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Why Do I Need an Attorney that Understands Foreclosures?

Contracts that are used in REO and foreclosure transactions are highly specialized and can differ greatly from the contracts used for traditional real estate transactions. When purchasing an REO the seller of the property is a lending institution that is selling the house merely to recover their investment in the quickest and most efficient manner possible. The attorneys who represent the banks in these transactions specialize in REO transactions and spend their time working almost exclusively on these types of sales. It is important for you to have an attorney protecting your interests with the same qualifications and experience as the attorney representing the other side. You need to feel comfortable with the unfamiliar information you are being exposed to your attorney should be able to explain the process to you in a way that is not overwhelming or intimidating.

Foreclosure and REO contracts contain very specific language that many real estate attorneys are not familiar with, especially if they have never personally handled this type of transaction. Also, the time frames included in these contracts are very often shorter than those that would be found in a traditional contract. Your attorney needs to familiar with what they are looking at so they can process the information correctly and in a timely manner.

The terms that are agreed to in when negotiating an REO contract must be strictly adhered to. If you fail to comply with their specified requirements for any reason that is not included as an acceptable delay you could be considered in default and there is a possibility that the bank will keep your down payment. It cannot be stressed enough that to the banks, time is money and the timeframes set forth in the contracts must be met.

Island Advantage Realty

Island Advantage Realty, LLC has established itself as an innovator and leader in the REO market throughout Metropolitan New York and Long Island. With 20 years of experience handling foreclosed and residential properties, you can rely on our knowledgeable team of agents to assist you with all of your Real Estate needs. Trust the experts. Trust Island Advantage.

Island Advantage Realty knows that your privacy is important to you.  That's why we want you to know that your information will never be sold or dissemination by us to anyone without your permission.

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