REO’s Definition: Real Estate Owned - The acquisition of property which is in the possession of a lender as a result of foreclosure or forfeiture.
When the economy takes a downturn homeowners are faced with various predicaments. Some situations may require the homeowner to turn their property over to the lending institution because the mortgage cannot be met. This presents inventory that financial institutions want to unload off their books which is know as an REO transaction. This can be a great opportunity for a potential homeowner or an investor. However, REO transactions have strict deadlines, stringent requirements, and present unique challenges considering you are buying property from a lending institution.
At Oakwood Escrow, we have a great deal of experience dealing with R.E.O. transactions and understand the importance of taking action on all matters within in a timely fashion. Choose us and rest easy that your transaction is being handled by experts! www.oakwoodescrow.com
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