Posted by notary/nj on 5/7/08 9:40am
Msg #246510

REO Closings What to Expect

Has anyone processed an REO closing, and if so how many doc's were in the package and were they very different from regular refi's? Any information would be deeply appreciated.

Reply by Becca_FL on 5/7/08 9:41am
Msg #246511

It's a purchase, like any other only the seller is the bank. n/m

Reply by notary/nj on 5/7/08 9:45am
Msg #246513

Re: It's a purchase, like any other only the seller is the bank.

I appreciate your reply. Do you have any idea on how many documents, and if notary docs are standard? I dont want to be taken by suprise. I searched the net looking for sample forms to no avail.

Reply by MistarellaFL on 5/7/08 9:48am
Msg #246514

Re: It's a purchase, like any other only the seller is the bank.

Purchases are generally small packages, but not always, depends if a loan is involved.
Soemtimes they are cash purchases.
I don't think there is a "standard #" anymore.

Reply by Lee/AR on 5/7/08 10:04am
Msg #246518

Re: It's a purchase, like any other only the seller is the bank.

Have done a few... all at the selling broker's office. No standards. Sometimes no common sense involved, either. So far, they've all had a few problems that could have been avoided (& were because I ask). For example, didn't tell cash buyer that they needed a Cert. Ck.; didn't have even a copy of the Deed for the Buyer (granted, they'd get it after recording, but...well, I'd sure want to see it before parting with a buncha money.) Brokers involved didn't have a clue what was going on (not their fault--just no communication from Bank or TC.). With or without a loan, the brokers involved thought I'd have the checks needed for payoffs. I think a bit of prior r.e. experience would help--sure helped me waltz thru these!

Reply by notary/nj on 5/7/08 10:45am
Msg #246524

Re: It's a purchase, like any other only the seller is the bank.

Thanks everyone for your input!

Reply by Kate/CA on 5/7/08 10:08am
Msg #246519

Are you working an Auction?? If so that package is very

easy, I worked one and all docs had post-its where you had to have it signed or initialed.

Reply by ME/NJ on 5/7/08 10:33am
Msg #246522

if you're asking you should think aout doing the job

I would have the numbers of the people who hired you, if its not done correct right there people will get POed quick.

Reply by Cheryl Elliott on 5/7/08 10:58am
Msg #246526

Pretty much the same as any other purchase. Bank-owned property, will have a number of disclosures re. haz mat, sexual predator registration disclosure, asbestos and lead based paint disclosures, pest control, etc. If it is a tax exchange (1031), then there will be all those documents ancillary to 1031 laws. Let's see, lender rate and term and lender instructions to escrow and loan documents.

If it is a workout, no disclosures.

Any way, this is my experience, which loans are more frequent to my loan types these days, in California.

Reply by NCLisa on 5/7/08 11:31am
Msg #246531

Those are your CA disclosures for a purchase. Many of the other states do not yet include those disclosures, or even close to the amount of things required disclosed in CA. Here in NC, the seller and RE agent can know the property is going to fall apart due to dry rot and that a sexual predator lives next door, and that in 2 years, a highway will be going in directly behind your property, and not disclose it.

Reply by Kate/CA on 5/7/08 12:05pm
Msg #246535

That's funny! But probably true, and that is sad!

Reply by sue_pa on 5/7/08 1:33pm
Msg #246548

Why?

...that is sad!...

There are a lot of states other than CA that get along just fine without what many, me included, feel is a government overly regulating many things that should be personal responsibility.

Reply by ME/NJ on 5/7/08 11:45am
Msg #246533

Hope you have your TPL - must have for purchase in NJ n/m

Reply by notary/nj on 5/7/08 12:17pm
Msg #246537

Re: TPL, BYOB, MYOB, IMO, and PDQ...all in New Jersey! n/m

Reply by Linda_H/FL on 5/7/08 3:25pm
Msg #246562

Mike gave you the best advice in this whole thread IMO

if you don't have your TPL all of the rest of the info here in irrelevant as you can't do the signing.

Reply by MW/VA on 5/7/08 2:59pm
Msg #246555

I actually thought REO was out of business. There were payment issues for a while.
This must be new business for them. Be careful.

Reply by Allison_MI on 5/7/08 4:49pm
Msg #246574

RUN!

The last one I did for than back in June of Last year I didn't get paid until October...... They know not to call me. Prior to that last one in June I had done about 5 for them and got paid in 30 days.

Reply by MichiganAl on 5/7/08 10:54pm
Msg #246614

REO = Real Estate Owned property

It doesn't mean the company is named REO.

Reply by MistarellaFL on 5/9/08 12:02am
Msg #246843

Claaaaasssssss, claaaasssss.......

Thank you AL!
I thought I was going to be the only who got that.

REO=Real Estate Owned=
Lender Owned=
Foreclosed properties