These are all Bank Owned or VA owned properties. Seller may NOT provide a Title policy to Buyer. Seller has started Title work prior to Listing and Seller always picks the Title Co and the Closing Agent.
If Buyer chooses to have closing or Title work done at another Company it will be at Buyers expense.
If you have not dealt with a Bank on REO properties
before, please, call Bob for more information.
If you have dealt with OTHER Bank owned homes before and
think you know how it works, call Bob to discuss how his
Client Banks do things to be sure. They do not ALL do
things the same way.
If in doubt - CALL BOB -
VA listings are always fast closing transactions as they have the deed and title cleared prior to listing their assets. But, they require 25 days to close. Not so with any of the other Bank Clients.
There may be problems with the deed and title with all
the other Banks.
Closings do not always go as planned or scheduled.
If the owners name on the Auditor's web site is not that
of the Bank, there may be long delays before
a closing can take place.
All Buyers MUST be pre-approved, NOT just
pre-qualified. A credit report must have already been
reviewed by the Lender. A letter stating that must be submitted at
the time the offer is presented.
If a cash purchase, then
proof of funds letter must be submitted with the offer,
NOT a day later. Along with a copy of the deposit check.
These are Banks. It sometimes takes days to get a response
to an offer. Always allow at least 5 days.
For all VA Listings. READ THE INSTRUCTIONS!
Print the instructions AND the sample contract. These
instructions come directly from the VA Asset Managers, Not
me.
Not all Bank Sellers provide Title Insurance for the Buyer or Buyer's Lender. .... Always ask.
As Is, Where Is and In its Present Condition. Defined
As Is: Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as As Is, Where Is and In its Present Condition.
"It simply means you are not providing any guarantees or warranties to the buyer as to the condition of the property and will not make further allowances, credits, or price reductions for any problems with your property,"
"If a buyer finds defects and does not back out, but demands that you do the repairs, you are not obligated to do any repairs and can cancel the contract and find another buyer. The lender's requirements do not change your obligations in your sales contract. You weren't obligated to do any repairs because of the "as is" clause,"
The Court of Appeals first laid out the general law of Ohio that sellers have an obligation to disclose latent, material defects. However, the Court pointed out that the duty to disclose can be eliminated if there is an "as is" provision in the contract.
Bob Pritchard,
ABR, SRES
Coldwell Banker
King Thompson
614-404-8291
Fax 614-474-1660
email:
bob@bobpritchard.org
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