An REO property is bank owned property or might be known as a foreclosure. Because the bank has never occupied the home, it will be sold as-is and without Seller's Disclosure. Selling as-is does not necessarily mean the property is in poor condition. Even if the home is in perfect condition, has been repaired, or is in poor condition, it will still be sold as-is. It will be your responsibility to hire an inspector or inspect the home yourself to make your own condition determination. Normally the banks will give 7 days for an inspection. Ask your agent. During the winter, properties will be winterized. This means there is no immediate access to water, including toilets, sinks, water heater, etc. If your inspector de-winterizes the property, it will be your responsibility to have the home re-winterized. This normally comes with a cost. We will gladly help you with the arrangements and the amount. Most REO companies charge a "per-diem" (per day) fee, should you not close in the agreed time. This will not be waived. It is suggested you keep in close communication with your mortgage lender and your agent, so to prevent a glitch. Part of your agent's job is to keep us informed. Normally, the seller's attorney will be used for the closing. Typically, this is because they have started the title work. Remember, if you do not meet the projected close date or fail to close at all, earnest funds will be taken. After an acceptance of your offer, negotiations are over. Typically, there will be no further negotiations resulting from a home inspection, etc. |
gahomefinders.com
| BUYING AN REO HOME? |
*First Multiple Listing
Service (FMLS)
*Multiple Listing
Service (MLS)
*Northeast Atlanta
Metro Association of
Realtors
* Board of Realtors
*Most REO Networks/
Management
Companies
(call or write for the
list)
Service (FMLS)
*Multiple Listing
Service (MLS)
*Northeast Atlanta
Metro Association of
Realtors
* Board of Realtors
*Most REO Networks/
Management
Companies
(call or write for the
list)
 | |  |
REALTY PROFESSIONALS, INC.
Specialized Realty, Inc.
Specialized Realty, Inc.
CONDITIONS OF SALE
Affiliations
Rusty Warner,
Realty Professionals
Specialized Realty
Realty Professionals
Specialized Realty
| This website is published for informational purposes. Every effort is made to ensure the accuracy of information contained within; however, no warranty of accuracy is made. Please verify all items independently. Gahomefinders.com links to other websites outside our domain. These links are provided as a convenience and do not constitute an endorsement. Gahomefinders.com exercises no control over, and assumes no responsibility for, information that resides on outside websites. |
rustywarner@msn.com
PLACING AN OFFER
| Your agent will be using a standard Georgia, Purchase and Sale Agreement when first presenting your offer. There will be a Bank Addendum(s) to be signed by you but in most cases, this will not be required until your offer is accepted. The Addendum will be part of the bank's Acceptance Package. No alterations to the bank Addendum(s) will be accepted. All final paperwork and Addendum(s) will need to be signed and returned normally, within 24 hours. A bank determines what offer they choose based on "Net to Seller" (offer price minus buyer requested closing costs, etc.) or the "bottom -line". Special Stipulations and Special Monetary Requests are generally not accepted. Your agent will be able to explain. Your agent will be submitting with your offer: 1a. Mortgage- pre-approval letter OR 1b. Cash- Proof of funds, such as a bank statement 2. A copy of your earnest check RESPONSE TIME Different level approvals may be necessary before a response to your offer is received. Therefore, it could take 7 working days or more for us to get back to your agent. In most cases, our response time will be much sooner. We will contact your agent within the same business day. |
WHAT HAPPENS NEXT?
| After all the back-and-forth of contract negotiations and once your offer is verbally accepted, negotiations are over. The bank will send an Addendum(s) for your signature. This paperwork will basically be a recap of the original offer, previously signed with your agent. In addition, it is normally stated several or more times- this property is sold "as-is". Your agent will make sure all the final paperwork agrees with whatever was negotiated and will meet with you again, explaining each document while you sign. Timelines As soon as the seller signs all the contracts and sends us these copies, the "clock starts ticking". This is the day all your future duties are timed, such as the amount of days to inspect the property or the amount of days it was agreed you would qualify for a loan. This is also the day your Mortgage Broker can officially begin the loan process and get you to the closing table. Not meeting the time lines will at minimum, jeopardize your earnest money being returned. Please constantly discuss the timetable with your agent. They are there to help everyone stay on task. When your inspection is satisfactory, all other specific contract conditions have been met and your loan is approved, it is time to make an appointment to close. Normally, foreclosure closings are held with the seller's attorney. Congratulations on your closing! |