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.

With the client's best interest in mind, Innovative Financial Resources, Inc. negotiates with lenders toward the Short Sale of their clients' property. Their Short Sale services include,

   • Providing in-depth guidance to both the listing and buyers’ agents
   • Utilizing innovative strategies to secure agreements between multiple lenders
   • Delivery of a compelling financial assessment of seller to lender, including
       sellers' hardship
   • Negotiating directly with the lender to close the sale

Visit their site at the following link,

	Visit the HOMEPAGE
	Innovative Financial Resources, Inc.

 

MMIX - Legends Escrow Services, Inc. All Rights Reserved.
Website designed by Aaron Bangerter.

Legends Escrow Services, Inc.
San Diego's Premier Escrow Company

We are an Independent Escrow Agency Licensed by the State of California Department of Corporations
Corporate Office (Mission Valley) - License No. 963-2388
Branch Office (Rancho Bernardo) - License No. 863-1565