Agents: Watch your REO contracts’ fineprint

By
Real Estate Broker/Owner with PMZ Real Estate

Both Paul Harmon and Phil Levin, managers at PMZ Real Estate, have stressed to agents the need to be aware of any fine print pitfalls the banks (property holders/owners) have been including into the purchase contracts of bankowned properties.

Please be sure to review your contracts and agreements that you have between your buyers and the banks. An overview of this information with responsible scrutiny will help protect your client’s and yourself from being taken advantage of by any seemingly deceptive changes to contracts by the banks.

Consult with your brokers legal adviser if necessary.

Comments (3)

Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

This is always good advice.  Each bank / asset manager has their own set of addendums to the contract.  The language in them varies. 

 

Aug 11, 2008 11:17 AM
Terry Miller
Miller Homes Group - Tyler, TX
Miller Homes Group and Tyler Apartment Locator

It'sa huge problem in that it is set up with everything on the transaction favoring the seller.

T

Dec 14, 2008 03:51 AM
Anonymous
Good Job PMZ REO division

Your title of "Watch your REO contracts fineprint", which is really an Active Rain Search engine placement agenda,  always helps. Since the regular over priced housing market has gone by the wayside PMZ managers have been buying lists to help the scared kiss ass agents that don't know how to market in this market.  Managers that Purchase REO lists from REO companies and give in to your special kiss ass agents helps promote the Mike Zagaris' ultimate but late REO agenda. This agenda is weak. Good Luck. Its tough now that you have to revert to REOs.... which you knew nothing about until you purchased the list!! interesting.

Agents if you want to be successful.. go to the forum "agents online' or "active rain" for free info....... I did.......... and i made over a million dollars.. never give up.. never give in to the corporate bullshit.

Run your own program and be a millionaire.

DS

Feb 07, 2009 11:34 PM
#3