REO transaction Tag

20 May Per Diem: Two Little Words that Can Impact a Buyer in an REO Sale

Posted at 00:00h in Escrow

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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...

01 Apr REO Overview: When the Bank Is the Owner, Escrow Is Impacted

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Recent headlines have proclaimed that California's foreclosure crisis is a long way from over. First time home buyers, predicted to make up 55% of the market in 2010, are looking at REO's as an affordable way to get into the market. That makes REO or...

25 Mar Pros and Pitfalls of the Buyer's Choice Act

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The Buyer’s Choice Act (AB 957) was established to protect the buyer’s right in an REO transaction in having a choice as to which Escrow Company and Title Company is used. This sounds great, although in many cases it can be a benefit to...

27 Aug Key Details Which Will Impact the REO Escrow and Closing Process

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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...