REO'S

[Curtiss Sykes]

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

[Lance Hulsey]

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.  

[Steve Vaughan]

'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.

[Percy N.]

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.

[Karen O.]

And be prepared to walk away as some banks don't allow edits to their REO contracts.

[Curtiss Sykes]

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?