Connecticut Real Estate Owned (REO) Property Attorney
A real estate owned (REO) property is a property that went into foreclosure, failed to sell in auction, and then was reclaimed by the bank or other lender. Lenders who have REO properties have typically not been repaid on the loans they made, and they often seek to resell the property quickly.
Buying and selling REO properties can be difficult. If the original lender was not able to get back their investment in the foreclosure sale, the lender may not have made property maintenance a priority. The property may have serious defects.
If you want to buy an REO property, it’s a good idea to work with a real estate lawyer. Many banks and other lenders dedicate teams of professionals to dealing with REO properties. These teams represent the bank’s or lender’s interests; it is wise to retain a lawyer to protect your own.
Kocian Law Group can assist you in purchasing REO property. We use our experience, knowledge, and longstanding reputation to get you the best deal possible while also protecting your finances and liability.
Like other real estate purchases, an REO purchase should not be completed until you know exactly what you are purchasing and under what terms. We will deal with making offers to the bank, negotiating terms of sale, arranging for inspections, and explaining contracts and other paperwork.
When it comes to REO, you’ll be dealing with an expert seller. Don’t be caught off-guard. Call Kocian Law Group.