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The banking industry already has alot to answer for. They have re-keyed owner occupied properties before the sheriff's sale, they have made their own rules in selling REO assets, and now it seems they have shot themselves in the foot, again. The Banks have cut corners in the foreclosure process, which is different in each state, and in some cases they have taken property illegally (according to Plaintiffs Attorneys). Now these former homeowners are bringing suit to reclaim their homes. If there is even a remote chance this could happen, why buy an REO? You could be ordered by the court to vacate the home, if a judge finds for the original homeowner, and then your recourse is with the bank. Reread all the REO sales addendum again, and tell me they didn't disclaim all responsibility for this (and the Lindbergh kidnapping)! It's like the Pinto gas tank. Instead of fixing the problem, they figured a way to live with it, so to speak.
Okay. Calm down. Buyers, if you want to buy a Bank Owned Property, or REO, you can still do it; but be advised there are risks involved, and the bank is all about putting all the risks on your plate. This newest aspect of the REO risk/benefit bundle may be resolved at the Title Insurance level. If your Title Insurance covers this, you may be made whole financially in the event the court takes your home and gives it back to the previous owners. But, one of the most common events in an REO transaction is, the bank tries hard to get the Buyer to use the banks Title Insurance Company, and all title policies have a list of exceptions, or things they will not cover. My observation is the banks title policy has a longer list than usual.
It also needs to be said, these actions are in their legal infancy, and may be in court for years. Even if more former homeowners win the case, the court may decide giving them back the house is not appropriate. Too injurious to another, innocent party; you the new owner. But this is new ground and it could go either way.
Agents there is no sugar coating this, if this happens to your clients, it is happening to you as well. The difference is the clients could be out in the cold! So, what do you do? Educate your clients about the issues involved, disclose and disclaim, in writing. If they decide an REO is not for them, you will have to find a non bank owned listing for them:) There are a few of those out there and they typically present less risk. Network this on AR and in your office until you are comfortable with your level of knowledge and can explain the issues to a client, so they can make an informed decision. Now is the time to plan for it, and protect your clients and yourselves.
Keep peeling the big onion. There's no reason to cry if you stay sharp and do the right thing for your clients and document it. Not sure what the right course of action is? Go to the next sales meeting and start a discussion, then listen to all of the experience and intelligence in the room! Some of it yours! and do the same here on ActiveRain. It's open 24/7!
Cell:320-260-3290Saint Cloud Minnesota Real Estate
If you are relocating to central Minnesota check out all the wonderful reasons to love St Cloud. It is a wonderful area full of things to do and lots of great houses. I would welcome the opportunity to help you find your perfect place here. Visit my St Cloud real estate website for more information about buying or selling a home, or property in the central Minnesota real estate market.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.