Well do ya? Let me ask you this, if you have to go to court would you show up without representation? Probably not! For today's market the buying and selling of Short Sales and Bank Owned Properties (REO) requires a knowledgeable BUYERS AGENT!! For those who want to save money, the old way of thinking that if you go direct to the selling agent you will be able to negotiate a lower price by cutting out the other agent, is not true and is a BIG MI$TAKE in today's market. You have simply put more $$$ in the selling/listing agents pocket. Chances are the selling agent has many REO's, from this Bank or Asset Manager and is solely working for the BANK and NOT YOU!
The documents you will be required to sign are drawn up by a team of legal eagle's. And they are written to protect the Bank from future lawsuits, NOT YOU THE BUYER!!! For example: Property Sold "AS IS" and "WHERE IS". The question to you the BUYER is what does that mean? The listing or selling agent will not help you define this term, they represent the Bank!!! The counter offers from the Bank will contain the following disclosures;
Buyer agrees to accept the property in its as is condition, and agrees to sign the attached "AS IS"
Addendum "A" which by this reference shall become a part hereof. Seller will not be obligated to provide,
pay for or perform any repairs (including those that may be required in order to turn on utilities), inspections,
reports, certifications or treatments whatsoever, including termite treatments and well and septic repair,
unless stated otherwise in this counter proposal.
Specialized
Seller will not pay any buyer closing costs, including, but not limited to, appraisal, FHA/VA nonallowables,
points, or home warranty, nor will Seller pay for or provide a survey for buyer unless stated otherwise in this
counter proposal.
Oh yes, there is also a disclaimer BUYER must sign which states "This is a Legal Instrument. If you do not understand the terms contained herein, you should contact your Attorney or Tax Adviser before signing." This is great advise. Buying Bank Owned REO's or Short Sales are a slippery Slope. We all suffer "Buyer's Remorse" coulda, shoulda, woulda, because hind sight is 20/20! Do not put yourself in this situation. A knowledgeable Buyer's Agent will protect your rights and will help you to decide when you do need Legal Advice. A BUYER'S Agent will know how to write your offer to protect you, and get the most for your money$.
So for your protection work with a REALTOR* who specializes in being a "BUYER'S AGENT".
Comments (0)Subscribe to CommentsComment