REO/FORECLOSURE SERVICES

PRE-FORECLOSURE ACTIVITIES

  • Broker Price Opinions – Exterior and Interior
  • Property condition inspections
  • Pre-foreclosure Interviews
  • Pre-foreclosure sale workouts
  • Preservation and Securing

OCCUPANCY STATUS REPORT/INTERVIEW

Upon Receipt of Faxed or E-mail Authorization:

  • Within 24 hours – If Occupied-Determine if occupants plan to vacate and when

SURRENDER/EVICTION PROCEEDINGS

For Occupied Properties:

  • Negotiate cash for keys when authorized
  • Coordinate eviction with foreclosure attorney, sheriff, movers, locksmith
  • Attend eviction as Client’s representative

For Vacant Properties:

  • Secure and re-key property
  • Transfer utilities (electric, gas, fuel oil services, etc.) in Broker’s name or Client’s name if requested

INITIAL INSPECTION REPORTS/BPO

  • Conduct preliminary comprehensive property inspection immediately following eviction or vacancy of property

Within 5 days if occupied:

  • If entry is permitted, prepare an interior BPO & Initial Inspection Report
  • Provide information on occupants’ willingness to permit entry for Client’s Independent Appraiser, when applicable
  • When the property is part of a Condominium or Homeowners Association, an Association Information Sheet will be provided

Within 5 days if vacant:

  • Complete a BPO and Initial Inspection Report with interior and exterior photos
  • When the property is part of a Condominium or Homeowners Association, an Association Information Sheet will be provided

*** BPO’s are updated every three (3) months, if requested ***

PROPERTY PRESERVATION/REPAIR BIDS

Property Preservation:

  • Secure property and/or board-up to FHA standards
  • Debris removal (interior and exterior)
  • Winterization/De-winterization
  • Activate systems
  • Snow removal and lawn maintenance

Renovation:

  • Recommend list of repairs
  • Solicitation of bids
  • Monitor repairs
  • Review invoices
  • Notify of satisfactory completion of work

MARKETING THE PROPERTY

Upon receipt of Signed Listing Agreement:

  • Sign placed on the property
  • Enter property data into Multiple Listing Services
  • Begin marketing with full exposure to advertising media, newspapers, magazines, etc.
  • Direct mail-outs to investor clientele list, neighbors, etc.
  • Fax/e-mail brochures to area Brokers with updates
  • Enter on website

Ongoing services through closing:

  • Property Inspection Condition (reported monthly)
  • Showing and Prospect Comments (reported monthly)
  • Marketing Updates (monthly)
  • Progress Reports (monthly)
  • Invoices to Client for monthly reimbursements

SALES AGREEMENT AND CLOSING PROCEDURE

  • Overnight original final Contract of Sale to Client
  • Under Contract Weekly Status Reports faxed to Client
  • Broker Closing Progress
  • Contract to Closing checklist – monitored daily with strict Buyer and Buyer’s agent performance guidelines
  • Confirm that all reimbursement invoices were paid prior to closing

BROKERS PRICE OPINIONS

  • DRIVE-BY OR INTERIOR INSPECTIONS
  • Upon request, we will complete a Market Study Evaluation on the current market listings, sales, trends and conditions.
  • BPO’s are completed on the Client’s standard form or website along with attached digital photos or e-mailed photos.
  • Due dates and client deadlines are critical and rush orders are accepted. Fees are negotiable.
  • A minimum of three (3) pictures are provided with Drive-by BPO’s and up to twenty-four (24) pictures with Interior BPO’s. All digital photos are uploaded to Client’s website.
  • Tax records are searched and findings are included with the BPO. When necessary, we secure data from the local Tax Assessor’s office.
  • Upon request, we can include a minimum of three (3) sales and three (3) listing Comparables with pictures.
  • Occupant contact, when requested, will include names of occupants, phone numbers, lease information (when applicable) and interior inspected (when permitted).