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REO Guidelines Questions

What is REO?

REO refers to Real Estate Owned and is a type of property that is owned by the lender, which is normally a bank, government agency or even a government loan insurance company, after an unsuccessful sale at the foreclosure action. The foreclosing lender will normally place the first bit at the foreclosure for at least the amount of the nonpaid loan. In the case where there are no other bidders, then the beneficiary will now legally take back the property. As soon as the beneficiary takes the property back the property is then listed on the books as REO and listed as a non performing asset.

If an individual bought REO property and they have found out that there is a Homeowners Association and a septic tank that needs to be replaced that was never mentioned, who will be responsible for this mistake and is this illegal?

These types of mistakes are required to be disclosed to the buyer and this mistake should have been listed on the sale document. The sales agent and the seller together would be considered to be responsible for these types of mistakes, and then the buyer will have the option to sue and ask for a withdraw from the sale since the agent or seller has failed to follow the required disclosure guidelines. The second issue that the individual may run into is if the seller or sales agent can show that they did not know about the homeowners association or the septic tank. If this seems to be the case then since there is carefulness in this type of the sale it would fall upon the buyer. The reason for this is because this property was a REO property and it was not bought from an actual owner who would think to know about these different things. These specific types of cases will end up being tied up in a court proceeding and the problem of proving that this seller or sales agent knew about these problems would be up to this person to actually show that the sellers did in fact know about the homeowners association and the septic tank problem.

In the state of Nevada, if a home is with REO is there any way this person can stop the real estate from taking their home since the individual was trying to change the loan?

When the individual had tried to change the loan process, it is possible that this person did not receive the required notice of the foreclosure sale, and they were not informed that the sale was going on. If this was the case, this person would have been denied of the due process. The individual would have the opportunity to file a Motion to Set Aside the Foreclosure Sale. In their motion they will need to state that the Plaintiff has failed to stick to the required process and as a result the Respondent has been denied due process.

In the state of California if an individual has made an offer on a REO property which was accepted by the bank; now the buyer has now found out the property is needing roof repairs and they are past the diligence period. Now, the bank wants to back out of the offer; what is this person rights and how can they get their money back from all the inspections?

REO sale contracts normally state that the seller will not be responsible for any types of repairs. In this type of contract, if the financial knew that repairs were needed and did not disclose this to the buyer, then the repairs would typically be the responsibility of the financial institution. However, in many cases REO properties are sold “as is”. What this means is that the buyer has agreed to buy property in the condition that it is in; without the seller making any changes or repairs to the property. The buyer in this case would be responsible for fixing the property, and bringing the property up to standards that are required in order to get a mortgage.

In the state of New York if an individual has received a large list of REO property if this person is not a legal real estate agent is there any legal way this person can sell these properties to buyers?

Unless the individual has their Real Estate Broker’s license, legally they cannot charge any type of fee to bring buyers and sellers together to sell real property in the state of New York. According to the New York State law, it will be considered a crime for an individual to sale real property to another individual without their real estate license.

When buying property that is REO property, there are many required guidelines an individual and sales agent must follow in order to legally sell or buy this type of property. In order to find out the REO guidelines and the HUD REO guidelines to real estate owned property individuals can find their answers to specific questions by asking the Legal Experts online.

Ask a Real Estate Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 5366
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
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Real Estate Lawyers are Online Now

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Real Estate Lawyers are online & ready to help you now

Tina
Lawyer
Satisfied Customers: 4813
16 years of legal experience including real estate law.
Law Pro
Lawyer
Satisfied Customers: 6227
20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Barrister
Lawyer
Satisfied Customers: 4966
13 years real estate, Realtor. Landlord 24+ years

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