REO, Bank Owned, Foreclosures

REO ~ Asset Manager ~ Bank Owned Properties ~ Foreclosures

Asset Managers make dreams come true.  Asset Managers help buyers get fantastic properties at incredible prices.  Asset Managers get non-performing assets off of banks balance sheets so that new buyers can get loans. 

New loans bring joy to buyers, loan officers, tax authorities, home inspectors, appraisers, furniture companies and other businesses in the community.  New loans help people achieve the American Dream all over the United States.  New loans mean our family, friends, co-workers, school teachers, police officers, government servants as well as all of the other people who devote themselves to the service of others will have a home and a secure future.  

Investors buy bank owned property for cash to get a better return on their money.  This is an important service to communities.  Investors have the cash and experience to repair properties and put them back on the market so that buyers can move into "turn key" homes.  Turn Key homes are easy to finance and easy to sell.  Investors improve property values in neighborhoods, improves bank balance sheets, reduces strategic defaults and improve the quality of life in communities.

 Asset Managers increase shareholder value and can earn a company a higher credit rating.  A higher credit rating will save that bank money which translates to more jobs and a boost to the economy.  The economy of the United States is lifted by the work ofAsset Managers.

Asset Managers can't do their job without excellent Realtors doing their job perfectly.  Realtors are to Asset Managers what elves are to Santa.  Realtors make things happen.  How do Realtors serve Asset Managers so that all of this good can come about?

REO Realtors are certified by the single most important real estate authority in the United States.  An REO Realtor is certified by the National Association of Realtors as a Foreclosure Specialist (SFR ~ Short Sale and Forclosure Specialist).

Realtors check the occupancy of a property within 2 hours and report the staus back to the Asset Manager.  Realtors re-key and secure the property immediately so that an Asset Manager can sleep peacefully at night knowing that the asset is safe. 

An asset belongs to the bank which really means shareholders which means hard working Americans who have invested in banks.  Rebuilding the financial profit and loss statement of that bank opens up the opportunity for deserving buyers to get loans that they will repay that will build the financial strength of the Unites States of America.  Rebuilding banks financial stability creates job security for bank employees which also helps to rebuild the economy in the United States.

Realtors present the Broker Price Opinion to the Asset Manager within 48 hours.  

REO Realtors price properties at market rate or slightly below market rate.  An excellent way to get a strong offer with a well qualified, or cash buyer, quickly is to price the property slightly below market value to bring all of the buyers on the market to a multiple bid situation which often results in an above asking price contract.  Between 11% and 12% of sales in Key West are above asking price.  Up to 34% of sales are 100% of asking price or above asking price.

The Broker Price Opinion should not price a property far above market rate that the property sits for months on the market and goes through multiple price reductions.  The longer the property is on the market the less desirable the property appears to be to buyers and buyer's agents.  The longer a property is on the market the greater chance a buyer feels they have to buy the property for an excessive discount.  The Broker Price Opinion does not price the property so far below market value that the offers do not indicate that the property was excessively under priced.

If tenants are living in the property Realtors work with the tenant to legally and cost effectively encourage a tenant to make a move that will be good for all parties involved.  REO Realtors get make necessary repairs to preserve property.  When tenants are living in the property without water and electric the REO Realtor handles the situation legally and quickly.

REO Realtors trash out properties and coordinate the yard maintenance to avoid unnecessary Code Enforcement violations and fines and show the property in the very best light. 

REO Realtors present accurate monthly reports to Asset Managers.  The information is accurate, up to date and includes the information that does not show up on mls reports.  Realtors provide critcal pricing information that only a Realtor who has lived in the community for decades knows about. 

The Realtor lives and works within 30 minutes of the asset.  The Realtor does not accept listings that they are not competent to price.  An REO Realtor does not accept listings that the Realtor is unable to show, inspect, check weekly and recommend the best contractors to care for the property, at a moments notice, and insure that the asset is secure and safe so that the Assset Managercan sleep peacefully through the night. 

REO Realtors are available, accessible, professional, knowledgable, accountable and dependable to all parties morning, noon, night, holidays and weekends.

Doors and windows have been left open in properties resulting in homeless people moving into the properties without water and electric.  Security breaches have resulted in vandalism and theft of appliances, central air conditioning units, kitchen cabinets and water heaters which have made the property unsuitable for an FHA or VA loan.  Water damage from open sky lights, windows and doors have also resulted in major damage to a property that can decrease value by $100,000 or more.

It is a dis-service to the Asset Manager to live and work 2, 3, 4 or 5 hours from an asset.  No bank would accept an appraisal from appraiser who lived 2, 3, 4 or 5 hours from the asset so how can an Asset Manager justify hiring an REO Realtor who will never see the property and has no idea about the values in the area? 

If an Asset Manager was searching for a family vacation home would you hire a Realtor that lived 2, 3, 4 or 5 hours away from the area you wanted to buy in?  If an out of town Realtor is not good enough for your family why would it be good enough for your company that helps you provide for the financial integrity of your family and reflects on your professionalism and productivity? 

If an Asset Manager purchased a personal property would you call a Realtor who lived and worked 2, 3, 4 or 5 hours away from the property to ask their opinion on the best contractors who charge the best and deliver the best service and prices?  Why would anAsset Manager trust an REO Realtor to recommend contractors that are 2, 3, 4 or 5 hours away from their primary business area?

An REO Realtor does not skimp on marketing, photography or service.  An REO Realtor uses the maximum number of photographs the mls will allow and attaches a visual tour to the property.  An REO Realtor does not market a property as "bank owned" or a "foreclosure" so that bottom fishers are "low ball" buyers who are attracted.  An REO Realtor presents the property professionally so that the property looks like any other property on the market.

An REO Realtor presents offers to the Asset Manager immediately.  An REO Realtor delivers the information an Asset Manager needs to evaluate an offer intelligently so that the Asset Manager may accept, counter or reject an offer. 

Realtors show the property so they are aware of flaws and attributes that will affect negotiation.  REO Realtors collect earnest money deposits, quickly present offers and provide input when asked.  

REO Realtors answer buyer's and agent's calls and questions and coordinate the sale process from showing to closing.  REO Realtors turn on utilities for inspections.  

REO Realtors work closely with the Asset Manager's title company to close open and expired permits and clear title defects.  An REO Realtor works from Certificate of Title to close of escrow to professionally and quickly close the transaction.