What is Schedule of Real Estate Owned?

A schedule of real estate owned form lists all properties that an investor has full or partial ownership of, and it also includes the corresponding debt obligations. The document is a standard piece of the paperwork that lenders ask for when an investor applies for a commercial real estate loan.

What is a schedule REO?

A valuable document to have readily available is a schedule of real estate owned (SREO), also known as an REO schedule. An SREO is a list of properties you currently own in part or in full. Properties you have sold are not included in this document, however they should be listed in your real estate investor resume.

What is PFS and SREO?

The starting point for all commercial real estate loans is the Personal Financial Statement (PFS) with a Schedule of Real Estate Owned (SREO). … Having your PFS ready to go, quickly answers this question for a lender and allows them to move forward with underwriting the loan for the property.

What is SREO in real estate?

A Schedule of Real Estate Owned (SREO) lists all of the properties an investor owns. An SREO is an important document used by investors, potential business partners, investor friendly real estate brokers, lenders, and underwriters.

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What is a subject to real estate deal?

What is subject-to? Subject-to financing is a legally binding clause of the contract that allows the buyer to purchase the property subject-to its existing financing, meaning the buyer takes over the payments of the current mortgage loan.

Is a REO the same as a foreclosure?

There’s one key difference between a house that’s in foreclosure and a house listed as “real estate owned,” or REO. A home in foreclosure is being taken back by the mortgage lender; an REO home has already been taken back, but the lender hasn’t been able to sell it.

What is REO bank owned?

Real estate owned (REO) is property owned by a lender, such as a bank, that has not been successfully sold at a foreclosure auction. A lender—often a bank or quasi-governmental entity such as Fannie Mae or Freddie Mac—takes ownership of a foreclosed property when it fails to sell at the amount sought to cover the loan.

What should be included in PFS?

What should I include in my PFS?

  1. Homes.
  2. Vehicles.
  3. Cash—checking, savings, money market accounts.
  4. Stocks and bonds.
  5. IRAs.
  6. 401Ks.
  7. Health Savings Accounts (HSAs)
  8. Precious metals and stones.

What are personal financial statements?

A personal financial statement is a spreadsheet that details the assets and liabilities of an individual, couple, or business at a specific point in time. Typically, the spreadsheet consists of two columns, with assets listed on the left and liabilities on the right.

What is partially owned real estate?

In a partial-interest property, ownership is broken down into fractional interests from a single, unified ownership. These fractions are expressed as percentage interests. This means that a property could have two 50-50 partners, four 25% partners, and so on.

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Can you buy a house that is sold subject to contract?

A question that often gets asked is, ‘can one make an offer on a property that is under offer or sold subject to contract? ‘ The simple answer is yes, even if the property is already under offer, the agent is legally obliged to pass on your offer to the owner.

What are subjects in real estate?

TAFE NSW courses in this area include: Property services. Surveying and spatial information services. Strata/community title registered manager.

What is a subject 2 property?

In a subject to, sometimes called a subject 2 deal, the existing financing that a homeowner has setup is taken over by an investor. This route is basically paying for the mortgage already in place through an agreement with a homeowner.