Failure to Perform - Defaulting on an REO

[Bill Mitchell]

Curious here,

I know most in my market have written off the MLS at this point, but I would like to start looking at some houses to buy here in the DFW market.

• Often must opt out of an option period entirely
• In the state of Texas REOs are not required to provide a sellers disclosure notice. Providing this in a typical transaction provides the buyer 7 days to back out of the contract for any reason after receiving it.

With that being said, to make a competitive offer, you basically have to leave yourself no outs on the contract. That worries me. Even though I would intend to close and take title to these properties myself, I dont want to get in situation where something comes up and I wont be able to perform. If you fail to perform on an REO, is the bank going to come after you for specific performance?