Scott Akerley

By Scott Akerley

REO properties are properties that are owned by a bank or lender. The property reverted back to the bank after the property was foreclosed upon and then failed to sell at auction. These properties are a hot commodity right now as roughly half of the foreclosures going to auction are reverting to REOs. More and more people are seeing that they can get a great discount on an REO property and still enjoy a buying process that is very similar to buying a home in the traditional fashion.

REOs offer viewings and inspections just like traditional home buying; the big difference is really in the price and the closing procedures. REOs come with a very strict and tight timeline. Most REOs have a 30 closing, in some states it can be 45 days, either way banks are not willing to be flexible.

If you want to take advantage of the great REO properties that are available you need to make sure that you have escrow officers who have successfully dealt with REOs for years. You don't want to risk being someone's REO learning experience. Make sure that you only deal with experienced experts such as Glen Oaks Escrow, and then enjoy the benefits of a smooth REO closing.

By Scott Akerley

Late summer is one of my favorite times of year. The days are long, and it seems like there is that much more time to appreciate all of the things that matter in life. Symbolically it is a time to reap what we have sown. Seeds that were planted months ago offer a bountiful harvest at this time of year.

It's a great analogy for the escrow business. We work backwards on a timeline that promises a "harvest" for our clients. In order to get to a successful closing in 30 days we know that certain goals need to be met in 30 days which means that certain conditions need to be met in 15 days and reports need to be filed in 10 days, which means the work needs to be started today.

While there are always unforeseeable events that can arise, if there is plan in place they should be easily overcome. Escrow should not be filled with surprises and last minute details.

If you are looking for an escrow that is free of speed bumps and devoid of drama we would be honored to have your business.

by Scott Akerley

Recently I wrote in the blog about our vast experience with REO properties. Afterwards we got several questions about REO and what exactly the term means. For those who don't know, REO stands for Real Estate Owned. These are properties that fell into foreclosure and did not sell at auction, now they have returned to the bank or lender. Once they are in the possession of the lender, the lender will attempt to sell the property in order to recoup their original investment.

Buying REO property is very similar to purchasing a home in the traditional way, but there are some notable differences. Just like a typical home buying experience when you purchase REO property you are able to view the property and if you choose to you can make an offer on it. If the bank accepts your offer you will enter into an escrow agreement with the bank. This is where things get different.

With an REO there are very strict time constraints and deadlines built into the escrow agreement, and banks are absolutely immovable on those deadlines. Because they are an institution and not an individual, they are more than willing to charge hefty fines for failure to meet deadlines and to rescind the offer without returning earnest money if they feel that the terms of the escrow will not be met in a timely fashion.

People are purchasing REO properties in droves because they are saving between 10-30% on their purchase. It's a fantastic way to get into a first home or to buy investment property. However it is absolutely crucial to hire an escrow company with a track record like Glen Oaks Escrow, we process hundreds of REO properties every month. We have over ten years of experience handling REOs and are adept at meeting all of the built in timelines. Don't trust the closing of your home to a company who is learning the REO process, treat yourself to the best.

By Scott Akerley

We've all heard the expression that time is money. It couldn't be truer in the escrow business. I am always amazed when I hear horror stories about nightmare escrows and failed closings. It isn't necessary to have horrible escrow experience, all you need to do is use a reputable, experienced company who is diligent and understands the deadlines of the real estate that you are purchasing.

Right now the market is flooded with REO properties. We are seeing families previously priced out now able to purchase homes because of this rare market opportunity. Sometimes prospective home buyers are skittish about buying REO. It's a new experience for most home buyers and they are uncertain as to the differences in buying REO and purchasing a traditional home.

In actuality, buying a REO property is remarkably similar to purchasing a home in the traditional method. However, when it comes to escrow and closing of REOs there are some incredibly stringent timelines. There are deadlines that must be met with laser like precision or there is the potential for a home buyer to lose substantial monies as well as the home in question. For this reason I suggest only dealing with escrow companies who have a proven record of excellence in the REO arena, such as Glen Oaks Escrow.

We successfully process and close literally hundreds of REO properties each and every month. Far from the new guy on the block, we have been handling REO property for over a decade and are completely prepared to meet all deadlines with accuracy and efficiency.

When time is of the essence and money is on the line, it is important to deal with recognized professionals who have already proven their mettle.