Realty Biz

JUNE 20, 2023

Types of Foreclosures There are three main types of foreclosures: pre-foreclosures, auctions, and real estate-owned (REO) properties. Auctions: Properties not sold in the pre-foreclosure stage go to auction. REOs: If a property does not sell at auction, it becomes a real estate-owned property, owned by the bank or lender.

Due diligence 74

Due diligence Hard money loan Inspection Title 74

Point2Homes

JUNE 23, 2021

Real estate-owned (REO) properties, also known as bank-owned, are properties that have not sold at a foreclosure auction , and as a result, they are owned by the foreclosing bank. Ideally, you should hire a company to run a full title search before closing to avoid unpleasant surprises.

Pre-approval 71

Pre-approval Banks Title search Inspection 71

The Close

DECEMBER 29, 2022

Chain of title is an historical record of previous owners of a property that’s essential in establishing the legal ownership of the property. An established chain of title helps protect the buyer from future challenges to ownership. A title search helps create that chain and is usually conducted by a lawyer or title company.

Purchase and sale agreement 98

Purchase and sale agreement Title Proof of funds Pre-approval 98