Foreclosed / Bank Owned / REO Closings

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Are you buying a Foreclosed Home (commonly referred to as a Bank Owned or REO home)? The attorney you retain should know that the bank, usually, will NOT make any repairs nor remove any violations.  As such, foreclosed homes are almost always sold “as is” with the bank refusing to do anything.  Our experienced REO closing lawyers are well versed with these deals and can guide you through the process of purchasing a bank owned home. We charge a flat fee of $750 from contract to closing for all foreclosed home transactions (up to four families); the fee includes the services listed below.

Please note that we also represent sellers of foreclosed homes (including banks and investors)  Scroll down for a list of services offered to sellers.

FOR BUYERS OF FORECLOSED HOMES

  • Review, negotiation and explanation of the contract of sale,
  • For buyers that will be getting financing, review of the mortgage commitment and correspondence with the lending institution,
  • Resolving any pre-closing problems that may arise (including issues of repair, termites, etc.),
  • Correspondence with the seller’s attorney, title company, and lending institution,
  • Preparation for closing, including reviewing the title search to ensure there are no liens and judgments against the premises,
  • If this is a house, review of the certificate of occupancy and all permits and documentation pertaining to the house (to ensure that there are no violations and the house is legal and has all proper permits. PLEASE BE AWARE THAT THE BANK WILL USUALLY REFUSE TO CLEAR ANY VIOLATIONS).
  • Representation at closing.

FOR SELLERS OF FORECLOSED HOMES

  • Preparation, negotiation and explanation of the real estate contract,
  • Correspondence with the buyer’s lender to ensure the buyer is complying with the bank requirements in order to facilitate the mortgage process,
  • Correspondence with the buyer’s attorney and title company,
  • Resolving any pre-closing issues (including issues of repair, termites, etc.),
  • Preparation for closing, including obtaining payoffs for any liens and judgments against the seller and/or the premises,
  • Representation at closing.

We now offer 24/7 online access to your file. Get instant updates and stay informed. Click here to read more.

Our REO closing attorneys have handled many foreclosed home closings in all areas of New York , including all 5 boroughs of NYC (Manhattan, Brooklyn, Queens, Bronx and Staten Island), Long Island (both Nassau and Suffolk county), Westchester county and upstate NY. Our bank owned home closing lawyers look forward to helping you. Call us today.

Please note that we also represent clients with respect to Home Refinancing.

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Brooklyn Office°

2620 E. 18th Street, Suite 2
Brooklyn, NY 11235
(718) 989-9629

Manhattan Office*

222 Broadway, 19th Floor
New York, NY 10001
(212) 365-0934

Nassau Office*

67 Cutter Mill Road
Great Neck, NY 11021
(516) 558-0045

Bronx Office*

2010 Williamsbridge Rd.
Bronx, NY 10461
(347) 923-3880

Queens Office*

133-07 Cross Bay Blvd
Ozone Park, NY 11417
(718) 554-5652

Westchester Office*

199 Main Street, 4th Floor
White Plains, NY 10601
(914) 274-2045

Staten Island Office*

837 Father Capodanno Blvd
Staten Island, NY 10305
(718) 554-5687

Rockland – Orange – Putnam*

Rockland - Orange - Putnam
Please use Westchester Office
(914) 274-2045

Suffolk Office*

445 Broad Hollow Rd., Suite 25
Melville, NY 11747
(631) 306-0057

North Jersey Office*

411 Hackensack Avenue, 2nd Floor
Hackensack, NJ 07601
(732) 474-6410

Office Disclaimer

° Principal Office
* By Appointment Only
(shared office space)

Central Jersey Office*

317 George Street, 3rd Floor
New Brunswick, NJ 08901
(973) 528-0285