ThomasRiddleGroup

ThomasRiddleGroup

REO = Bank Owned = New Albany Buyers Beware

Share this post

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email

What a New Albany Real Estate Deal?

Big Sale sign in red over white backgroundSo you found this incredible deal on a New Albany home that is owned by a bank, that’s great. But be aware that this will most likely be a very trying and difficult transaction.

Good news – Bad News

Good news:  the price is generally very advantageous.  Bad news:  almost everything else.  Response time from Seller’s side is like glacier movement.  Agent must contact REO management  company who must contact owner (Bank) and then answer must filter back through all the layers.  Bank addendums to the contract are so onerous that even Braveheart would wince at signing (I saw one recently that said the bank could kill the deal any time for any reason up to and including the day of closing)  Inspections are difficult as the utilities have been turned off and are often  difficult to get turned back on.  And on and on.

A Very Bumpy Ride

At the end of the day one can get a great price on a property,  just know the process is long, arduous and very one-sided (The Bank’s).  Under no circumstances would I recommend perusing one of these deals without a seasoned Realtor and a good Real Estate Attorney on you side.

Go For It!

With all the above caveats, if you have time, patience and a warrior’s spirit Kate and I would be happy to help you on your New Albany real estate quest.

Recent Posts

May Handy Homeowner Tip

As we approach summer, here are a few tips on cleaning patios and protecting your home during grill season.

New Albany Voice Commands

Amazon’s Alexa is now connecting New Albany residents with community events and services. The same smart-speaker device that you use to turn the lights on, play music, etc., can now answer questions relating to New Albany.

Rob’s May Update

Managing Partner, Rob Riddle, talks about the current real estate market and what an increase in inventory means for buyers and sellers.

Get in Touch

Why Choose Thomas Riddle Real Estate Group?

Selling a house on your own can be an overwhelming task. There’s advertising to plan and budget for, open houses and private showings to arrange, purchase offers to negotiate, contract contingencies to worry about, and complicated paperwork to fill out. Make it easy on yourself by putting your home in the hands of seasoned professionals. We have extensive experience marketing properties and showing them to their best advantage.

Compare listings

Compare

Get Your Home's Accurate Value

Receive a No-Obligation Market Evaluation from our Listing Experts Rob Riddle, Tony Thomas, & Kate Thomas

Note: Please be assured we will use this information only to send you the information you have requested and we will never share or rent your contact information with any other party. By giving us your name and email address, you are giving Thomas|Riddle Real Estate Group permission to contact you.