Real Estate Owned (REO)
Helping Lenders Oversee and Resell REO Properties
If you have recovered real property from a debtor in default through a foreclosure sale, that property is likely on your balance sheet as real estate owned (REO), a non-performing asset that must be managed and protected until it is resold.
At the Law Office of Hayes & Welsh, our experienced collections and real estate lawyers work with lenders to address legal issues involving REO properties in Las Vegas and throughout Nevada. Contact us to discuss what we can do to help you manage your REO inventory.
Working With Other Professionals to Protect Recovered Real Estate
Banks and other lenders are not generally in the business of owning, managing and maintaining investment properties. However, with the dramatic increase in the number of foreclosures in recent years, many banks have gotten into that business by default.
Our attorneys work with other professionals such as real estate agents to comprehensively advise on how to manage REO properties on behalf of lenders preparing to resell them.
We have strong backgrounds in both default servicing and real estate law, allowing us to provide a continuity of service to clients throughout the foreclosure process. We are familiar with what is necessary to protect the rights and fulfill the obligations of real property owners.
Addressing Rental Properties and Other Complications
In some cases, lenders may decide that it is preferable to allow current tenants to continue to live in rental property recovered through foreclosure until the time of resale. We understand the legal implications of these decisions and can offer you skilled counsel.
Whatever issues may arise with regard to your REO properties, we are prepared to offer skilled legal guidance and effective coordination with other professionals. Contact us today.