Real Estate Owned Services
KMK provides a one-stop resource for our clients’ Real Estate Owned (“REO”) post-foreclosure sales needs, in addition to our cradle-to-grave foreclosure services. As such, we are well-suited to facilitate the entire REO process, from the time a property receives REO status to the final delivery of proceeds to our clients’ accounts.
Because we know that every day increases our clients’ carrying costs, our procedures are designed to establish a clear title before the client signs the contract of sale, enabling us to secure closing at the earliest possible date. Our lawyers and paralegals proactively monitor the process from the beginning, identifying and resolving issues before they cause delay.
We continually drive the process forward until the moment we remit the sales proceeds. Our focus is always on minimizing your turnaround time and, with it, your carrying costs. Plus, our reporting mechanisms ensure that you are constantly informed of progress throughout the REO process.
Our REO services typically include:
- Immediately ordering preliminary title upon receipt of the file;
- Assessing preliminary title issues within one day of receiving the preliminary title (If a title issue arose before we received the referral, we will establish contact with the foreclosure attorney directly to resolve the issue as expeditiously as possible.);
- Preparing, reviewing, and finalizing documentation, including the warranty deed, sales disclosures, and closing agreement (Alternatively, when requested, we coordinate with the real estate agent, title company, and any lender to the buyer to secure the closing.);
- Reviewing the HUD settlement statement prior to submitting the statement to the lender for final approval once a sale is achieved;
- Verification that the closing has been concluded; and
- Disbursing funds to our clients.