September 1st, 2023 8:12 PM by Linda Holley
The term REO means real estate owned by a bank. I have Buyers for a 40-year-old bank-owned property. The home is being sold "As-Is," and the bank makes no representations, warranties, or guarantees as to the condition of the property.
Many times Buyers must perform inspections before they make an offer, so be careful of 4-point issues identified in the inspection that can affect obtaining insurance (roof, HVAC, plumbing, and electrical).
The bank has their own addenda to be added to the regular residential contract, which identifies what costs they will and will not absorb.
Thank you for reading my blog. I'm here to assist you in your home selling and buying in Sarasota County.
Linda Holley, Realtor, GRI, SRES, CIPS, Fine Properties, Sarasota, Florida 941-914-4914 LindaHRealtor.com
See LindaHRealtor.com/blog for my blog history and LindaHRealtor.com/Testimonials for customer reviews.
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