New Jersey Real Estate Owned Transactions Lawyer

One of the least understood but more desirable property types is real estate owned, or REOs (Real Estate Owned Transactions). If you are a bank or property manager who has foreclosed on a home in New Jersey, you need to seek legal assistance to help you through the next steps. At the Law Offices of Steven Varano, our dedicated and experienced team is ready to help. Let our New Jersey REO attorney get you through each step in the process and make your transactions as seamless as possible.

The Law Offices of Steven A. Varano, P.C. are ready to help

The qualified and knowledgeable team at the Law Offices of Steven A. Varano, P.C., has a combined 90 years of real estate law experience ready to bring to your side. We treat every client with the respect they deserve.

• We can come to your business to get started. House calls are our way of respecting your time.
• We will thoroughly prepare all aspects of your REO case. When it comes to these transactions, the details are essential.
• Our client-focused approach means that you will be able to contact your attorney with questions or concerns 24/7.

A real estate owned transactions attorney will get into the details

When you are a bank or property manager working with an REO, you may not have the expertise to delve into the details of each transaction. An attorney will ensure that every aspect of an REO deal is done correctly. You cannot afford mistakes. Your attorney will:

• Handle the negotiations involved when offers are being made on the property
• Ensure that all contracts are drafted and properly reviewed
• Work with a purchaser’s lender to ensure the funds are available and sufficient for a purchase
• Ensure that all parties know their responsibilities regarding the transaction (inspections, insurance requirements, etc.)

You have the property and your real estate attorney will ensure it leaves your hands as seamlessly as possible.

REO properties are different

While the process of buying an REO property is similar when you are the buyer and seller, there are things that all parties need to be aware of. There are three ways in which a property becomes bank-owned:

• Foreclosure
• Deed-in-lieu of foreclosure
• Auction

Over the last few years, New Jersey has led the way in foreclosures. In 2017, there were nearly 70,000 property foreclosures. While this is not a glamorous fact, it highlights the importance of this market in our area.

• Many REOs in New Jersey are owned by banks from other states. The Law Offices of Steven A. Varano, P.C. are ready to help both in-state and out-of-state banks and property managers through this process.

We are ready to get to work today

If you are a bank or property management company handling real estate-owned property, you want to be sure that every aspect of the deal is done correctly. REO transactions are unlike regular property buying and selling, and you need a legal team that understands these complexities. At the Law Offices of Steven A. Varano, P.C., we are ready to work on your behalf today. Let our New Jersey REO attorneys dig into the details of your property and ensure you are getting a good deal with a smooth transition. You can contact us for a free consultation by calling (973) 256-1414.