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Updated over 8 years ago,

Account Closed
  • Flipper
  • Wappingers Falls, NY
17
Votes |
18
Posts

Buying REO and closing issues

Account Closed
  • Flipper
  • Wappingers Falls, NY
Posted

I've won the auction for US Bank's REO. It's my first time buying property in USA. For this case I decided to go through the closing process with my attorney (which was recommended by my friend/real estate agent) and had my title company run the title search although the seller might provide his (Liberty Title). I put the earnest money to the seller's title company account. Closing is on Monday. Now the attorney offered me to use his escrow/IOTA account to pay the rest to the seller and the seller's title company closing agent told me that it's fine as long as it's REO and i preferred my title company. I've asked her will the wire transfer to my attorney's escrow (no matter what he will do with that money) give me the new deed on the property? She dodged. Not that i do not trust my attorney but I don't like the idea of using an intermediary in paying 6-figure amount. 

The question to the society - is the wire transfer to my attorney's escrow account the right thing? How secure is attorney's escrow account for me? Or is there another way to avoid risk on my part?

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