3,167,714
I always provide my buyers with a couple of attorneys names if they have questions. But having sold REOs for 15 years now that form doesn't scare me and I think I have a pretty good grip on explaining it. I also make clear to buyers that the party protected in that document is the seller. But when they start talking about what part they want to strike I laugh and let them know... so sign it like it is, no buy foreclosure.
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Kathleen Daniels, Prob...
San Jose, CA
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
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Nina Hollander, Broker
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
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Roy Kelley
Gaithersburg, MD
2,684,669
I warn Buyers that HUD, Fannie and Freddie, and for that matter any REO, may require a contract that is extremely favorable to the Seller. They should have an Attorney review it for them before I submit it.
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Kathleen Daniels, Prob...
San Jose, CA
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
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Nina Hollander, Broker
Charlotte, NC
2,224,473
These forms are in place to protect the seller. I haven't had to read one recently. Thank goodness for that. Is there something new in there we should be concerned about?
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Kathleen Daniels, Prob...
San Jose, CA
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Nina Hollander, Broker
Charlotte, NC
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Roy Kelley
Gaithersburg, MD
3,988,013
It has been a few months since I read it but it is terribly redundant and is all in favor of the seller to the point that I think it says the seller can even decide to sell to someone else even if under contract.
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Kathleen Daniels, Prob...
San Jose, CA
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Nina Hollander, Broker
Charlotte, NC
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Roy Kelley
Gaithersburg, MD
4,582,434
As I was reading your question, I was trying to remember the last time I showed a REO listing let alone had a bank-owned transaction. They haven't been a big part of our inventory for some time.
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Kathleen Daniels, Prob...
San Jose, CA
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Nina Hollander, Broker
Charlotte, NC
1,847,051
Well I don't have that part memorized but all those forms are written for the sellers benefit. If the buyers aren't doing anything sneaky, they have nothing to worry about.
You should be more specific as to what you are offended by.
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Kathleen Daniels, Prob...
San Jose, CA
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Nina Hollander, Broker
Charlotte, NC
4,319,773
Hella M. Rothwell, Broker/Realtor® - interesting.
Not much into REO. Don't we keep up-to-date with what's going in RE market? Thanks to ActiveRain.
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Kathleen Daniels, Prob...
San Jose, CA
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Roy Kelley
Gaithersburg, MD
1,553,599
I remember that form; I used to ask them "how bad do you want it?" I had several sign them with no issues though. If everyone behaves, they are moot.
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Nina Hollander, Broker
Charlotte, NC
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Roy Kelley
Gaithersburg, MD
3,349,554
Hella, I am not a fan of the REO addendum. They are scary. I advise my clients just as you do. Go see an attorney.
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
3,071,489
5,583,328
we leave the legal work to the attorneys....each of our clients has an attorney.... we insist...
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
4,434,177
1,157,791
No. It does not apply in our great land.
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Nina Hollander, Broker
Charlotte, NC
3,742,070
I haven't, but only because I've never done an REO.
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Nina Hollander, Broker
Charlotte, NC
2,415
I just follow procedures when it comes to working with organizations lilke Fannie Mae. and Freddie Mac. Things are constantly changing and I find it best to adhere to these changes and keep moving. As far as my clients, if they want to purchase one of their properties, they are going to have to deal with these changes also.
1,506,163
For a first time buyer, I'd advise to stay away from anything other than a standard sale.
991,352
4,800,132
1,728,256
940,887
If I am working with a buyer who is looking for a foreclosure I send them the Fannie Mae, Freddy Mac, and HUD addenda ahead of time and have them read it carefully. I also tell them to seek legal advise as the 12 page Fannie Mae Addendum is loaded with "legalese".
Fannie Mae is much more buyer friendly than HUD and Freddy Mac, but lately the F.M. asset managers seem to be going strictly "AS IS" in our area. The banks are notorious for not releasing their own addenda so the buyer can read BEFORE considering making an offer.
5,113,121
It's been so long since I sold an REO that I can't say I've looked at this in recent memory.
6,418,799
Have not read it, but I am sure if it was a standard one sided govt form then it was set up to be scary.
1,513,143
Yes it has been read and my rehabber's know it and explain it to new clients and if any technical questions to contact an attorney.
7,864,157
3,986,308