R.E.O. AND SHORT SALE TRANSACTIONS

R.E.O.

Also known as Real Estate Owned is the acquisition of property, possessed by a lender as a result of a foreclosure or forfeiture of the subject property.

A sensitive market due to current economic conditions, owners face challenges and predicaments which they have to unfortunately make the decision to relinquish their property over to the lending institution due to the inability to meet and fulfill their agreement of the payment of their mortgage.

With stricter deadlines and tighter policies, when a Buyer purchases an R.E.O. property, they incur special challenges than that of a typical residential resale transaction.  Our team of Escrow Officers who specialize in R.E.O. transactions understand the importance of closing the transaction in an efficient and timely manner, which enable banks the confidence and secure feeling of knowing their transaction is handled in the utmost professional manner.  Escrow Officers who specializes in this unique type of escrow is essential to the success of R.E.O. sales.

Short Sale Transactions

Refers to a transaction in which the sales price will not be sufficient to cover the payoff of the Seller’s existing loan and closing costs.   The Seller may be able to negotiate a payoff amount with a willing Lender, which is less than the actual amount that would ordinarily be required to payoff the loan.  The lender agrees to accept the equity available in the subject property with the understanding that the Seller receives no proceeds from the sale of the property.

The short payoff is a condition of closing that must be set out in both the Purchase Agreement and Escrow Instructions.  Our team of Escrow Officers who are short sale specialists understand the requirements of these unique transactions and monitors the transaction toward a successful closing of escrow.  As short sale transactions are time sensitive and demanding, our staff consists of short sale experts to help guide you through the process  which enables banks and homeowners the confidence that their transaction will close on schedule.

Chicago Title - Legends Escrow Division All Rights Reserved.
Chicago Title - Legends Escrow Division
San Diego's Premier Escrow Company

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MISSION VALLEY BRANCH
2365 Northside Drive, Suite 600
San Diego, CA 92108
Phone: 619-521-3400
 
RANCHO BERNARDO BRANCH
16776 Bernardo Center Drive, Suite 108
San Diego, CA 92128
Phone: 858-487-6400
Fax: 858-487-6407
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