Comments on: Buying REO Properties (Foreclosures) http://www.alexiourealty.com/foreclosures/buying-reo-properties-foreclosures.htm Thu, 10 Sep 2009 15:13:55 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: George Alexiou http://www.alexiourealty.com/foreclosures/buying-reo-properties-foreclosures.htm/comment-page-1#comment-3 George Alexiou Fri, 03 Aug 2007 21:02:22 +0000 http://sandiegorealestate.alexiourealty.com/2007/05/02/buying-reo-properties-foreclosures.php#comment-3 <p>I had heard from some other Realtors in other states that a few of the foreclosure selling Banks require a replacement of the State Purchase contracts with contracts that THEY (Banks) have issued but I had never seen or heard of that here in California… Well up until this week!</p> <p>I had made an offer on a Bank owned foreclosure property on a standard California Real Estate Residential Purchase contract and 10 days later I received a replacement Bank produced Purchase contract along with several other Addendums. That Bank produced Purchase contract is drawn in such a way that releases any and all liability from the Bank and its agents and puts a lot of risk to the buyer, especially when combined with the attached Addendums that have provisions that clearly are in conflict with those of the Purchase contract.</p> <p>Another problem that I encountered is that some of the listing agents on these properties have NEVER actually physically been on the property that they list and also have absolutely NO knowledge of the contracts and Addendums that they receive from the Bank and send out to the Buyers and their agents. When calling some of those agents who list foreclosure properties with specific questions regarding the property or the contracts involved in the transaction the usual answer is “I don’t know… that’s what the bank send me, so tell your buyer to either take it or leave it”! Some also include incorrect information in the MLS which proves that they have never been in the property. I honestly feel ashamed for such agents who call themselves Realtors and give a bad name to the rest of us!</p> I had heard from some other Realtors in other states that a few of the foreclosure selling Banks require a replacement of the State Purchase contracts with contracts that THEY (Banks) have issued but I had never seen or heard of that here in California… Well up until this week!

I had made an offer on a Bank owned foreclosure property on a standard California Real Estate Residential Purchase contract and 10 days later I received a replacement Bank produced Purchase contract along with several other Addendums. That Bank produced Purchase contract is drawn in such a way that releases any and all liability from the Bank and its agents and puts a lot of risk to the buyer, especially when combined with the attached Addendums that have provisions that clearly are in conflict with those of the Purchase contract.

Another problem that I encountered is that some of the listing agents on these properties have NEVER actually physically been on the property that they list and also have absolutely NO knowledge of the contracts and Addendums that they receive from the Bank and send out to the Buyers and their agents. When calling some of those agents who list foreclosure properties with specific questions regarding the property or the contracts involved in the transaction the usual answer is “I don’t know… that’s what the bank send me, so tell your buyer to either take it or leave it”! Some also include incorrect information in the MLS which proves that they have never been in the property. I honestly feel ashamed for such agents who call themselves Realtors and give a bad name to the rest of us!

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