What does REO stand for?

REO stands for Real Estate Owned. Sometimes you’ll see the letter O preceding the acronym; the O stands for Other, specifically referring to foreclosures.

Why does Southeast Bank Properties have properties for sale?

Southeast Bank Properties works with all of its partners to help homeowners prevent and avoid foreclosure; however, sometimes it is unavoidable. When foreclosures occur on mortgages in which Southeast Bank Properties is the investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community.

How do I find out more information about these properties?

Simple—Just contact the listing agent for more information, how to tour the property and how to make offers.

How do I tour properties?

Simply go to the individual property record, click on the Property Contact icon, and make arrangements through the person listed. Site visits to commercial properties and bank branches are generally arranged one week in advance, residential may vary.

What can you tell me about this house?

If Southeast Bank Properties knows of any hazards on properties we own or market, we disclose this information through our real estate listing agents. However, we may not have been informed by the previous owner of all hazards. We encourage you to have the property inspected by a professional before you buy.

How do I make an offer?

When a person has an interest in a particular property, he or she should submit a letter to the contact specified on the site stating his or her interest. All letters should include the amount offered, lease terms (if applicable), expected closing date and any contingencies. Upon acceptance of an offer, the prospective purchaser will receive Southeast Bank Properties’ standard Letter of Intent. Please note that only Southeast Bank Properties’ standard form will be accepted. A nonrefundable deposit must be paid at the expiration of any due diligence period in conjunction with the execution of Southeast Bank Properties’ standard Agreement of Sale.

Do I have to use Southeast Bank Properties' selected title, settlement, or escrow companies?

Yes. Southeast Bank Properties will designate the title, settlement, or escrow company subject to the terms of the contract. The agents in each case must be willing to work within our guidelines. Contact the listing agent for details.

For residential and commercial properties, any offers should be submitted through the listing agent who will be able to answer any questions regarding the sale process.

How is buying a home owned or managed by Southeast Bank Properties different from other home purchases?

Usually, when you buy a home, you deal with a seller who lives in the home. Southeast Bank Properties has acquired these properties through foreclosure, deed in lieu of foreclosure, or forfeiture.

When buying an Southeast Bank Properties-owned home, you should know the condition of the property, as explained in more detail below, the cost of any needed repairs, and the steps in the loan qualification and closing process before you enter into a purchase and sales agreement.

What type of sales contract does Southeast Bank Properties use?

Southeast Bank Properties uses a state-specific real estate purchase contract and a real estate purchase addendum for our properties. If there is anything in the document you don't understand or aren't comfortable with, you may want to contact a real estate attorney, the real estate sales professional who has listed the property, or any real estate professional of your choice to review these documents with you.

Will Southeast Bank Properties accept an offer contingent on the sale of my house?

No, Southeast Bank Properties will not accept offers contingent on the sale of your current home. Other types of contingencies will be considered on a case-by-case basis.

Why does Southeast Bank Properties require a lender's prequalification statement before negotiating a home purchase offer?

Southeast Bank Properties wants to be sure that prospective buyers will be able to complete the sales transaction, including obtaining financing when needed. Prequalification allows you to see how much house you can afford and the mortgage amount you may be able to qualify for before you make an offer on a home. It also helps you focus on homes in an affordable price range.

A loan prequalification doesn't mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted.

Can I buy a house directly from Southeast Bank Properties without going through a real estate sales professional?

No. Southeast Bank Properties depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.

What happens if Southeast Bank Properties gets more than one offer?

All interested parties may be asked to submit their best offer in writing though the listing agent no later than a specified date and time. Southeast Bank Properties may accept or provide a counteroffer that we determine to be in our best interest. Southeast Bank Properties is not obligated to accept any offer submitted.

How are properties sold?

Properties are sold ‘As-Is – Where-Is’ with no representation or warranties implied or given.

How are properties transferred to me at closing?

Title is transferred by limited or special warranty deed. A limited or special warranty deed warrants the title for the property from Southeast Bank Properties to the buyer from the time Southeast Bank Properties actually acquired the property.