Union County REO Attorney
Representing NJ clients through the purchase of Bank Owned Property
Bank owned properties, also known as REOs, are some of the most desirable real estate on the market. Real estate investors, corporate acquisition specialists, agents, brokers, and buyers often seek out REOs because of better deals, better returns, and less competition. REO’s are readily available in New Jersey and ready for the taking. Buying bank owned property is a great step for some individuals and knowing more about the subject is in your best interests. If you need quality legal support through the acquisition of bank owned property, contact Joseph Gachko, Attorney at Law for a consultation.
What are bank owned properties?
In response to delinquent or defaulted payments, a property becomes an REO when a lender takes possession of a building or parcel of land. Most bank owned properties are a result of late payments, no payments, or missed deadlines. In general, there are three ways in which a property becomes bank-owned:
- Deed-in-lieu of foreclosure
- Foreclosure
- Auction
Purchasing and Negotiating
The acquisition of bank owned property is similar to any other real estate transaction. You will find a property you are interested in, make an offer, negotiate, sign a contract, complete due diligence, and close. There are a few notable differences. You will have to purchase the house “as is”. While most people do not believe you can negotiate with banks, this is not truly the case. With secured funds or a pre-approval letter for a mortgage, you can negotiate price, what costs are who’s responsibility, right to inspect the property, and a closing date.
Because the bank is motivated to move the property, price is one of the easiest things to negotiate. A bank generally knows how much a property is worth through a broker’s price opinion. You may be able to justify a lower offer because of the local market, comparable sales, property condition, and more. Proving yourself as the most reliable and easiest buyer may award you with even deeper savings. If you are a real estate investor who buys multiple properties through the same bank, you could benefit from amazing savings. Contact an effective attorney to help you forge a lasting relationship with lenders looking for an easy offload of property.
Contact an experienced real estate law firm
Purchasing bank-owned property can be a lucrative endeavor. Those who engage with banks can truly acquire some of the best deals on the market. When handling a complex matter like an REO acquisition, it is important to have quality legal guidance and representation every step of the way. Joseph Gachko, Attorney at Law has over 30 years of experience practicing real estate law and advocating on behalf of clients in New Jersey. If you have any questions about what it take to buy REOs or need an attorney to guide you through this complicated process, contact Joseph Gachko, Attorney at Law for a free, initial consultation.