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