Buyer Information

"...you only work with real estate professionals who will represent
your best interests..."

When buying REO property, you want to be certain, without any doubt, you work only with real estate professionals who will represent your best interests. As longtime, respected buyers’ agents, we can walk you through the process, ensuring that you not only have all the information you need, but that all the necessary groundwork has been covered to complete a successful transaction.

We are pleased to share some important facts before you begin. When you are ready, simply contact us so that we can provide personal, professional assistance.

Important Facts Regarding REO Purchases through REOSouth:

Seller Requirements
Single Family Purchase and Sale Agreement
Condominium Purchase and Sale Agreement
The property will be sold As Is
The purchaser may hire a home inspector
The purchaser(s) must be pre-qualified with one of the seller’s preferred lenders, even if one already has a lender
The purchaser must have a preapproval letter from one of the sellers preferred lenders prior to submitting the offer:
   • Wyn Ruppenthal, Element Funding
      (FHA, FHA203K, Conventional)
      (T) (404) 402-6281 (E) williamruppenthal@elementfunding.com
   • Geoff Hall, Bank of America
      (Must have approval from this specific BOA Lender, other BOA lenders not
      acceptable)
      (T) (404) 825-0747 (E) geoffrey.hall@bankofamerica.com
   • Ron Orrell, Home Savings Of America
      (Fannie Mae Homepath Mortgage Approved Lender, FHA, FHA 203K & 203B       Renovation Loans, Conventional)
      (T) (678) 480-3048 (E) rorrell@myhsoa.com
   • Mike Diethelm, Chase Bank
      (Must have approval from this specific Chase Lender, other Chase lenders not
      acceptable)
      (T) (404) 449-5372 (E) michael.j.diethelm@chase.com
Renovation loans are available. Please contact us for further information
For cash transactions, proof of funds must be submitted with the offer
A hard money loan is not a cash transaction. All hard money loans must have total financing approval prior to the offer
REOSouth must hold the earnest money, a minimum of $1000
You may not receive a response to your offer for several days after it is submitted
The response to your offer will be verbal followed by fax
Once verbal acceptance is made, the property will remain on the market, and other offers will be considered until the earnest money is received by our office
The seller has a specific attorney who is required to be used for the closing. Exceptions are seldom made. With any exception, the buyer will incur any additional cost
The seller’s special addendum, LBP addendum, mold addendum, and commission report are to be submitted before the final contract acceptance
The seller does not provide a termite letter. If one is required, the buyer will incur the cost
The seller turns on only the electricity. If the buyer elects to perform an inspection, then the buyer will incur the cost as well as be responsible for having any other utilities turned on
A closing date of at least 20 days out is strongly suggested. If the buyer can close earlier, the seller will consider this
Your offer is extremely important to us. If you have any questions, please contact us