Guidance Through The Process Of Acquiring A Bank-Owned Property
The major volatility across all sectors of the Florida real estate market in recent years would be difficult to overstate. As a result of many people’s economic adversity, questionable lending practices and other factors, homes and other properties acquired by banks through foreclosure — most commonly called real estate-owned (REO) properties — are continuously available.
Are You Interested In Buying REO Property? Problems Involving Title?
Whether an REO or bank-owned property in the Sarasota area represents a good opportunity for a homebuyer or investor depends on many factors. If you are actively exploring this market, or if you have made a purchase and run into title issues, we encourage you to consult with us at the Riddell Law Group.
Led by Jeff Riddell, a specialist in real estate law as certified by The Florida Bar, our firm is a full-service resource for people pursuing all types of residential purchase transactions, including those considering buying a home in foreclosure. In addition to serving as title and closing agents, our lawyers and professional team actively protect our clients’ interests by:
- Thoroughly advising prospective buyers of unique risks associated with REO properties, including potential title issues, challenges associated with currently occupied homes and unknown problems with “as-is” home conditions
- Exercising rigor and diligence in conducting title searches and in reviewing all contracts and any purchase contract agreement addendum associated with the transaction
Given the many unique concerns and potentially costly risks that come with bank-owned/REO property purchases, we encourage you to carefully evaluate the credentials and experience of the counsel you choose. Our real estate team, established and respected for more than 20 years, could be a difference-making asset as you take this major step. To discuss your needs and how our capabilities align with those needs, contact us at Riddell Law Group today.