R.E.O. ESCROW SERVICES
Real Estate Owned Escrow
Real Estate Owned properties make up a large portion of inventory, and these transactions are notoriously complex and frustrating. Ultimate Escrow Services Inc. handles large volumes of REO properties with the experience necessary to ensure a streamlined escrow process.
REO Escrow Process
The REO escrow process begins with acceptance of the purchase agreement. The buyer is not in escrow with the homeowner, but rather the lender or bank, and all financial institutions have very strict procedures in terms of REO sales. Escrow does not officially open until the lender/seller uploads the contract into their system and it has been signed by both parties. Next, escrow instructions, preliminary title, and commission orders are sent to the escrow company handling the transaction.
Since most lenders and financial institutions have a large volume of REO properties, in order to make the escrow process faster and more streamlined, lenders employ a separate staff whose job is to manage the sale of bank-owned properties based on set procedures and policies. Keep in mind that the typical timetable of a regular escrow transaction will not apply to an REO sale.
- Provide independent, full-service escrow transaction management.
- Follow mutual written escrow instructions.
- Keep all parties up-to-date of the escrow process.
- Issue deposit receipts and maintain the accountability of all deposits.
- Prorate dues, taxes, and utilities.
- Prepare settlement statements.
- Comply with local, state, and federal real estate regulations.
- Obtain disclosures, reports, statements, pay-off demands, and documents.
- Obtain documents to clear outstanding liens.
- Disburse funds and close escrow based on escrow instructions.
Professional Escrow Services
Ultimate Escrow Services Inc. will work to ensure your transaction proceeds as quickly as possible. Our skilled escrow officers are proactive by managing your transaction daily, and responding to any communications immediately in order to resolve issues that could delay closing.
Need to get an escrow started today?
If you need to open an escrow today or want general information on how our escrow professionals can help you close your escrow transactions in an efficient and secure manner, please provide your information below and a member of our team will contact you immediately!
Ultimate Escrow Services, Inc. DBO License #963-1901
Ultimate Escrow Services, Inc.
DBO License #963-1901