Short Sales, Foreclosures & REOs

We represent Purchasers and Investors in Short Sales, Foreclosures & REOs.  There is a lot of nuances when purchasing properties from a bank, or on the courthouse steps. 

Ms. Dalton has a background representing foreclosing banks, which gives her a unique perspective when representing a purchaser interested in acquiring a property at a foreclosure auction or through REO.  REO stands for “Real Estate Owned.”  The acronym does not make much sense, but what it means is that a property already went up for auction and sold to the foreclosing bank, and now that bank is selling it on the market.  

In an ordinary arms-length real estate transaction, there is an “on or about” closing date in the contract, so the closing date is not set in stone. In a foreclosure or REO transaction, the closing date is “Time of the Essence”, meaning a purchaser can lose their entire down payment if they cause delays and do not close on the exact date in the contract.  

To facilitate being able to close by the “Time of the Essence” date, the purchaser’s attorney needs to ensure everything is done expeditiously, including ordering the title report and reviewing title to make sure its clear. Furthermore, in a foreclosure sale, there is no standard contract, like in a typical transaction. 

Rather, the “Terms of Sale” is the document that controls the foreclosure transaction, and it is not negotiable. When the purchaser signs the Terms of Sale at the auction, they are bound to those terms.  

It is wise to speak with an experienced foreclosure attorney prior to attending or bidding at an auction, to ensure you understand the terms and the timeline you will be bound to. 

Our firm works within the strict deadlines involved and understands the sensitive nature of these unique transactions.