Real Estate Owned Services
Real estate owned ("REO") refers to property that was acquired by the lender as a result of foreclosure. At the completion of the foreclosure process, the lender will list and sell the property. Our office has significant experience in REO closings and extensive knowledge of the intricacies surrounding foreclosed properties.
Typically, these contracts are negotiated with the assistance of the listing and buyer agents who advocate on behalf of the seller (the bank) and buyer respectively. With the help of your agent, you will execute the North Carolina Offer to Purchase, which details the terms of your agreement.
The next step is to provide the fully executed Offer to Purchase to our office to begin the closing process. The services our office will provide include:
- Preparation and review of the closing documents
- Explanation of the closing process and transaction details
- Intermediation among the parties and any lender if financing is involved
- Procurement of a title insurance binder and policy that provides reasonable coverage of your title
- Attorney travel to the closing site or use of our office to accommodate your needs
There may be additional fees for multiple lender financing and unforeseen work or circumstances, but any additional fees will be communicated in advance of closing and will be reasonable.
Our office also handles short sale transactions.
The Day Before Closing
Remember that most residential sale contracts entitle the buyer to a walk-through inspection 24 hours prior to closing. This certifies that the property has been vacated and left in the same condition specified in the contract. If there are problems, the closing may be delayed. Consult your attorney if you have concerns; we’ll help you make sense of the process and the necessary documentation.
Closing on real estate does need not be complex or difficult. Contact Shapiro & Ingle Real Estate Law Firm in Charlotte—we handle the details and make your closing process all that it should be.