just to get the homes off of their books.
New homeowners never want to buy someone else’s problems so if you are in the market for a home and are looking for a good deal, you will run across these REO’s and many are great deals. The challenge is to get it. Working with the right people in the transaction will get you what you want. Working with the wrong people in the transaction will put back at looking some more. We have been there and done that and it just feels horrible. We want to be the first phone call you make in your discovery and pursuit of homeownership. We want you to understand the whole process from start to finish as there are a couple more steps when dealing with REO’s but are manageable. Many of our clients are repeat clients because we take the time to explain the process so please tell your friends and family about The Gentleman Closer and what we did for you.
Short Sale Purchase Settlements
When you are buying a Short Sale property it can sometimes take a long time and your offer will go out and never even get acknowledged. Buying a Short Sale does have challenges but again if you are dealing with the right professionals you can buy a home at a great price and have a great experience. Have patience and ensure that there are clear channels of communication so all parties to the transaction are on the same page. The actual Settlement can be completed with all parties present or you can request a split settlement where they buyers and sellers sign at different times and even different locations. We come to you to make this process as easy and painless as possible. We work with the best Short Sale Attorney and the best Short Sale Title Company in the area and have done so for several years. When you love what you do, you rise to the top and stay there. Contact us and we will help guide you through the process start to finish.
