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3 HR CE | REO Series PART IV Working with Offers Through Closing
November 3 @ 1:00 pm - 4:00 pm
Zoom OnlyCLICK HERE TO REGISTER
Closing an REO purchase transaction is unique and can be challenging. It can take weeks to close and buyers often walk away in frustration, despite their excitement in purchasing the “deal of the day”.
Real estate practitioners should be aware of some issues that they might be faced with. One of the most popular issues is the failure of the property’s foreclosure process and file was not handled properly delaying or even canceling the closing. REO sellers do not have an emotional stake in their sales, so they are unlikely to be willing to enter into complicated negotiations, or to be swayed by a buyer’s hardship if sales are not closed timely.
You have very little control over the closing time, the attorney and location. Remember, the closing attorney represents the REO seller; not the buyer. They have many task to complete to close the transaction and the REO file.
Allow enough time between contract execution and the closing date for the seller to get documents to the closing agent, and warn the buyer to be flexible in the event the closing date needs to be postponed a day or two, because the seller’s documents may be buried under a mountain of others.
Let’s discuss the many ways the transaction can be delayed.
You must take all 2 pre-requisite training which are free CE classes provided by Virtual Properties Realty – Duluth, GA along with 4 of the REO Asset Management series (Cost $15 per class) to obtain your certificate, logo and bank roster.