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ThomasRiddleGroup

REO = Bank Owned = New Albany Buyers Beware

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.

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