Basic REO Services

This is a general outline -

We will work closely with you to develop a plan, customized to fit your needs

 Step 1: Property Evaluation and Setup

• Secure and inspect property
• Obtain insurance
• Obtain property tax information
• Evaluate property condition
  • Meet with tenants
  • Cash For Keys
  • Eviction
• Provide detailed market analysis with photos
  • As is and upgraded value
• Obtain bids for property clean-out, repair and maintenance
• Evaluate environmental and compliance issues

Step 2: Listing & Marketing

• Establish marketing strategy with financial projections
• Provide qualified, experienced REO broker
• Establish tracking/monitoring system
  • Regular updates and consulting
  • Frequent property visits
• Review strategy and pricing every 20-30 days

Step 3: Reporting

• Provide monthly status reports on all properties
• Provide monthly and year-end summary reports on sold properties
• Monthly expenditure reporting
• Provide 1099s when applicable
• Retain records for at least 3 years

Step 4: Property Management - Long / Short Term Rental

• Supervise repairs and maintenance
• Cash Management - monitor reserves
• Collecting / Offsetting rents
• Monthly inspection reports
• Select on-site property manager when applicable
• Timely Payment of property expenses

Step 5: Negotiation and Closing

• Counter, reject or accept offers within approved limits
• Provide detailed net sheet with all offers
• Coordinate closing process
• Ensure timely receipt of sale proceeds
• Ensure finalization of all services
• Submit detailed closed file for tax purposes