Hella M. Rothwell, Broker/Realtor®, Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I always provide my buyers with a couple of attorneys names if they have questions.  But having sold REOs for 15 years now that form doesn't scare me and I think I have a pretty good grip on explaining it.  I also make clear to buyers that the party protected in that document is the seller.  But when they start talking about what part they want to strike I laugh and let them know... so sign it like it is, no buy foreclosure.

Sep 29, 2016 02:26 PM
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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     I warn Buyers that HUD, Fannie and Freddie, and for that matter any REO, may require a contract that is extremely favorable to the Seller.  They should have an Attorney review it for them before I submit it.

Sep 29, 2016 01:20 PM
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

These forms are in place to protect the seller. I haven't had to read one recently. Thank goodness for that. Is there something new in there we should be concerned about?

Sep 29, 2016 12:58 PM
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It has been a few months since I read it but it is terribly redundant and is all in favor of the seller to the point that I think it says the seller can even decide to sell to someone else even if under contract.

Sep 29, 2016 12:48 PM
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

As I was reading your question, I was trying to remember the last time I showed a REO listing let alone had a bank-owned transaction.  They haven't been a big part of our inventory for some time.  

Sep 29, 2016 10:43 PM
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Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Well I don't have that part memorized but all those forms are written for the sellers benefit. If the buyers aren't doing anything sneaky, they have nothing to worry about.

You should be more specific as to what you are offended by.

Sep 29, 2016 10:00 PM
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Hella M. Rothwell, Broker/Realtor® - interesting.

Not much into REO. Don't we keep up-to-date with what's going in RE market? Thanks to ActiveRain.

Sep 29, 2016 04:13 PM
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Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

I remember that form; I used to ask them "how bad do you want it?" I had several sign them with no issues though. If everyone behaves, they are moot.

Sep 29, 2016 01:36 PM
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Hella, I am not a fan of the REO addendum.  They are scary.  I advise my clients just as you do.  Go see an attorney. 

Oct 01, 2016 04:23 AM
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

not recently

Sep 29, 2016 11:01 PM
Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

we leave the legal work to the attorneys....each of our clients has an attorney.... we insist...

Sep 29, 2016 10:04 PM
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have not done one recently.

Sep 29, 2016 09:55 PM
Rainmaker
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FN LN
Toronto, ON

No.  It does not apply in our great land.

Sep 29, 2016 05:05 PM
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

I haven't, but only because I've never done an REO.

Sep 29, 2016 03:02 PM
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Laura Slappey
RE/MAX 2000 - South Holland, IL
Real Estate Broker serving South Cook County, Ill.

I just follow procedures when it comes to working with organizations lilke Fannie Mae.  and Freddie Mac.   Things are constantly changing and I find it best to adhere to these changes and keep moving.  As far as my clients, if they want to purchase one of their properties, they are going to have to deal with these changes also.

Sep 30, 2016 04:56 AM
Rainmaker
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

For a first time buyer, I'd advise to stay away from anything other than a standard sale.

Sep 30, 2016 03:20 AM
Rainmaker
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Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Not recently no, I sell very few REO's

Sep 30, 2016 02:54 AM
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yes, good idea to refer to an attorney.

Sep 29, 2016 11:59 PM
Rainmaker
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Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

I will expect to read it later today. I am sure it is all one-sided.

Sep 29, 2016 11:38 PM
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Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

If I am working with a buyer who is looking for a foreclosure I send them the Fannie Mae, Freddy Mac, and HUD addenda ahead of time  and have them read it carefully.  I also tell them to seek legal advise as the 12 page Fannie Mae Addendum is loaded with "legalese".

Fannie Mae is much more buyer friendly than HUD and Freddy Mac, but lately the F.M.  asset managers seem to be going strictly "AS IS" in our area.  The banks are notorious for not releasing their own addenda so the buyer can read BEFORE considering making an offer. 

Sep 29, 2016 11:36 PM
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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

It's been so long since I sold an REO that I can't say I've looked at this in recent memory.

Sep 29, 2016 11:20 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Have not read it, but I am sure if it was a standard one sided govt form then it was set up to be scary.

Sep 29, 2016 09:48 PM
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Raymond E. Camp
Howard Hanna Real Estate Services - Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

Yes it has been read and my rehabber's know it and explain it to new clients and if any technical questions to contact an attorney.

Sep 29, 2016 09:39 PM
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for sharing your experience.

Sep 29, 2016 08:35 PM
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I tell all my clients to go conventional if possible

Sep 29, 2016 12:31 PM