Typical Scenerio for REO’s

Property Details: Client contacts and submits property details and work request with any special details relating to subject property.

Securing Property: The property is checked for occupancy. If the property is vacant it is re-keyed and secured. A lockbox is placed on the property. If property is occupied an attempt to contact is immediately done if no response a notice shall be posted requesting occupants contact my office as soon as possible and identify all current occupants. Cash for keys is normally offered to them. If this is unsuccessful we will proceed with eviction.

Property Checked for Liabilities: If there are any safety concerns an itemized list will be prepared and sent to you. I will immediately attend to the items.

Utilities Turned On: I normally will have utilities turned on in my name. Invoices will be sent as bills come in or per your company procedures.

Checking For Repairs: I will list recommended items for repair and begin to gather bids for work to be done as well as submit photos of recommended work. This includes required retrofitting and a pest inspection.

Listing Agreement & BPO: A complete interior broker price opinion with digital photos will be provided within 24 hours as well as a complete listing package.

Listing Property: Property will be listed in appropriate multiple listing service, sign will be placed on property, ads placed in regional as well as local newspapers, property information posted on local and nationally recognized websites. Repair work if authorized will be completed.

During Listing Period: Property will be regularly inspected. A monthly report will be provided noting the advertising completed, updated market conditions, showings and general comments on property.

Presenting Offers: All offers will be submitted with a net sheet and a bullet point page outlining the key elements of the offer. If there are multiple offers a comparison sheet will be prepared as well.

Opening of Escrow: The escrow holder of your choice will be contacted and all required documents forwarded to them. All necessary disclosure forms will be forwarded to you and strict adherence to contingency dates will be kept. You will receive regular updates as to the progress of said escrow.

Upon Closing: Utilities will be transferred, outstanding invoices will be submitted and final status will be submitted to you.