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.