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REO bargain hunting ? READ THE FINE PRINT

July 19, 2010
  • Some interesting posts I’m passing along
  • “…REO addendum are very extensive and put a lot of responsibilities and costs on the buyer
  • “…I’ve sold quite a number of REO’s to buyer clients. Prior to showing these properties I explain that if an offer is written, the bank will send us back their addenda, which will essentially be their new contract, weighted to the seller.  I also add that these bargain properties, are bargain priced for a reason and the sellers are removing any current and/or future liability once these properties are sold. I advise buyers in writing to review the offer AND addenda and  let them know that these addenda evolve with each sale meaning the sellers are updating the addenda to prevent a problem that occurred with their last deal.
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