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REO Asset Management Process

Real Estate Property Evaluation and Setup

• Assign qualified, established REO agent to property
• Secure, inspect and winterize property
• Determine Occupancy
• Offer Cash for Keys (CFK) (if occupied)
• Initiate and manage eviction process
• Evaluate property condition
• Order title report
• Perform title curative work
• Provide detailed marketing plan with photos
• Order appraisal or 2nd BPO
• Obtain bids for trash-out, maintenance and rehab
• Evaluate environmental, safety and compliance issues

Marketing

• Develop property marketing strategy
• Establish list/sale price according to predetermined limits
• Establish tracking/monitoring system
• Provide monthly marketing report
• Evaluate strategy and pricing every 30 days

Property Management

• Order and oversee rehab and maintenance
• Weekly occupancy status report
• Monthly inspection reports
• Tracking and timely payment of property expenses such as HOA, etc.

Contract Negotiation and Closing

• Negotiate offers within predetermined authority levels
• Provide detailed net sheet with all offers
• Manage closing process
• Ensure timely receipt of sale proceeds
• Receive billings
• Create final invoicing to client

Reporting

• Provide monthly status reports on all properties
• Provide monthly summary reports on sold properties
• Provide monthly expenditure reporting