Real Estate Owned
Real Estate Owned
(REO)
REO or foreclosure escrow transactions are different from standard real estate escrow and require a specialized and experienced escrow approach. These capabilities ensure adherence to sale conditions, typically owned by a bank or financial institution. REO is a class of property owned by a lender, typically a bank. It is imperative to recognize that the REO seller is often a corporate lending institution, dealing with a huge volume of properties. To expedite the process of liquidating its properties, the seller employs a large staff of professionals whose sole job is to manage the sales of the bank's properties according to the policies and procedures which it has established.
When closing faster matters, Ultra Escrow is the company you need to contact; our escrow officers who specialize in REO transactions monitor the performance of our pipeline on a daily basis. This enables them to proactively manage and resolve any issues before a delay in the closing can occur; consequently we will meet or even exceed your closing goals.
We manage all details of REO closing:
- Manager. We completely manage and act as a neutral third party to close the transaction within the guidelines of the contract while serving as a depository for all closing documents and funds.
- Title Report. We request all preliminary title reports on the property that will show all liens and encumbrances
- Process. We process and coordinate documents and funds.
- Communication. We keep parties informed on the progress of the escrow process.
- Response. We promptly respond to all questions during the course of the transaction to include buyer, seller and lender's requirements.
- Secure Finance. We ensure security and accountability of monies owed and owing. We offer several disbursement options including wire transfers
- Conditions. We secure release of conditions.
- Approvals. Obtaining approvals of reports and documents from the parties as required.
- Financial Analysis. Prorating and adjusting dues, taxes, rents, etc.
- Record. We assist in recording the deed, deed of trust and other recordable documents
- Disburse. We perform all the disbursements in the file and follow disbursement instructions of all parties to insure a seamless closing and circulate the final settlement
- Close. We ensure all documents, titles, reports and funds are securely closed.
- Signing. We aid in setting up the signing of documents with a notary public and have a network of notary’s nationwide making signings convenient for our customers
