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New REO Property - Initial Services

Lender provides information on new REO property:

  1. Property Assignment - Assigns property to agent to obtain occupancy status.

  2. Drive by BPO - Agent drives by property and from an exterior evaluation prepares opinion of property's market value. A drive-by BPO is a frequently used form of assessment. It is typically done as the first assessment of the property's value. The report contains basic property information as well as a few comparables in the area. This is less expensive than doing a full appraisal or an interior BPO, and an agent can provide this information even if the property is occupied.

  3. Occupancy Status – We will inform our clients of occupancy status within a 24-hour period.

For occupied properties:

  1. Cash For Keys - agents will negotiate with the occupant to offer "Cash for Keys". (Amount of cash for keys has client's prior approval.)

  2. Evictions – We will coordinate with our clients attorneys and the local sheriff to process the eviction.

  3. Eviction Status - During the eviction process, agent drives by the  property every week to monitor for vacancy.

For vacant properties

Agent is instructed to proceed with the following (or once property is vacant):

  1. Secure Property - Re-key property (front and back doors secure)

  2. Utilities - Turn utilities on in agent's name (if applicable)

  3. Initial Clean - Obtain trash-out, initial yard service & maintenance program, cleaning and pool bids (if applicable)

  4. Valuation - Submit Broker Price Opinion with pictures and bids within 7 days

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