How to Buy
Purchasing a home directly from a bank or REO Investment Group may in some cases be different that through a real estate agency. In most cases there is not financing offered for these properties and you will need to have cash or a immediate credit line with your bank to purchase the homes.
View the properties listed on the REO Direct Buys. Due to the large
number of properties that are listed, we suggest that you search by state, and
then scroll down the list to view all the different listings. When you find one
that you are interested in contact us by clicking on the “Request More
Information” link on the listing page. Even if you are already registered with
REO Direct Buys, please be sure to include your full name, email address and
contact phone number with your request.
Upon receiving your request, we will supply you with the full address of
the property and any additional information we may have available from our notes
on the listing. We will also supply you with any additional information we may have about the property.
If after receiving this information you would like to go out and inspect
the property yourself, please let us know and we will arrange for you to get access
to it yourself.
Go out and inspect the property. The banks and investment groups that
own these properties in most cases have not even been inside of them. These
homes are prior foreclosures and will be in different conditions. Some homes
may be move in ready, others may require a little or a lot of work. Be sure
this is something that you can do before you buy. The homes are sold “as is”
and with no guarantees as to the condition.
If after inspection of the home you want to purchase it or make an
offer. Please contact us with your offer. Don’t be afraid to make an offer, if we cannot accept it chances are we'll give you a counter offer.
After agreeing on a price, we will require a deposit to hold the propert and notify you as to where to wire transfer the deposit to. After receiving the contract please sign the contract and either fax it back or scan it and email it back to
us as soon as possible. Remember this property will remain on the market
until we receive your signed contract and deposit back.
In purchasing a previous foreclosure, there may be property taxes or
other liens due on the property. A title search can be performed on the
property. You can use your own title company or request one from the seller at
your costs. Usually they can order one for you and the costs will vary
depending upon the title company. In purchasing a property that has a home owners
association (HOA) there may also be back HOA fees due. This is very common with
condos and some newer developments. In many cases the bank or investment group
that owns the property may of already done a recent title search and can provide
you with those results at no costs.
The final closing of the property may take place in one or two ways.
Some banks and investment groups that own these properties have their own in-house
department to handle the closings. They do not offer the option to use a local
title company to handle the transaction. TWith REO properties they will either provide you with a
quit claim deed or special warranty deed at closing. The entire
transaction will be completed in a matter of days thru overnight mail.
In some cases with the banks or investments groups you
will give you the option to either use their in-house department to handle the
closing, or you may choose to close with a local title company in your area. If
you choose to close with a local title company you will be responsible for all
9. Title Insurance - If you purchased a title commitment, at your option, you may purchase a title insurance policy from the company that provided the commitment. Ask the seller for more details.