Buyer’s of a “bank owned” property, or REO sale as they are often referred to, may come across some verbiage in the Banks Addendum to the Real Estate Purchase Contract that catches their eye: Per Diem Penalty.  Escrow Officers are often asked, what does this mean? Latin for “per day”, per diem has many uses. […]

Comment (1)     Category: Escrow, REO

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 […]

Leave a Comment     Category: Escrow, Foreclosures and Short Sales, REO

If you are either in the process of buying or selling a foreclosure property, understanding the basic terms will help you ask appropriate questions of your REALTOR, the escrow officer, the lender or other parties involved in the transaction. This can expedite the timeframe of the process for everyone involved. Below are the most common […]

Comment (1)     Category: Escrow, Escrow 101, REO

In a recent post, the nuts-and-bolts 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 escrow can take longer […]

Leave a Comment     Category: Escrow, REO

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 […]

Leave a Comment     Category: Escrow, Escrow 101, REO

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 […]

Comments (3)     Category: Escrow, REO

If you’re looking for a way into the real estate market, REO or ‘Real Estate Owned’ properties are the hot ticket right now. These are homes that fell into foreclosure and then didn’t sell at auction. So now, the bank or lender owns the property and wants to get it off their books ASAP. Usually […]

Leave a Comment     Category: Escrow, REO

Want to make your REO 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 […]

Leave a Comment     Category: Escrow, REO

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