Classes of Real Estate

Team Of Escrow Experts

There are many classes of real estate. Make sure you work with a team who has the experience & expertise to properly advise you toward your personal goals.

Do you need a top notch team of escrow experts, financing on a property, assistance with probate, REO bank owned notes or on a short sale?

Seright Escrow, Inc. will bring you full circle and meet all the requirements of your real estate needs.

Probate Transaction

A probate sale can happen when someone dies without a will. Any property they own is then sold by the state, which uses the proceeds to pay off creditors or to distribute to family members and beneficiaries.

Homes in probate are marketed and sold just like traditional properties, typically with a real estate agent listing the house and showing it to potential buyers. Anyone is free to make an offer on these homes. Typically, the court will appoint an estate representative (called an executor or administrator), who will then be charged with selling the property and putting it into escrow.

There are many classes of real estate. Make sure you work with a team who has the experience & expertise to properly advise you toward your personal goals.

REO Bank Owned Notes

Banks own real estate because they have acquired the homes through foreclosure. Homes and other types of properties on a bank’s books are called real estate owned (REO) properties. When banks receive the property deeds to properties through the foreclosure process, it’s often because no one showed up on the courthouse steps to bid the minimum amount of the existing mortgages, or the bank started the minimum bid so high that nobody would touch it.

Why Buy an REO or Foreclosure Property?

On the surface, it might not sound like foreclosures are profitable, especially if the bank wants to sell its inventory on the open market for the amount high. However, there are several reasons why an REO property can be profitable for you. Please contact Seright Escrow, Inc. to find out how a REO will work to your advantage.

What is a Short Sale?

A short sale is the sale of a real estate property for which the lender is willing to accept less than the amount still owed on the mortgage. For a sale to be considered a “short sale”, these two things must be true:

The homeowner must be so far behind on payments that they can’t catch up.
The housing market must have gone down so much that the house is worth less than the remaining balance on the mortgage.

In most cases, the lender (and the homeowner) will try a short sale process in order to avoid foreclosure.

Before placing an offer on a short sale property, work with your Seright Escrow agent to do investigative work on the property. Your agent can check public records to see how much money the homeowner still owes on the mortgage. Between that and the comparable properties in the area, your Seright agent should be able to give you good advice about making an offer.