FORECLOSURE BUYERS - BEWARE!!!!

By
Real Estate Broker/Owner with BROKER of Green Realty Properties® - 954-667-7253 BK3175566

Below is a Disclosure that Fannie Mae is now requiring buyers to sign on many REO/bank owned homes. If Fannie Mae is going through the trouble of adding a Disclosure in order to protect themselves, I strongly suggest that YOU (the buyer) listen to them and hire an attorney if you're buying a foreclosure.

The need for this Disclosure means that Fannie Mae has encountered issues along the way...issues that can end up making that "good deal" into a very bad headache. It is better to spend the extra bucks to be safe than sorry; hire an attorney when buying a foreclosure to make sure that the law firm handling that foreclosure won't end up on your evening news. Protect yourself now and avoid problems later!

 

Posted by

If you or anyone you know need help Selling or Buying a Home in Broward & Miami-Dade Counties, please don't hesitate to call me at 954.667.7253

 

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS, TRC, RSPS

BROKER - REALTOR® Serving South Florida ::: 954. 667. SALE (7253) ::: Green Realty Properties®

Visit www.WeLoveSouthFlorida.com for SouthEast Florida's best properties.

 

 

Copyright © 2008 - 2014 By Patty Da Silva, CDPE©. All Rights Reserved.

Legal Stuff: This article (Contents) reflects the opinion of the author and it is not to be considered legal advice. The author is not an attorney or a CPA. If you are in need of legal or tax advice, it is recommended that you to contact a trusted professional advisor.

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Christopher Green 04/18/2011 10:24 PM
Topic:
ActiveRain Community
Location:
Florida Broward County Davie
Groups:
"Whacked"!!!
The Lounge at Active Rain
The Art Of Marketing You
Short Sale REALTORS®
Realtors®
Tags:
foreclosures

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Rainer
8,828
Stephanie Hosala
Century 21 Indian River Realty, II, Inc. - Melbourne, FL

It seems like every week I'm finding a new REO related disclosure. I haven't seen this one yet, thanks for posting it. It's enough to make an average buyers head spin.

Mar 09, 2011 08:19 PM #1
Rainer
22,309
Jason & Stephanie Felker
Talka International Realty - Scottsdale, AZ

Haven't seen that one yet.  Thanks for the heads up Patty!

Mar 09, 2011 08:28 PM #2
Ambassador
1,687,145
Richard Weisser
Better Homes and Gardens Real Estate Metro Brokers - Newnan, GA
Richard Weisser Coweta Newnan Homes for Sale

Patty...

This one is a little frigjtening. Fortunately, GA is a non-judicail state but we still have plenty of title problems.

Mar 09, 2011 08:47 PM #3
Rainmaker
488,116
Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR
BROKER of Green Realty Properties® - 954-667-7253 - Davie, FL
Top Listing Broker

Stephanie - You are right.. there are so many REO disclosures and addenda out there.

Jason & Stephanie - You are welcome!

Richard - You are lucky to practice in a non-judicial state... Florida is a little crazy.

Mar 09, 2011 09:12 PM #4
Rainer
17,303
Christopher Green
Green Realty Properties, Inc - Davie, FL
Cooper City :: Davie Top REALTOR

Wow...what a world we live in! Yes, hire an attorney when buying a foreclosure to make sure that the law firm handling that foreclosure isn't on the dark side of the force! Be careful BUYERS!

Mar 09, 2011 09:19 PM #5
Rainmaker
1,497,351
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Short Sale - CDPE, REDS

True story...where there is a form or a revision...there is an experience or two behind it !

Mar 09, 2011 10:30 PM #6
Rainmaker
348,339
John Juarez
The Medford Real Estate Team - Fremont, CA
CDPE, ePRO, SRES, GRI, PMN

Fannie Mae and CYA. It is funny that they rhyme.

Mar 10, 2011 12:22 AM #7
Rainmaker
488,116
Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR
BROKER of Green Realty Properties® - 954-667-7253 - Davie, FL
Top Listing Broker

Chris - we live in a crazy "title" world and we need to protect our buyers.

Sally - Yes! True Story!!

John - Thanks for the laugh - great comment.

Mar 13, 2011 01:26 PM #8
Rainmaker
189,904
Antonio & Alexia Cardenas
Alameda County - San Leandro, CA. - San Leandro, CA
"The Realtors In Motion"

I have not seen this one before, thank you Patty for the heads up. There is so much to learn! even after 26+ years doing this stuff.

Mar 17, 2011 01:45 AM #9
Rainmaker
132,528
Fred Hookham
Keller Williams - Milton, WI

Yet another disclosure.....If this keeps up, we will need an OSHA disclosure that the bundle of paperwork to sell a house may be an unsafe amount to lift without a fork truck! Thanks, and I'll re-blog.

Apr 18, 2011 10:53 PM #10
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Rainmaker
488,116

Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR

Top Listing Broker
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