R.E.O./Foreclosure

After the beneficiary repossessed the property through a foreclosure process, the property becomes classified as an R.E.O. (real estate/bank owned) property. Though it is typical for most beneficiary or assets managers to choose their own escrow services, it is still within buyers rights to have the option to choose as well. Our buyers and investors have relied on us to carry out our duties to make sure the process of an R.E.O. transaction closes successfully, with unyielding ethics and morals.

Methods and Procedure:

• Who owns the real estate or R.E.O. properties: a bank, government agency, or government loan insurer?
• In the event of an unsuccessful sale at the foreclosure auction, the beneficiary will legally repossess the property and will be listed under the beneficiary books as R.E.O.
• To determine the equity of the property or order an appraisal, the lender will obtain a Broker"s Price Opinion (B.P.O.).
• The beneficiary will typically obtain the service of an R.E.O. Asset Manager, from which time the asset manager together with the escrow and title provider will remove all liens and other debts (e.g. tax liens, homeowners association liens and lis pendens).