The bank foreclosed properties (REOs) present many challenges not normally e xper ienc ed in a t r a dit iona l r e a l es t a t e tr a ns a ction. This brochure explains the process of buyer completing a successful pur cha s e on RE O proper t ies. The buyer a cknowledg es he/she ha ve thoroughly reviewed all items and is pursuing the purchase of the R E O proper t y . It is h ighly recomme nded t ha t t he buy er cons ult s an attorney of his/her choice. wr itten by Anthony Park Purchasing Foreclosures/ Bankowned REOs Toll Free: 888-603-2972 Cell: 702-556-9962 E-mail: anthonyparkkeyrealtyllc @yahoo.com Key Realty 9890 S . Maryl and P kwy. Suite 200 Las Vegas, NV 89183 Anthony Park Anthony Park Business Broker Anthony’ s REO clients: Aurora Loan Svc Bank of America Citi Mortgage Countrywide IndyMac Federal Litton Loan Svc Ocwen Loan Svc Taylor/Bean/Whit Wachovia Bank Washington Mutual Wells Fargo B ank REALTOR®
1. The seller may wait to receive multiple offers, and may not respond to an offer for weeks andsome cases months.
2. The seller may ask for the “Best and Highest” offer. The buyer may be asked to re-submit theoffer multiple times before the seller reaches a decision.
3. The seller has the right to accept the best qualified buyer. Note that a full price offer may notalways be considered as best qualified.
4. The seller requires all funds to be held in an escrow account / title company named by theseller.
5. Should confirmation of the agreement be received, it will, in many cases, be a verbalconfirmation. In such cases you are required to find lenders and others that are willing and ableto use the verbal approval as the basis for completing the required transaction.
6. The bank foreclosed properties MAY NOT have utilities turned on until after the close of escrow.The utility companies may not turn the utilities even after the close of escrow if the propertydoes not meet the conditions and until repairs are completed.
7. With the bank foreclosed properties the seller WILL NOT provide a CIC Resale Package (HOApackage). It is the buyer’s sole responsibility to obtain this package. ($250 approx.)
8. With the bank foreclosed properties the seller MAY NOT provide the garage door remotes aswell as access keys to mailboxes, pool, clubhouse, etc. The buyer understands that it is thebuyer’s sole responsibility to change all locks on doors.
9. The buyer understands that the close of escrow date may change at seller’s will.
10. The buyer understands that at no time can buyer have occupancy of the REO property untilafter the close of escrow.
