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Updated over 8 years ago on . Most recent reply

User Stats

18
Posts
6
Votes
Gustavo Figueiredo
  • Investor
  • Pompano Beach, FL
6
Votes |
18
Posts

REO Contract question

Gustavo Figueiredo
  • Investor
  • Pompano Beach, FL
Posted

Hi everyone! I am buying a house in Broward County FL. Its a REO and I had to present my offer using a web site. Seems like the seller accepted my offer but with two concessions.

1-as is no repairs

2-seller may cure or mitigate violations and fines

My question is about the word "mitigate". 

Does it mean that if the seller attempts to cure and is not able to do so and just reduce the fine to certain amount I would have to pay for it? I am not a lawer and I am really confused why he used that word instead just say that he would cure the violations and lies. Is he trying to push some of these fines and violations on me? The house has a code violation lien of 270k so I don't want to play with that. The contract have not been generated yet so I don't know how they are going to word it but if I accept the offer I have to pay $150 to the web site as a eletronic fee. Please help as I have to respond until tomorrow. 

Most Popular Reply

User Stats

194
Posts
121
Votes
Carlos Coppin Jr
  • Wholesaler
  • Plantation, FL
121
Votes |
194
Posts
Carlos Coppin Jr
  • Wholesaler
  • Plantation, FL
Replied

When they use the word "mitigate" that means.. they are going to try to lower the violations/make less severe. Beware you could be walking into a very bad deal.

Carlos

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