Our REO Department has been established to handle the liquidation of bank and corporate owned real estate in a fast and efficient manner. Our primary objective is to sell REO properties efficiently in order to achieve the highest possible recovery in the shortest amount of time. We can make the job of the REO Asset Managers easier through an effective disposition of their REO and non-performing assets.
We work in the best interest of our customers. We will follow guidelines and procedures and react quickly to any request to provide timely and complete BPO’s and REO management activity reports. We have a competent network of field service providers and more importantly "WE INVEST MORE" than any other company in the area to actively and continuously market assigned properties.
Our REO team will personally handle your REO’s through the following services:
Property Set-up and Evaluation
· Initial inspection of property to determine occupancy (within 24 hours).
· Eviction Assistance. We coordinate eviction with foreclosure attorneys, law enforcement officials, sheriff, movers, etc. We will be present during the eviction.
· Secure and re-key the property including all openings, pool, and boarding (if necessary).
· Prepare a complete interior/exterior BPO (Broker Price Opinion) including pictures, condition details, and value explanation as you specify.
· Provide a detailed SR (Suggestions to Repair) with estimated cost including competitive independent bids for clean-outs, repairs and maintenance.
Aggressive and Strategic Marketing
· Prepare and submit marketing strategy and financial projections.
· List property in the local MLS (Multiple Listing Service) and "Showcase Listing" in Realtor.com® which includes up to 25 photos and postings to Yahoo!®, MSN®, Google™, homestore.com™, Netscape®, and many more!
· Advertise in all major, local real estate publications like Cordaco Homes Magazine, Miami Herald, etc.
· Use powerful, web-based advertising through Name Recognition and our well-known, local website CarmonaHomes.com which is extensively advertised on 20 bus benches strategically located within the zip codes and areas we specialize in; enormous and continuous direct-mailing campaigns, magazines, business cards, yearly calendars, etc.
· Direct-mailings of a minimum of 10,000 jumbo postcards to reach all farming and surrounding areas on a monthly basis. We are the ONLY company in the area that offers this service.
· Notify in-house and outside sales teams of new listings, as well as investors.
· Review marketing strategy and pricing every 30 days or as requested.
· Maintain the integrity and condition of the property through frequent visits and updates (weekly inspections).
· Supervise repairs and maintenance work done with reputable property maintenance companies.
· Coordinate and service properties through local utility companies.
· Timely payment of property expenses such as taxes, HOA, utilities, repairs, maintenance, etc.
· Compile weekly or monthly status reports on all properties in any format you need.
· Compile monthly and year-end summary reports on sold properties.
· Monthly expenditure reports (utilities, repairs, maintenance, etc.).
· Retain records for five years.
Negotiation and Closing
· Serve as sales agent with diligent buyer/offer responses and serve as negotiator/mediator in sales contract presentations and negotiations.
· Counter, reject or accept offers within approved limits.
· Calculate detail net sheet for all offers.
· Maintain and coordinate transactions throughout sales process to ensure efficient and timely closing with local attorneys and selling agents.
· Ensure timely receipt of sale proceeds back to the REO Asset Manager.
· Ensure finalization of all services including utilities, repairs, maintenance, etc.