Long Island Distressed Properties - The Invisible Seller
When you buy an REO/distressed property, there is still a seller involved. It is not the person that defaulted on the mortgage. It is the bank/Asset Manager.
When you make an offer on a Long Island distressed property, that offer goes to the Asset Manager via the listing agent. Then it goes to their Manager. If your offer is accepted, you do the home inspection. If the inspection report is acceptable to you, you move forward and sign the contract. Then you start the mortgage process as normal.
Here is where buyers get a little confused. Since there is no one living in the home and the offer is accepted, buyers truly feel the home is theirs. It is not. It will be yours when you sign all the closing documents. The seller is the bank, not a ghost. Just because you never met them, doesn't mean they do not exist. Trust me, they exist.
You cannot do the following until you close:
You cannot........Get the keys to the house.
Do NOT..............Ask your real estate agent for the lockbox code. Do not get annoyed at your agent for refusing to do this. No buyer is allowed to gain entrance to a home without a licensed real estate agent. That is the law!
You cannot........Do repairs or home improvements ahead of time.
Do NOT..............Leave a door or window unlocked behind your agent's back so you can gain access when you want. The agents are checking on the home to make sure this does not happen. Did you know that is breaking and entering? Just wondering.
Do NOT...............Ask the bank/seller to do minor repairs. It just ain't gonna happen.
Be happy you got the home for much lower than the appraisal came in for. You worked hard to save money to buy that home so enjoy the milestone of home-ownership!
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