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Buyer Beware of those REO special Addendums
REO (which stands for Real Estate Owned.  That doesn't make sense either so most folks know them as Bank Owned) properties offer some great opportunities for buyers in today's market. 
Most buyers are aware that these properties are generally sold "as is", and buyers must accept the fact that they are purchasing a home without the benefit of knowing the home's history of repairs, or well...anything else about it.  Can you say "Buyer Beware!"?  That's why you have a professional inspection, right?
But did you know that the Seller (which for an REO property is the lending institution that now owns the home.) will almost always require the buyer to sign a special Addendum to the Purchase Contract?  These Addendums vary with each lender however, they all change the provisions that you originally agreed to when you signed your offer on the standard in the Arizona Purchase Agreement. 
It's important that you read through any Addendums from the Seller carefully prior to signing them.  Of course, this is true whether it's an REO property or not.  Make sure you understand what you are signing (your Realtor will be able to help you with any questions you may have)!  The REO Addendums are almost ... more

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