pontefractrealestate.com

David Pontefract, Realtor
A+, MCP, MCSA, Net +

Trading Places Homes
325 Portage Lakes Drive
Akron, OH 44319

Phone 330-882-6161
Office 330-644-0041, ext. 235
Fax 330-644-3176

How to buy an REO.

REO properties are sold AS IS.  Some properties need a little work; some need a lot.

When you have selected the property you are interested in, contact me and we'll write a bid proposal.  Each bid proposal must be accompanied by the following items.

• A letter from a bank or other reliable source confirming that sufficient funds are available to purchase the house.

• A check for earnest money made out to CENTURY21 Trading Places.  $500.00 to $1000.00 is usually okay.  This is determined by the seller. 

When your offer has been selected, you will receive several additional contract addendums that will need to be to be filled out and signed then sent to the sellers for their signature.  After they are signed, they are returned to me, and I will contact you.

You may start your final inspection at this time.  

The title process is also started.  The title search usually takes several weeks.  When the search is complete, you will go to the title company, sign a few more papers, present your payment arrangements and the property will be yours.

Note:  Because of the time it takes to get the written permissions resolved and fully delivered, it could be up to 2 weeks before a property is listed as sold in the multiple listing service.  As a result, some properties are listed as active when they are actually under contract.