Jun. 17, 2009 - REO Las Vegas What You Need To Know Part 1

Part 1

The Contract  

This will be a five part series on buying a bank owned property.

From all accounts in the news Nevada leads the nation in foreclosures.  Las Vegas has the bulk of those homes.  How do you go about buying these homes and what do you need to know?  Much of the transaction is similar to a normal sell, the difference of course is the seller is a bank.

Another difference is you may not have a written acceptance right away.  The listing agent may notify the parties once the offer has been accepted but verbally at first.  The initial response can take 2-3 business days.  The written acceptance may take 5-10 business days.  Be AWARE that even though there maybe verbal acceptance it is still not binding until the seller has signed the acceptance.

The seller will then present to the buyer through their Realtors® a counter offer/addendum with additional terms and notices specific to that transaction. Buyers should check all of the terms and conditions of the counter as it will typically alter many terms of the standard residential contract that was required up front.  In Las Vegas that is a Residential Offer that your Realtor® filled out and you signed to submit the offer.

Some of the specific terms may include inspection periods, removal of any contingencies and very often a NRS113 which relieves the seller (bank) of any warranties on the house.  Other specifics include closing costs and closing dates with penalties attached should you not be able to close on time.

It is very very important to have your financing in order and a good loan officer that you and your Realtor® can work very close together on making sure you can meet the sellers (banks) deadlines.

There are bargains to be had in this market and things can work out well if you as a buyer are aware of what needs to be done to make this all run very smooth.  A good Realtor® can help make the process easier.  

Sep. 10, 2009 - RE: REO Las Vegas What You Need To Know Part 1

Outstanding post,  and indeed, verbal acceptance is not so trustful