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Updated over 8 years ago, 07/27/2016
REO'S
Hello,
I would like to know what's the one contingency i can add to a real estate purchase contract when dealing with REO's in case i have to back out of the deal if my end buyer decides to back out of the deal. I need one good solid clause.
Thanx
Contact a good Real Estate Attorney and discuss what you are trying to do. He/She will tell you if it is feasible and will be worth the price if it avoids future lawsuits.
- Lance Hulsey
- Rental Property Investor
- East Wenatchee, WA
- 16,091
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'subject to partner approval'
It is a weasle clause as John mentions. I wouldn't accept that as a seller.
Always treat your natural person sellers with dignity. Don't waste their time if you don't have a buyer lined up.
Curtiss Sykes with REOs you are dealing with banks, so in a hot market they generally will have cash offers with no contingencies.
However , sometimes you can put a general appraisal clause but it usually is only for 10-15 days.
And be prepared to walk away as some banks don't allow edits to their REO contracts.
Hello,
Thanx for the info everyone. I will see what happens, scary but what the hell. I have to give it a try.
what about foreclosures? is that easier than REO's?