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:
- If Occupied- Within 24 hours, determine if occupants plan to vacate & when
- Provide Client with correct names of all occupants and their living arrangements
- If Vacant– Secure property & 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 & re-key property
- Transfer utilities (electric, water, 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 the property

Within 5 days 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 Homeowner’s Association, an Association Information Sheet will be provided

Within 5 days if Vacant:
- Complete a BPO and Initial Inspection Report with interior and exterior images
- When the property is part of a Condominium or Homeowner’s Association, an Association Information Sheet will be provided
*BPO’s are updated every three (3) months, if requested.

• 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:
- Sign placed on the property
- Enter property data into Multiple Listing Services (MLS)
- 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
- Enter on websites

Ongoing services through closing:
- Property Condition Inspection (reported monthly)
- Showing and Prospect Comments (reported monthly)
- Marketing Updates (monthly)
- Progress Reports (monthly)
- Invoices to Client for monthly reimbursements

• Sales Agreement and Closing Procedures
- Overnight original final Contract of Sale to Client
- Under Contract Weekly Status Reports sent 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

Broker’s Price Opinions

• Drive-By or Interior Inspections
- Upon request, we will complete a Market Study Evaluation on the current market listings, sales, trends, and conditions.
- BPO’s are completed on the Client’s standard form or website along with attached digital images or e-mailed images.
- Due dates and Client deadlines are critical and rush orders are accepted. Fees are negotiable.
- A minimum of three (3) images are provided with Drive-By BPO’s and up to twenty-four (24) images with Interior BPO’s. All digital images are uploaded to Client’s website.
- Tax records are searched and findings are included with the BPO. When necessary, we secure data from the local Tax Assessor’s office.
- Upon request, we can include a minimum of three (3) sales and three (3) listing comparables with images.
- Occupant contact, when requested, will include names of occupants, phone numbers, lease information (when applicable) and interior inspected (when permitted).