Bank and lender owned property inventories are substantial due to the housing and foreclosure crisis that has occurred in the past decade. REO properties, are real estate owned properties that are held in ownership by the lender after a foreclosure, repossession and auction, once the title transfers to the bank.
Because the property did not sell for the minimum price at auction, unless the lender is then able to sell or transfer the property to another paying owner, the bank will have to hold the property until someone else wants to buy it.
The role of the real estate attorney in the REO property process is to work on behalf of the lender as their representative in the sale of the property. At the very least, an experienced REO attorney needs to know the ins and outs of complicated conveyancing and complex title issues, foreclosure law, and municipal regulations in the area in which the property is located.
Most lenders will maintain a Real Estate Attorney to complete their REO transactions as they are obtained, including immediate title searches and clearing any existing issues relating to the conveyance early in the process. It is not advisable to use the Foreclosure Attorney as the REO attorney however, as this can cause delays in the title search process, and result in further losses and delays for the lender.
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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
Sunday, November 7, 2010
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