I am looking at a REO home. What does this mean? no blind offers, inspect prior to submitting?

Asked by rlrawalt, Denver, CO Thu Jan 31, 2013

Does it mean we have to get an inspection prior to submitting a contract?

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Donald Mituz…, Agent, Chappaqua, NY
Thu Jan 31, 2013
An REO MAY be a bank owned property. It could also be a corporate owned property where a company transferred an employee and bought them out of their house so they could buy another in a new location. Although most often it does, it does not only refer to bank owned properties.

Donald Mituzas
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate

http://www.nyhomeseller.com
0 votes
stephen webb…, Agent, Kirkland, WA
Thu Jan 31, 2013
Good Morning
REO indicates it is most likely owned by a lender. Most of the time the purchase and inspection process is the same as purchasing from a private individual. I would recommend finding an experienced ethical agent to work for you. They are paid from the listing commission so you dont pay them. They will use the paper work provided by their MLS and the inspection addendum attached to your offer will clear outline the inspection proceedure.
If you visit Your-Road-Home.com you will a number of helpful articles on choosing agents to work for you as well as inpection and financing and the MCC tax credit. The articles are numbered to help you read them in order. Gather useful information and you will soon be a savvy happy home owner. Good Luck! Stephen Webber
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Thu Jan 31, 2013
You submit an offer, it becomes a contract when everyone signs and agrees to the terms.

A REO is a bank owned home that the bank foreclosed on some time ago. REO means Real Estate Owned. You should be working with a Realtor that should be explaining all this since it is very basic stuff. You make an offer, the bank says yes or no and maybe gives a counter offer of what they want. You say yes or no and when you all agree you sign and the bank signs. At that moment it becomes a contract when you are notified they signed. Then you have to abide by the terms of your contract. It might say you have 7 days to do inspections, it might say 10 days, but it will say how long.
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