Buyers can still purchase REO/bank owned homes at fair market values throughout Central Florida but in doing so they are often faced with accepting with terms and conditions that favor the lender.
These terms and conditions include banks offering the home for sale “as is” and limiting the time period a buyer is allowed to complete inspections. Banks may also require the buyer to pay certain costs customarily paid by the seller an example being document stamps on the deed. Lenders will rarely sign any documentation until the buyer has signed all of the addendum and paperwork requested by the lender. Failure to meet closing time periods can result in forfeiture of escrow or a predetermined per diem the buyer must pay to extend the contract.
Each transaction and lender has different requirements that buyers need to be aware of before executing the contract. Having a qualified experienced agent assisting you with your REO purchase makes good sense and could save you undue stress and hassles.
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