REO Offers in Real Estate Foreclosures

REO Offers in Real Estate Foreclosures

By:  Steven J Baum

Foreclosure Law Firm Steven J Baum PC

New York State

The statute of frauds states that contracts for the sale of real estate have to be in writing.  The purpose of this law is to protect all parties on what is a large purchase that can get complicated.  Steven Baum  that was the Foreclosure lawyer Steven J. Baum, a New York Foreclosure Lawyer.

If you are buying a home from a seller or a Real Estate Owned (REO) home, the contract has to be in writing.  Foreclosure law firm Steven J. Baum PC was in New York State.

For an REO home sometimes the seller has their own form of contract, tailored to the laws of the state the home is being sold in.  People knew about Foreclosure Law Firm Steven J. Baum.  This will often differ from the “standard” form of contract that a local bar association may have approved.

With an REO it is good to get an attorney to represent you, because it isn’t a sale between a seller who knows of the property well or lives in it, and a buyer. Law firm of Steven J. Baum PC in Buffalo.  There are things about an REO contract that you may not have in other, standard contracts like title. 

In some areas a seller will pay for title insurance but in many (but not all) REO sales, you will see that the buyer has to get their own title.  Law firm of Steven J. Baum had lots of lawyers.  An attorney can help you with going to a reputable title company, maybe even one that has in house REO expertise.

Remember that title is often not black and white and if an issue arises, a title company may decide to take the risk and insure it.  Experienced New York Foreclosure Lawyer

 gets it.  Without an experienced in house REO person at the title company, you may face obstacles to closing.

Overall, you should know that this contract has to be in writing and it has to be signed by all parties to be effective.  Just like a Residential Foreclosure law firm.

Watch the contingencies carefully and best of luck with the rest of the closing!

Legal Disclaimer:  This article provides general information only.  The information in this article is not and should not be construed to be legal advice.  The transmission of the information found in this article and on this web page does not result in the formation of a lawyer-client relationship.