REO ESCROW
REO Escrow
Real Estate Owned (REO) properties still make up a large portion of inventory, and these transactions are notoriously complex and frustrating. New Era Escrow handles a large volume of REO properties with the experience necessary to ensure a streamlined escrow process.
REO Escrow Process
The REO escrow process begins with acceptance of the purchase agreement. The buyer is not in escrow with the homeowner, but rather the lender or bank, and all financial institutions have very strict procedures in terms of REO sales. Escrow does not officially open until the lender/seller uploads the contract into their system and it has been signed by both parties. Next, escrow instructions, preliminary title, and commission orders are sent to the escrow company handling the transaction.
Real Estate Owned (REO) properties still make up a large portion of inventory, and these transactions are notoriously complex and frustrating. New Era Escrow handles a large volume of REO properties with the experience necessary to ensure a streamlined escrow process.
REO Escrow Process
The REO escrow process begins with acceptance of the purchase agreement. The buyer is not in escrow with the homeowner, but rather the lender or bank, and all financial institutions have very strict procedures in terms of REO sales. Escrow does not officially open until the lender/seller uploads the contract into their system and it has been signed by both parties. Next, escrow instructions, preliminary title, and commission orders are sent to the escrow company handling the transaction.
Since most lenders and financial institutions have a large volume of REO properties, in order to make the escrow process faster and more streamlined, lenders employ a separate staff whose job is to manage the sale of bank-owned properties based on set procedures and policies. Keep in mind that the typical timetable of a regular escrow transaction will not apply to an REO sale.
New Era Escrow will work to ensure your transaction proceeds as quickly as possible. Our skilled escrow officers are proactive by managing your transaction daily, and responding to any communications immediately in order to resolve issues that could delay closing.
REO Closing
New Era Escrow handles all aspects of REO closings. We will:
- Provide independent, full-service escrow transaction management.
- Respond promptly to communications.
- Follow mutual written escrow instructions.
- Keep all parties up-to-date of the escrow process.
- Issue deposit receipts and maintain the accountability and security of all deposits.
- Prorate dues, taxes, and utilities.
- Prepare settlement statements.
- Comply with local, state, and federal real estate regulations.
- Obtain disclosures, reports, statements, pay-off demands, and documents.
- Obtain documents to clear outstanding liens.
- Disperse funds and close escrow based on escrow instructions.
REO transactions are notoriously complex and frustrating. Trust in New Era Escrow to make your REO sale as streamlined and fast as possible. Our escrow agents specialize in REO transactions with the dedication, knowledge, and experience necessary for an on-time and problem-free closing.
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