InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Process of buying an REO Posted by Ward-CA- on November 15, 2003 at 1:24 AM In Reply to: Buying REO posted by Alvin on November 14, 2003 at 1:43 AM : Dear Ward, : I have some questions about buying REO in LA, pleae help me. : 1. Do I still need to do a title search if I am buying REO? : 2. Am I responsible for all the liens against the property when I am buying REO? : 3. When making an Offer to buy REO and to sign the Purchase Argeement, do I have to use my own Offer form and Purchase Agreement or the bank can provide the forms? If I have to get my own forms, where can I get it? : Thank you for your time to answer my questions. : Alvin ================= Alvin, Buying an REO is the same process you’d go through when buying any other property on the open market...it’s just from a bank. #1. So you’d avail yourself of the two standard protections when buying real estate—you’d use escrow and require title insurance. You wouldn’t need to do your own title search if a title insurance company was insuring your deal. #2. If, in your offer to purchase, you agreed to take over the existing liens then you’d be responsible for them. But usually you’d get a new loan that would pay off any existing liens. #3. If the bank you’re dealing with wants an offer written on their favorite form, then I’d humor them and use their form. Otherwise I’d use an offer-to-purchase form available from 1st tuesday in Riverside, CA or Professional Publishing in Novato, CA. Both companies have very good transactional, real estate forms. Both have toll free 800 numbers. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Dear Ward, : : I have some questions about buying REO in LA, pleae help me. : : 1. Do I still need to do a title search if I am buying REO? : : 2. Am I responsible for all the liens against the property when I am buying REO? : : 3. When making an Offer to buy REO and to sign the Purchase Argeement, do I have to use my own Offer form and Purchase Agreement or the bank can provide the forms? If I have to get my own forms, where can I get it? : : Thank you for your time to answer my questions. : : Alvin : ================= : Alvin, : Buying an REO is the same process you’d go through when buying any other property on the open market...it’s just from a bank. : #1. So you’d avail yourself of the two standard protections when buying real estate—you’d use escrow and require title insurance. You wouldn’t need to do your own title search if a title insurance company was insuring your deal. : #2. If, in your offer to purchase, you agreed to take over the existing liens then you’d be responsible for them. But usually you’d get a new loan that would pay off any existing liens. : #3. If the bank you’re dealing with wants an offer written on their favorite form, then I’d humor them and use their form. Otherwise I’d use an offer-to-purchase form available from 1st tuesday in Riverside, CA or Professional Publishing in Novato, CA. Both companies have very good transactional, real estate forms. Both have toll free 800 numbers. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455