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If you have a question about REO properties that isn't answered here, ask Bob.


General Questions

Question:

What does REO mean?

Answer:

REO is an acronym for "Real Estate Owned." 
- REO (real estate owned) is a term which refers to a property that is owned by and in the possession of the lender as a result of a foreclosure.


Question:

Why would one purchase REO properties?

Answer:

Our clients most often list their properties "as is." This makes them a great opportunity for individuals to buy and fix up, either as their principle residence or as investment property. Sometimes our clients sell the property in move-in condition. These properties are marketed the same as any residential sale.


The Purchase Process

Question:

How is purchasing REO properties different than "regular" real estate purchases?

Answer:

REO properties are owned by corporations rather than individuals. This leads to significant differences in all aspects of the purchase. See our Buyer's Guide for an in-depth discussion of this topic.


Question:

I have a real-estate agent (buyer's agent) that will represent me in the purchase of property. There is a property listed on the Coldwell Banker King Thompson web page that I would like to know more about. Should I call Coldwell Banker King Thompson or should I call my real-estate agent?

Answer:

If you have a buyer's agent that will represent you in the purchase of property it is very important that you have them call Coldwell Banker King Thompson.. Coldwell Banker King Thompson. represents the selling corporation. Coldwell Banker King Thompson Agents are authorized to act only as Seller’s agent. Our office policy is to refer all your questions regarding properties to your buyer's agent if you have one. 

Sometimes individuals who have buyer's agents are not pleased when we refuse to answer questions and refer them to their agents. Please understand that our policy is in place to assure that we in no way violate any part of the Ohio Real-Estate Agency Law. 


Question:

Must I have a buyer's agent to purchase property from Coldwell Banker King Thompson?

Answer:

No. Coldwell Banker King Thompson agents will gladly assist you in the process of purchasing our listings. All Coldwell Banker King Thompson agents are experienced specialists trained to sell corporate owned properties.


Question:

What does it mean for the seller to "hold a second"?

Answer:

Sometimes when a buyer does not have all the funds available needed for the purchase of a property, the seller will assist the buyer by crediting the buyer at the time of the sale for the amount needed and the buyer will sign a note promising to repay the seller. As with any note, terms between buyer and seller are negotiable; however, most often the buyer agrees to make monthly payments thus has two house payments due each month. The first note recorded when property is sold is the principle mortgage. The note between the buyer and seller is recorded second...and is commonly referred to as the "The Second ."

Question:

What is earnest money and how much should I include in the contract?
Answer:

- Earnest money is a deposit given by the buyer to the seller as part of the purchase price to bind a transaction or assure payment. We generally require a minimum of $500 or 1% of the purchase price.

What kind of deed to the property will I get at closing?
- A Special Warranty Deed.

Will you counter my offer if it is considered unacceptable?
- Yes, offers can be countered by both parties as in a normal real estate transaction.

Do you make improvements to the properties before selling them?
- We remove interior and exterior debris from the property before it is listed. We generally sell properties in an ‘as is’ condition.

Can I have inspections done on the property?
- Yes, you can have the property inspected at your own expense. Remember that The Seller does not make any representation or warranty to the condition of the property.

www.columbusohioreo.com                 www.bobpritchard.org            

Columbus Realtor for Bank Owned Foreclosure Properties.
We List & Sell Bank Owned Foreclosure Properties.
In Columbus and Central Ohio.
Columbus Ohio REO rvices®
The Central Ohio Source for Bank Owned Foreclosure Properties
Bank Owned Homes, Columbus Ohio, foreclosed, foreclosure properties, real estate foreclosure, corporate owned, REO, Real Estate Owned, Realtor, realtor servic

Last updated on:

12/21/2005