Typically, a REO (Real Estate Owned) Property is a property that a lender has acquired following some type of distressed property disposition which could be a foreclosure auction, surrender of property by the borrower owner by deed-in-lieu, etc. Lender has no benefit from property ownership and therefore wants to sell the property at best possible price and as soon as possible. In strong seller market the lender will be able to sell the property at the same price as standard retail sales. However, in weak seller market the normal marketing times for standard retail sales are extended and lender will lower the price to shorten the marketing time.
Our REO program provides the lender all necessary real estate services for selling REO properties. These include: Cash for keys, readying property for sale (arranging rekeying, code violations removal, winterization, vacant property registration, interior and yard clean up, etc.), ongoing services while property is on market (MLS listing, monthly status reports, managing curb appeal, offer management, and tracking progress during escrow until closing), as well as effective handling of issues that often arise (delinquent taxes, HOA dues, utility bills, etc.)
If you are a lender with a REO property we would like to invite your inquiry for a REO listing assignment.
Residential Evaluations
During the formation and life of an REO there will arise many situations where a valuation is needed. These are not the situations where some type of new loan is being originated. These are actually the situations where an existing loan has run into some type of problem - short sale, loan modification, foreclosure and finally, the REO marketing. Residential evaluations are an appropriate solution to meeting valuation needs in these situations.
As far as issuing of new loans (or refinancings) is concerned, as well as for collateral management the federally regulated lending institutions are permitted use of residential evaluations in many situations. These may be for Home Equity Line of Credit (HELOC) applications, Private Mortgage Insurace (PMI) removal, second opinion valuations when the primary valuation (or appraisal) appears to raise some doubts, most refinancings etc.
Also, there are growing trends in mortgage lending of phasing out high risk residential mortgages to consumers. Therefore, there is an expanding space of lending situations where residential evaluations will legally serve the valuation purpose and meet the needs of the federally regulated lending institutions.
Residential Evaluation report offered here meets evaluation development and content guidelines as reported in the article, "Interagency Appraisal and Evaluation Guidelines" published in Federal Register / Vol. 75, No. 237 / Friday, December 10, 2010 / Notices, Section XIII.
Order by emailan Exterior Residential Evaluation report for only $150. Interior report is also offered. (It is client's responsibility to verify and confirm before ordering that a residential evaluation report can legally be used and that an appraisal is not required. In certain situations actually an AMC-CMA/BPO may work just as well.)