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What does REOCLOSE offer?

At REOCLOSE we know that buying real estate can be very expensive and time consuming. By using our platform, everyone has an opportunity to become a wise investor and property owner. REOCLOSE is able to do this by assisting local governments, real property tax authorities, and lenders to dispose of their excess inventory for what is owed. This creates more working capital, increased tax revenues and allows everyone to own a piece of America.

Real Estate Owned (REO)

A term used to describe a class of property owned by a lender, typically a bank, government agency, or government loan insurer, after an unsuccessful sale at a foreclosure auction. A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there aren’t any interested bidders, then the beneficiary will legally repossess the property.

Lands Available For Taxes

Tax deed applications that were made by the county but not purchased at a Tax Deed Sale. Total purchase price will consist of the original opening bid, additional taxes due, recording fees, indexing fees and documentary stamp tax.

Government Surplus

Counties may hold land sales because of non payment of real estate taxes or to unload underutilized properties. If a federal agency no longer has a need for real property, it declares the property excess property, and the property is then made available to all other federal agencies. If no federal agency claims the excess property within a certain amount of time, it is declared surplus property.