REO Services

 

REO Department

Bring your transaction from contract to closing in a timely and efficient manner with Integrity Title Services, Inc. Our REO department works diligently with brokers, lenders, asset managers and other attorneys to meet deadlines, short lead times and complex title issues.

Our staff is experienced in the foreclosure arena and familiar with our distressed market.  We have  been operating in this niche market for many years. Whether you need a preliminary REO Title report or full closing coordination, you will benefit by using our services:

  • Specialized REO team
  • Specialized Short Sale team
  • Short notice and last minute closings
  • Competitive Fees
  • Attorney on staff for responses to all your questions

We provide Real Estate Owned (REO) closing services to lenders and clients.  These services include: ordering and reviewing title searches, surveys, addressing any title issues identified, reviewing or preparing contracts, preparing settlement and transfer documents and disbursing funds. Additional services include Notary services, deed preparation, preparing promissory Notes, preparing mortgages, power of attorney review and preparation, Loss Mitigation/Short Sale department,  out of state closing coordination, ordering payoffs, reviewing title and surveys.

Our professionals are experienced in all aspects of title work and our we  assure title is clear upon completion of the foreclosure.

 

REO information for investors


REO is an acronym for "Real Estate Owned."   REO properties are owned by corporations instead of  individuals.   Many REO properties are sold "as is with the seller to make no repairs." Usually the seller has a corporate addendum with an"as  is" clause that the buyer must sign as part of the contract.  Typically, the seller will not make any repairs or pay for any inspections.  The seller also does not provide a sellers disclosure statement.  Information regarding how the former owner maintained the property other than as evident by the current condition of the property is not normally available.

When investing in REO, it is important to be properly pre-qualified for financing prior to making any offer.  Prior to the acceptance of a contract, the sellers  require verification of the buyer's ability to finance the purchase.  VA, FHA  and many of the special financing programs available to homeowners require building inspections to evaluate the condition of the property.   Most REO properties do not meet the requirements of these programs, and the institutional sellers will not normally make repairs.

Buyers who make cash offers should be prepared to present to the seller verification of funds available to close.  Sellers expect to close on the date agreed upon in the contract.  Sellers typically are not willing to extend the closing date, but sometimes they will sign contract addendums to extend the close date.  They may  require a per diem as a condition for extending the closing date.

Have a question for us?

We look forward to being of service to you!