I just had the REO from heck nightmare with some insane per diem issues. I anted to spread the word of caution around to anyone who is listening.

Obviously, we decided to proceed with our offer on the cabin, knowing it would probably be a prolem if we did not. This is where my experience came into play. I have had this happen to me numerous times on bank owned purchases and I have learned that my buyer just needs to forget about the bank and make sure he does everything he needs to do to stay on track.

As long as we can prove that the delay was not of our doing, we can get out of having to pay the per Diem. I made for sure that all inspections, including the termite inspection, was done by the listing agent, and done in a timely manner. Fortunately, since my client is paying for this property in cash, we needn’t worry about the appraisal. If a client were to be purchasing a home from a loan, you need to be in direct contact with the lender throughout the process, making sure the appraisal is completed in time.

You don’t want anything going wrong at the last minute if you can help it. You can’t always get everything to go the way you would like, but if you do everything you can do, things tend to turn out OK. I always have to remind my clients that most banks don’t really have any idea of what is going on at any given time. They seem to just flounder around in the hopes something will eventually happen.

It hasn’t been uncommon for me in the last few years to observe a bank doing something completely out of the ordinary. It doesn’t happen very often that a property owned by a bank has a smooth closing. As long as you hire an experienced Realtor that knows what they are doing, and you stay on top of things on your part, you should have a successful closing on a home.

Author Info: A. Brynn has much experience shopping property listings plus real estate in general. Check out her other articles on the internet.