Escrow of the West Expands REO Closing Division

July 13, 2008 by · Leave a Comment
Filed under: Industry News 

Escrow of the West , a Beverly Hills-based independent escrow company, has recently expanded their REO closing division due to an influx in deals. Galit Ofengart, owner of Escrow of the West and Senior Escrow Officer, senses the importance of REO (Real Estate Owned) transactions in today’s economy.

“Currently, a large portion of our business is in the REO and short sale markets and I project it will remain so for another 3 to 5 years. As these transactions require superior knowledge and heightened dedication, we want to maintain our high standards of customer service and expand our team.”

As REO transactions continue to increase, Escrow of the West hopes to continue gaining ground as the premier REO transaction firm. “Everyday our experience in distressed, sensitive transactions makes the difference for successful REO closings for lenders and investors alike,” says Ofengart. “We are expanding while other escrow offices are closing down. Our track record of success says it all.”

The current foreclosure crisis has led to a rapid growth of REO properties. These properties are owned by banks or lenders who are highly motivated to seek a quick, smooth selling transaction in order to mitigate the added costs associated with maintaining them on their books. This sets up a favorable environment for investors and buyers who are searching for a good deal. REO transactions are unique in the sense that the seller is a corporate lending institution, dealing with a huge volume of properties. Since the carrying costs are eating away at their bottom line, lenders want to get rid of these properties as quickly and efficiently as possible, attempting to maximize recovery. The escrow holder cannot control the seller’s actions and timelines, and shall comply with all instructions and contingencies per the purchase contract, making it a more complicated transaction.

With the expansion of their REO closing division, Escrow of the West aims to serve as a reliable partner in lender closings. “It is a tough market right now. Lenders want whatever peace of mind they can get and that is why we are growing the business. Our commitment to excellence requires it,” asserts Ofengart.

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