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Lake County REO property attorneysThere are so many avenues for buying a home that deciding what route is best for you can sometimes be overwhelming. While researching your home-buying options, you may have found information about foreclosed properties. When a homeowner cannot make his or her mortgage payments, the mortgage lender may foreclose on the property and put the home up for sale. These homes are often sold at foreclosure auctions, so it is possible that you could buy a foreclosed home for price much lower than it would otherwise be.

If the home does not sell during the auction, the home returns to the lender and becomes a “real estate-owned” property, also called an REO property. The institution will then look for ways to sell the home and recoup the money lost due to the foreclosure. If you are thinking about buying an REO property, make sure you fully research the potential advantages and disadvantages associated with this option and discuss your plans with a real estate attorney.

What to Expect With REO Sales

Real estate-owned properties are sold in a similar manner as other homes. The bank lists the property and potential buyers have the opportunity to visit and inspect the property. An REO sale will typically involve assistance from a real estate agent just like a non-REO sale. There are several advantages to buying an REO home. Buying a property that is owned by a bank instead of a homeowner often involves less competition. These properties are also often priced below market value and may also involve lower interest rates and smaller down payments.

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Lake County real estate attorneysIf you are ready to buy your first home, congratulations! Being a homeowner comes with numerous benefits, but also many serious responsibilities. Your home will probably be the biggest financial investment you ever make, so it is essential to be aware of the obstacles you may experience in the home-buying process. Whether you are a first-time homebuyer or you are currently a homeowner interested in buying a new home, there are a variety of ways that a real estate lawyer can help you.

Limitations of Real Estate Agents

When someone prepares to buy a home, they may assume that the only professional they will need to consult with is a real estate agent or broker. A real estate agent can offer helpful support and advice on a variety of issues, however, his or her guidance alone is not enough to ensure the home-buying process goes as smoothly as it should.

One major limitation that real estate agents have is that they cannot offer guidance regarding any legal issues that arise during the purchase. Not only do real estate agents generally lack the legal knowledge and education needed to give quality advice about legal issues, doing so can actually threaten their broker’s license. A lawyer will be aware of the federal statutes, state laws, local ordinances, and case-specific regulations you will need to comply with in order to avoid legal problems with your new home.

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