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You may not be aware that buying an REO, a bank owned property, is quite a different process then buying a property the old fashioned way, and it is extremely important that your Realtor understands the difference. Let me tell you why if your Realtor doesn\’t know the vast difference between the two, how it can cost you a lot of money, and possibly cause you to all together lose your property.

Banks have complete control when it comes to a bank owned property. They make their own rules and follow no disclosure requirements. Typically they will have a potential client sign something called an addendum, which basically takes away the protections a buyer may have, and gives them sole power in the decision making.

The bank will set a timeline that they demand you stay on top of, or they will enforce consequences on you. The odd thing is that they can take all the time they need before they deliver any type of response to you. Almost a month ago, I was approved and have been holding money in escrow for a bank owned property. It took the bank three weeks into the thirty-day period before they even opened my escrow.

It took a full three weeks before we received my contract and addendum. Not so lucky for us that when we first signed into this contract, it stated that we would be charged $100 per day per Diem for every day that went past the thirty-day period!

Then they did nothing on time to make it possible for us to make the deadline. As many of you know, the majority of short sales do not close successfully. This is usually due to the listing agent not knowing how to do them, but taking the listing anyways. If the listing agent doesn\’t put in all the work ahead of time, a short sale is a nightmare. REO\’s can be the same. In this case, the listing agent assured me that he had done all the footwork and the bank was ready to move.

Submitted by: A. Fulton knows all about shopping Big Bear, CA foreclosures and Big Bear, CA houses overall. Check out his other posts online.

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