Illinois REO Real Estate Attorney
Serving Naperville, Oak Brook, Oakbrook Terrace, and Surrounding Areas
The turbulent real estate market has created many remarkable deals for real estate buyers. Distressed properties can often be acquired at substantial savings over market value. REOs, which stands for “Real Estate Owned” by the lender, are typically sold at steep discounts. These deals, however, may not be completely favorable for the buyer and certain risks can go unnoticed. It's important to hire an experienced real estate attorney to protect your interests whenever purchasing an REO. At Lindell & Tessitore P.C., we are skilled in working with sellers, buyers, and lenders in seeking to sell and/or purchase REO properties. We help clients navigate this sometimes hazardous and complicated process.
REO purchase and sale contracts are very long and complicated. Additionally, there are often many complicated title, survey, assessment and lien issues that need to be properly handled by the REO Attorney. If the REO attorney is not well versed in the nuances of these transactions the client can be exposed to significant legal liability. The attorneys at Lindell & Tessitore P.C. are skilled in properly protecting their clients’ interests in REO sales and purchases. Our clients include investors, traditional sellers and purchasers, and lenders.
Reasoned Counsel in REO Transactions
When lenders are forced to take possession of a property, they look to dispose of that property as quickly as possible because it does not generate income. Consequently, sale prices for REO properties are typically less than fair market value. In exchange for a low sales price, however, REO transactions often include contractual terms that benefit the seller. Contracts for REO transactions often vary greatly from contracts used in conventional real estate transactions. Lenders have attorneys who specialize in REO transactions ensuring their interests are protected, and we believe you should have the same.
Attorney Dennis P. Lindell, is a skilled and experienced real estate attorney with an advanced degree in real estate law. Mr. Lindell has over 10 years of experience working on complex real estate transactions of all kinds including handling distressed property transactions. He has the knowledge and experience needed to protect clients looking to take advantage of REO opportunities. We work to ensure a smooth and efficient sales transaction for our clients.
If you are considering purchasing or selling an REO property, contact us to schedule a consultation to learn how we can assist you. We serve Naperville, Plainfield, Oswego, Aurora, Lisle, Winfield, Wheaton, St. Charles, Geneva, Batavia, Yorkville, Downer’s Grove, Warrenville, Romeoville, Joliet, Bolingbrook and the greater Chicagoland area.