100 money orders totaling $50,000? How we handle cash payments in excess of $10,000…
The Financial Crimes Enforcement Network (FinCEN) recently published their findings of a study they conducted assessing Suspicious Activity Reports (SARS) and Suspicious Form 8300 Filings Related to Real Estate Title and Escrow Businesses 2003–2011. The study confirmed the importance of Title and Escrow Companies filing of IRS Form 8300 – Report of Cash Payments Over […]
The REO Transaction Process [Infographic]
With the housing market continuing to show positive signs with home values and rent prices moving upward, foreclosures continuing to decline, and interest rates at record lows, home buyers are presented with a unique opportunity as they search for real estate in the Puget Sound market.
Because REO or Real Estate Owned Transactions still comprise a significant portion of the inventory in the Puget Sound region, we have created the illustration below that depicts the REO transaction process, breaking it into three general sections; The Beginning, the Middle, and The End.
REO Transaction? Watch for these details when setting client expectations…
Buying an REO (or Real Estate Owned) property involves a slightly different escrow process than your standard home sale. Realtors and Buyers need to remember that they are in escrow with a Bank/Lender (the “seller”) and the Bank/Lender has strict procedures in place that must be followed during the process. Understanding certain details can help […]