JM Realty specializes in the sale of REO homes.
REO = “Real Estate Owned” meaning real estate that is owned by a bank. These properties have been foreclosed on and now owned by a bank.
The typical response time to offers made on an REO property is 2-7 days. The typical closing time is 20 days if you are paying cash and 30-45 days if you are obtaining a loan to purchase the home.
What you see (and don’t see) is what you get…
The properties are sold in “AS-IS” condition. This means that what you see is what you get and what you don’t see you get also. You are typically allowed an inspection period and we highly recommend you use this time to investigate all matters of importance to you.
If something comes up during the inspection period, you may cancel the contract without penalty. The bank selling the property will rarely do repairs based on your request from items found during the inspection period. If repairs are necessary, based on the appraisal obtained for your financing to purchase the home, they still may or may not do those repairs. If you can understand and agree to “AS-IS” you will have a much smoother time during the process.
The banks that we work with will be sure you are obtaining clear title to the property, they will pay any past due balances on the property taxes as well as the HOA dues. Our REO homes for sale typically have all utilities on to allow for inspections as well. Some REO homes that we sell are in a condition that will not allow for financing and/or not allow for the utilities to be turned on.
In any real estate transaction, it is the buyer’s responsibility to inspect all that they can. We at JM Realty will help you as much as we can. If you need inspectors of any kind, or prices on fixing items, just ask!