REO property, or ‘real estate owned,’ occurs when a bank or lender forecloses on a property and takes control of it. This term is typically applied after the bank has attempted and failed to sell the property at auction. As a result, a REO property is one that is owned by a bank, and these properties are often sold at a large discount below market value. They may also not be in good shape because they are sold “as-is,” without any of the “make-ready” work that most sellers conduct to get their homes ready for the market. Secured Trust Escrow is the escrow agency you want working for you in a REO transaction because we understand the subtleties and obstacles you may face when buying a REO property in California.
Expertise in REO Transactions in California
We will work carefully to serve both parties well in the transaction from the beginning, when the seller files the paperwork with us, until the sale closes and title is given to the buyer. Despite the recent transfer of title to the lender due to its REO status, we will endeavor to verify that title is clear. We will also resolve any title objections that may occur, and we will work carefully to ensure that the closure is completed on schedule. Our escrow agents have already aided with the closing of a number of REO homes, and we have the REO experience you’re looking for in an escrow company.
We’re Ready to Be Your Go-To Escrow Company
While we specialize in REO homes, we also go above and beyond to make the closing process as smooth as possible for all transactions. For example, we use cutting-edge technology to limit the risk of illegal conduct such as fraud or identity theft in connection with your transaction. Furthermore, our experienced escrow agents work hard to maintain lines of communication open from beginning to end. We aim to be your go-to escrow service for all of your transactions. For assistance with your REO deal, please contact our office.