Join me for another training session with ActiveRain University and Chris Alston Training-Cunsulting-Speaking. This week’s topic is on helping buyers understand the process when wanting to buy distressed properties. This includes REO’s, Short Sales, HUD homes, FDIC homes and homes in disrepair. What to expect, how to persue it, how to write offers, what banks and sellers are expecting and what mind set do you need … (15 comments)
reo: You mean the REO addendum states the bank can cancel this contract for any reason?
- 07/19/10 04:55 PM
What??? They cancelled my contract and went with another buyer??? I am seeing this more and more. Written within the contract are paragraphs that allow the seller (bank) to cancel the contract for any reason without any recourse to the buyer. And establishes that the buyer be made whole (by refunding the deposit) and that the buyer cannot go after the seller (Bank) for damages... In addition, the contract can also have passive contingencies as well (where a 10 day contingency is actually removed passively at midnight of the 10th day, usually includes financing, appraisal and/or property condition) Hmmmmmmm... In … (7 comments)
Helping Buyers, When Purchasing Distressed Properties (REO’s and Short Sales)
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