REO Escrow
Escrow for bank-owned (REO) sales.
When the seller is a bank or asset manager, the deal runs on their paperwork and their approvals. We've handled these for years and know how to keep an REO file moving without tripping a requirement.
- Typical timeline
- 30–60 days
- Who it's for
- Buyers & asset managers
- Languages
- English / Spanish
Bank-owned (REO) sales follow the lender's process and paperwork, which can stall a file if you haven't done many of them.
We've handled REO transactions for years and know how to keep them moving without missing a requirement.
What we handle on your file
The seller on an REO file isn't a person across the table, it's a bank or an asset manager working through their own process. We open the file and work from the lender's addenda, which usually sit on top of the standard purchase agreement and can change the timeline, the responsibilities, and how the property is sold. We read those terms closely so everyone knows what the seller requires.
REO properties are typically sold as-is, and the lender's approval often has to clear before certain steps can move. We coordinate the seller's sign-offs, track the conditions the addenda impose, and keep the buyer's side moving in parallel so the file is ready when the bank is.
What to expect
REO files often carry a hard close date with a per-diem penalty, meaning the buyer is charged a set amount for each day the close runs past the deadline. We watch that date carefully and push to clear conditions ahead of it so you aren't paying for delays that could have been avoided.
Most REO transactions close in 30 to 60 days, with the pace set by the lender's approval steps and the buyer's financing. You'll have a named officer who knows the bank's requirements and keeps both sides on schedule.
How a reo escrow goes
Open & review addenda
We set up the file and read the lender's addenda against the purchase agreement, since the bank's terms govern the timeline, the as-is condition, and the per-diem.
Deposit & buyer conditions
We take the buyer's deposit into our trust account and start the buyer's inspections and financing, knowing the property is sold as-is.
Seller approval & title
We coordinate the asset manager's approvals and sign-offs, work with the title company to clear exceptions, and track every condition the lender's addenda require.
Signing toward the deadline
We prepare closing documents and arrange signing with the close date in view, working to clear conditions ahead of the per-diem deadline.
Funding & recording
Funds are released per instructions, the deed records with the county, and the sale closes. You get your final statement.
What you'll need
- Government-issued photo ID
- Signed purchase agreement and the lender's REO addenda
- Proof of funds or a lender pre-approval letter
- Lender and loan officer contact, if financing
- Acknowledgment of the as-is terms and any disclosures the bank provides
- Awareness of the close date and any per-diem penalty
- Title and vesting information (how you'll hold title)
- Homeowners or hazard insurance at close, if financing
- Wiring instructions confirmed with our office by phone
Common questions
Related services
Residential
Buying or selling a home, with a neutral party holding funds and documents until every condition is met.
Multi-Family
Duplexes through apartment buildings, with the added coordination these deals tend to require.
Refinance
A new loan on a property you already own, handled with clear timelines and steady updates.
Ready to open an escrow?
Send us the basics and we'll route your file to the right officer. Have an agent already? They can open it for you in a few minutes.