Buying a Bank-Owned REO home in new Jersey: Key Considerations Are you purchasing an REO home in New Jersey? The process of purchasing bank-owned residential or commercial property in New Jersey has unique obstacles, including buyer handling certificate of occupancy, the residential or commercial property being strictly "as-is", and minimal appraisal and mortgage contingencies. Discover more in the video or records below! VIDEO TRANSCRIPT: Good morning. This is Earl White, Real Estate Attorney. This is a video about five things you require to understand when buying an REO bank owned residential or commercial property. This is when the bank owns the residential or commercial property after a foreclosure has been completed. The process is pretty various compared to purchasing other types of residential or commercial property and other basic sales, so we'll focus on five big things. First, the lawyer review process is very different. Normally, in New Jersey, as soon as it goes into attorney evaluation, the purchaser's attorney and seller's attorney negotiate a "rider", which is basically an addendum to the agreement, adding in any needed modifications and some traditional changes. There'll be a normal regional lawyer representing the purchaser and the seller. With an REO residential or commercial property, bank owned residential or commercial property, the bank, the seller, is not going to have a local lawyer. In truth, usually there won't even be an attorney appointed. There'll be some sort of property manager, possibly the real estate agent will be managing it carefully or another representative, however there's not going to be any attorney for a purchaser's attorney like myself to work out with any unique changes to the contract. There's not going to be another lawyer that I might call and try to discuss something distinct about the deal. Any unique modifications are not going to get put in during the lawyer review process.