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REO Services
Broker Price Opinion
Services
Occupancy - same -day-occupancy checks, weekly reporting
CFK (Cash-for-keys) - aggressive negotiation with occupants in effort to save the Client from having to evict
Eviction - cooperation & coordination with Sheriffs' Departments of all counties serviced
Loss Mitigation - mortgagor negotiation and deed-in-lieu assistance
Re-key - coordination of contractor using client-specific key codes & LB combos
Secure - assuring that all properties are secured with no possibility of entry other than a keyed entry.
BPO (for REO and 3rd Party Providers) - drive-bys and interiors performed quickly and efficiently by our dedicated BPO department. 48 hour guarantee for Listings
MMRs - timely marketing reports for up-to-date information on new comparables and showing feedback
Negotiation - all offers negotiated using client-directed offer communication method
Closing Coordination - pending transactions thoroughly managed for timely closings
Auction Coordination - oversight, coordination, and attendance (if necessary)
Trashout - management and inspection
Landscaping - oversight of all lawn maintenance and landscaping per Client guideline
Seasonal - services include winterization, snow removal, weatherproofing
Repairs and Rehabs - extensive contractor database with 5-day turnaround for Bids. Management during repair process; Inspection upon completion
Communication - State-of-the-art technology for up-to-the-minute Client needs
Customer Base - large pools of buyers, agents and investors associate scrutiny - comprehensive oversight of buyers' lender and attorney
Dedicated Departments - pre-marketing, listing coordination, offer negotiation, closing, 3rd Party BPOs
Information Technology - customized online system developed specifically for REO management & sales
Showing - buyer's agent's licensed under our Firm available in all areas serviced
Client - monitoring of buyer agent feedback with online reporting Membership - NRBA, REOMAC, REO Network, REOBROKER.COM, NAR, NCAR, several MLS boards
Certification - Certified REO Specialist, Certified Loss Mitigation Consultant
Common Questions
What is the difference in REO and Short Sales?
How do I find an REO property?
What is an REO property?
How can I purchase an REO property?
How much money do I need to purchase REO property?
What should I be aware of when buying an REO property?
What is the difference in REO and Short Sales?
REO stands for Real Estate owned, and is another way to refer to a bank owned property. This is property that the bank has taken back through foreclosure. Sometimes a seller who is behind in his payments will attempt to sell his house before it goes into foreclosure. To do this, you must negotiate with the bank to accept less than what is owed on the property, and this is known as a short sale. This short informational section describes purchasing an REO, not a short sale, which is altogether different.
How do I find an REO property?
REO listings can be found through ForeclosureDeals.com, local real estate agents who manage and market REO property sales, or by word of mouth.
What is an REO property?
An REO property is referred to as a bank foreclosure property. It is a property that did not sell at auction and has been returned to the lender to sell.
How can I purchase an REO property?
Carefully investigate the property and the financial situation. Once you have decided to make the purchase, a written contract to the lender’s broker or the lender will need to be submitted.
What should I be aware of when buying an REO property?
Before you make an offer, you should make sure that you are able to borrow the amount of money necessary to pay off the debt on the property.
How much money do I need to purchase REO property?
You will need an initial deposit, which varies depending on the lender and the value of the property. It can range from $500.00 to $5000.00 and is submitted with your offer. Once the date, price, and terms are set, you will need to pay the balance in order to complete the buying process.
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© 2006 Century 21 Heritage Realty
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