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REO/FORECLOSURE SERVICES
PRE-FORECLOSURE ACTIVITIES
Broker Price Opinions - Exterior and Interior
Property condition inspections
Pre-foreclosure Interviews
Pre-foreclosure sale workouts
Preservation and Securing
OCCUPANCY STATUS REPORT/INTERVIEW
(Upon Receipt of Faxed or E-mail Authorization)
Within 24 hours:
If Occupied
Determine if occupants plan to vacate and when
Provide Client with correct names of all occupants and their living arrangements
If vacant
Secure property and re-key
SURRENDER/EVICTION PROCEEDINGS
For Occupied Properties
Negotiate cash for keys when authorized
Coordinate eviction with foreclosure attorney, sheriff, movers, locksmith
Attend eviction as Client's representative
For Vacant Properties:
Secure and re-key property
Transfer utilities (electric, gas, fuel oil services, etc.) in Broker's name or Client's name if requested
INITIAL INSPECTION REPORTS/BPO
Conduct preliminary comprehensive property inspection immediately following eviction or vacancy of property
If occupied
If entry is permitted, prepare an interior BPO & Initial Inspection Report
Provide information on occupants' willingness to permit entry for Client's Independent Appraiser, when applicable
When the property is part of a Condominium or Homeowners Association, an Association Information Sheet will be provided
If Vacant
Complete a BPO and Initial Inspection Report with interior and exterior photos
When the property is part of a Condominium or Homeowners Association, an Association Information Sheet will be provided
PROPERTY PRESERVATION/REPAIR BIDS
Property Preservation:
Secure property and/or board-up to FHA standards
Debris removal (interior and exterior)
Winterization/De-winterization
Activate systems
Snow removal and lawn maintenance
Renovation:
Recommend list of repairs
Solicitation of bids
Monitor repairs
Review invoices
Notify of satisfactory completion of work
MARKETING THE PROPERTY
(Upon receipt of Signed Listing Agreement)
Place “The Most Recognized” sign on the Property
Enter the Property into Multiple Listing Service
Enter on Multiple websites
Enhance Listing on Realtor.com and several other websites
Begin marketing with full exposure to advertising media, newspapers, magazines, etc.
Direct mail-outs to investor clientele list, neighbors, etc
Fax/e-mail brochures to area Brokers with updates
Ongoing services through closing:
Property Inspection Condition (reported monthly)
Showing and Prospect Comments (reported monthly)
Marketing Updates (monthly)
Progress Reports (monthly)
Invoices to Client for monthly reimbursements
SALES AGREEMENT AND CLOSING PROCEDURE
Overnight original final Contract of Sale to Client
Under Contract Weekly Status Reports faxed to Client
Broker Closing Progress
Contract to Closing checklist - monitored daily with strict Buyer and Buyer's agent performance guidelines
Confirm that all reimbursement invoices were paid prior to closing
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