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Foreclosure

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foreclosureReal estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. A bank will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property. This is usually the case as the amount owed on the home is probably higher than the value of this foreclosure property. As soon as the bank repossesses the property it is listed on their books as REO and categorized as an asset (non-performing).
After repossession and the property becomes classified as REO, the bank will go through the process of trying to sell the property usually by means of a real estate broker.

Smart Title will move your transaction from contract to closing in a timely and efficient manner. Our REO services department works diligently with brokers, lenders, asset managers, service providers and attorneys to meet month-end deadlines, short lead times and complex title issues.

Our staff is experienced in the foreclosure arena and has been operating in market for many years. Whether you need a preliminary REO Title report or full closing coordination.

  • Specialized REO team and single point of contact nationwide
  • Short notice and last minute closings
  • Competitive Fees
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