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3 HR CE | REO Series – Part III Working with an REO Buyer
August 18 @ 1:00 pm - 4:00 pm
Live ZoomCLICK HERE TO REGISTER
Part III – Buying REO properties is actually very similar to buying a general home. However, there are a few things you need to know. It’s not the kind of purchase where buyers and their agent would want to just wing it.
The property will be sold “As-Is” no repairs will be made by the bank. Buyer’s offer must have a letter of commitment from their lender to be considered and the title is conveyed by a special limited warranty just to name a few differences.
The REO asset management company will provide additional procedures such as inspection of the property, finance and appraisal contingency, seller concessions, and specific closing details.
It’s typical for an REO offer to be reviewed by several individuals and companies which means it could take days to get a response. Once approved, the buyer must be ready to close quickly.
Patience is essential. If your buyer is in a hurry to buy, an REO property might not be for them.
Let’s discuss all the details in working with the buyer.