REO Asset Management Companies | Oklahoma Real Estate Matters

What Are REO Asset Management Companies? REO Asset Management Companies are the companies that control the selling of a foreclosure and short sale properties for banks, lenders, or investors. These companies help decide the price based on the BPO or broker price opinion that has been completed on the property. These companies are in charge of handling the entire process of selling the properties. They handle preserving the property, evictions, and maintenance on the property. These REO asset management companies do not do the work themselves, they outsource these services.

Services Offered By REO Asset Management Companies Lets discuss in a more detail these services. After properties foreclosures, the bank, lender, or investor will assign the property to a real estate agent or broker who will then visit them and report back to the REO asset management companies whether someone is living in the property or if it is vacant, along with the condition and maintenance of the property, and whether the property is secure or not. After receiving back this information, the REO asset management companies will request the real estate agent or broker to complete a BPO on the property to determine the value of the property. The company will usually order an appraisal on the property and sometimes a second BPO by a different agent or broker. The agent or broker will coordinate all access to the property with other parties.

Next is the property preservation and maintenance. This is done two different ways; sometimes the management companies will have the agent get estimates and oversee the work, or they can also have their own company handle this with the agent or broker coordinating the work. The work to be completed includes re-keying the property to the REO asset manager?s specific code, trashing out the property (removing all debris and cleaning the property), mowing the yard and preparing the property for sale. Some companies will also choose to perform cosmetic work on the property such as paint, flooring and minor work, but most of the time they do not elect to perform such repairs. If the real estate agent or broker is responsible for these activities then they must get 3 estimates for such all required work to be completed, upload them to companies website for approval.

After the work is completed, the asset management companies will inform the real estate agent or broker what to list the property for and request a listing contract to be prepared by the real estate agent or broker.

Once there is an offer on the property, the REO asset managers will submit the offer to the bank, lender or investor for approval. Once approved, the REO asset management companies coordinate the closing of the property.

Article source: http://ezinearticles.com/6512703

Source: http://oklahomacityrealestatemarket.net/2011/09/28/reo-asset-management-companies/

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