In a recent post, Details Matter in the REO process, the differences between REO (Real Estate Owned) escrows and standard escrows were discussed. This post is designed to highlight a significant psychological difference that can help you and your clients successfully navigate the REO terrain: patience.
For a number of reasons, the process for an REO [...]
Recent headlines have proclaimed that California’s foreclosure crisis is a long way from over. First time home buyers, predicted to make up 55% of the market in 2010, are looking at REO’s as an affordable way to get into the market. That makes REO or ‘Real Estate Owned’ properties the hot ticket right now. These [...]
Buying an REO (or Real Estate Owned) property is a little different escrow process than your standard home sale. Realtors and buyers need to remember that they are in escrow with a bank/lender (the “seller”) and that the bank/lender has strict procedures in place to follow during the process. Here’s a glimpse into details to [...]
Want to make your REO (Real Estate Owned) escrow go as smoothly as possible? Here are a few tips:
Fact:
The REO escrow must close on time.
Fact:
The escrow cannot be opened until the purchase agreement is uploaded to the sellers (banks) online REO system and made available to escrow to download. This can occur as late [...]
Whether you are a REALTOR considering getting into the niche business of dealing with REO’s, a buyer looking to find a deal on a home by seeking a foreclosed property or a seller looking for information on what happens when a foreclosure proceeding is started, you need to know and understand the foreclosure process. By [...]
The term REO stands for Real Estate Owned properties. These are properties that are owned by a bank or lender and are for sale to the public. These properties were reverted back to the bank after the homeowner was foreclosed upon. If the home fails to sell at auction, the bank will put up the [...]
If you are either in the process of buying or selling a foreclosure property, understanding the basic terms associated with the process will help you ask appropriate questions of your REALTOR, the escrow officer, the lender and/or other parties involved in the transaction. This can expedite the timeframe of the process for everyone involved.
Below are [...]
