A law firm familiar with REO and closings is crucial in both protecting your interests and ensuring the bank’s requirements are fulfilled.
Short for “Real Estate Owned”, REOs are homes acquired by banks and lenders through foreclosure. They are different than traditional real estate. Once a property becomes an REO property, occupants must be removed, a price must be set, and any outstanding liens must be cleared.
REO’s differ from other real estate in a number of ways:
- Banks have no emotional attachment to the property and simply want the best possible offer.
- REO Properties are sold “As-Is”.
- REO Properties are expected to be sold by an agreed closing date, with possible penalties if it extends beyond that date.
Gilbert Garcia’s closing department is ready and willing to handle:
- deeds in lieu of Foreclosures
- HUD deeds and Title Policies
- Manufactured Housing title issues
Our closing manager and attorneys can write title insurance policies for several underwriters, have the knowledge and experience to examine contracts and commitments, are able to complete due diligence to close and provide marketable title, and can quickly resolve any title issues.
Our closing department will work closely with agents and our clients, knowing that the closing agent can facilitate a successful closing for all parties.
For more information, please email email@example.com.
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