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REO

 1.   REO OPENING (Title Activities):

  1. (FIRST 2 HOURS) Within two hours of receipt of the order, we will have i) placed the title ii) logged the order into our internal tracking system and iii) checked the res.net or REOTrans platforms for open tasks.
     
  2. (DAY 3-5) Title Commitment will be sent out. (In the event there is a delay, you will receive daily status updates advising the reason and an estimated time of delivery.)
     
  3. (UPON RECEIPT OF TITLE COMMITMENT) We will immediately begin working on title clearance. We will advise the title coordinator of any title issue discovered as well as the estimated time frame to cure the issue.

2.   REO PROPERTY UNDER CONTRACT (Settlement Activities):

  1. (FIRST 24 HOURS) Upon receipt of notice there is a prospective buyer and/or signed binder, we will immediately contact all parties involved and send out contracts within 24 hours.
     
  2. (FIRST 24 HOURS) We will confirm if title is clear and begin working on any necessary settlement clearance. We will update the platform directly to maintain constant communication.
     
  3. (24-48 HOURS) We will work with the attorney and broker to obtain the buyer signed contract by fax or email so they are immediately uploaded to the platform and signed by the Seller.
     
  4. (48-72 HOURS) We will follow up with the escrow coordinator/asset manager assigned to the file to obtain the seller-executed contract.
     
  5. (UPON RECEIPT OF CLOSING INSTRUCTIONS) We will immediately draft the deed and seller documents and forward to the escrow coordinator/asset manager for signature.
     
  6. (UPON RECEIPT OF SIGNED SELLER DOCUMENTS) We will schedule the closing on or before the date provided in the contract.
     
  7. (UPON SCHEDULING CLOSING) We will draft the preliminary HUD-1 and send to the escrow coordinator/asset manager for signature.
     
  8. (UPON CLOSING) The proceeds will be sent by wire within 24 hours of the closing.
     
  9. (UPON WIRE CONFIRMATION) We will send the escrow coordinator/asset manager a copy of the wire confirmations as well as the fully executed HUD-1 confirming the exact proceeds received.
     

 

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