REO SERVICES
River City Realty is a full service REO firm commited to providing you with one stop shopping for Lenders and Asset Managers to secure, manage and sell your distressed assets. With a focus on maximizing net proceeds and minimizing days on market, River City Realty will utilize strategies to get your assets sold. Please contact us with any questions regarding our 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
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
For Vacant Properties:
Secure and re-key property
Transfer utilities (electric, gas, water etc.) in Broker's name or Client's name if requested
INITIAL INSPECTION REPORTS/BPO
If Occupied:
Conduct preliminary comprehensive property inspection immediately following eviction or vacancy of property
If entry is permitted, prepare an interior BPO & Initial Inspection Report
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)
Activate systems
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
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 website
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'sagent performance guidelines
Confirm that all reimbursement invoices were paid prior to closing
