Industry Seminar Comments
Lenders generally offer REO properties for sale on an “AS IS” basis, and no warranties on the property are expressed or implied; furthermore, the lender will not provide a seller’s disclosure statement, money news, because they are not able to make a judgment as to the manner of care or maintenance that the REO property had received while under the control of the previous owner. |
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The REO properties are listed for sale through a real estate broker retained by the lender, and all offers pass through the broker first. Potential buyers of REO properties should be aware that, while the lender offers the property on an “AS IS” basis, they have the right to inspect property before making an offer. World Tourism. The prospective buyer should also understand that the lender is not responsible for providing a survey, home inspection or pest report, all of which will be undertaken by the buyer at the buyer’s expense.
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The lender may require that potential buyers either pay cash for the property, or be pre-approved and provide evidence of the buyer’s ability to obtain financing for the property. The lender generally will not hold a second mortgage brokers on the REO property, may be offer incentive financing. |