Purchasing a forclosure property is a substantial real estate transaction with unique nuances. Negotiating a bank-owned foreclosure property requires extreme care and caution. Most first-time homebuyers do not understand the risks involved with purchasing a foreclosure property or Return On Equity (REO) property. When purchasing a foreclosure property, you require an experienced team that understand legal contracts, negotiates favorable terms, and navigates smooth real estate closings.
Gateville Law Firm is skilled in real estate law, residential real estate law, and commercial real estate law. We assist real estate investors and individuals with purchasing foreclosure properties. Our team of attorneys and support staff provide high-quality and responsive real estate legal services while making it an easy process for our clients.
Most real estate transactions involve substantial paperwork and understanding real estate contracts, which are complex and contain legalese are difficult if not impossible for most people. Our goal is to provide you with all of the necessary so you can determine your financial decision, while handling the daunting paperwork.
Purchasing a Foreclosure Property or REO
Real estate transactions enable investors to terminate the real estate contract during the attorney review and home inspection period. In most cases, the bank will not make any repairs or make any allowances except in exceptional circumstances. Turning on the utilities and weatherizing the property are important to understand whether the water, gas, and electric work is functioning.
The bank wants to limit their risk and often will not offer title insurance unless the buyer purchases the title insurance policy themselves. Most real estate investors will conduct a home inspection and review the condition of the property for significant unforeseen risks.
For help purchasing or selling properties in the suburban Chicago area, contact our real estate lawyers at 630-780-1034 or any of our office locations.