Delta Title provides real estate professionals, lenders, and asset managers with REO and Relo title and closing services throughout the states of Louisiana and Mississippi.
In real estate transactions, REO stands for “real estate owned.” This term refers to foreclosure properties that are in the possession of banks or lenders.
A “relo” refers to transactions that include the support of a relocation firm. These firms are hired by companies to assist with home buying or selling when an employee is transferred to a different area.
At Delta Title Corporation, we offer unparalleled customer service and support during these unique transactions. Whether you’re a homebuyer or real estate professional, we’re here to help you make sense of your REO/Relo title insurance options.
How Does Title Insurance Work With Relocation?
Relocation transactions are not all the same. The relocation client in the transaction (sometimes referred to as the transferee) could be the seller or the buyer. The pre-closing process works differently depending on whether the transferee is the seller or the buyer. The process also depends on how involved the relocation firm is, based on the options provided by the employer to the transferee. Delta Title is experienced in working on all types of relocation closings.
How Does Title Insurance Work With Foreclosures?
If a bank or lender is the highest bidder on a foreclosure that goes to auction, it becomes an REO property when the lender takes ownership of the property. For those looking to buy a home, these properties are sometimes sold below market value. Plus, banks or lenders that own REO properties may offer incentives to buyers who choose to close with their preferred title company in an effort to sell the REO home.
While title insurance is always important, it’s particularly noteworthy when it comes to REO properties. You can learn more about title insurance here.
For REO homes, the fact that a prior owner lost possession of the home could increase your likelihood of facing a dispute, if the foreclosure process and title are not thoroughly reviewed by qualified professionals. For example, the prior owner might owe other debts in addition to the mortgage that was foreclosed on. The foreclosure and title review process are there to make sure that none of those debts cause liens on the property. The title insurance issued after closing acts as a guaranty that situations like the previous example will not cause damage to the new buyer or lender.
What Does REO/Relo Title Insurance Cover?
REO/Relo title insurance protects insured homebuyers after their closing from the same risks that are covered by title insurance in all standard real estate transactions. What makes REO/Relo closings different, is the title review process prior to closing. The title company must communicate with additional REO / Relo parties, such as asset managers and relocation coordinators. The title company must research particular legal processes to get REO/Relo closings to the table. The critical advantage to closing with Delta Title is Delta’s experience in effectively handling these unique pre-closing circumstances. This expertise prior to closing gives insured homebuyers and lenders security in knowing that they are less likely to face problems after the closing.
Why Choose Delta Title For REO/Relo Properties
Delta Title Corporation’s team has handled REO title services and Relo title insurance transactions for more than 55+ years. If you’re searching for Louisiana or Mississippi title insurance, our team knows how to handle these transactions with the professionalism needed to ensure a smooth and easy closing.
Further, our REO/Relo department is experienced in the following systems:
- REO Central
The key to a successful REO/Relo transaction is working together with foreclosure attorneys, realtors, asset managers, vendor management teams, default services, mortgage servicers, and relocation companies to clear any and all title issues. This gives homebuyers peace of mind and confidence as they complete the closing process.
At Delta Title, our repeat clients trust our knowledgeable, organized, and professional team members to help with these transactions. As experts in REO/Relo title services, our goal is to provide the answers you need, when you need them. Our team is personable and responsive every step of the way, so you always know what to expect.
Whether you’re a buyer, lender, seller, agent, or other real estate professional, Delta Title Corporation provides fast and easy quotes for REO/Relo title insurance. Request a free quote using our convenient online form.