Real Estate Owned Transaction Coordination (REOTC)

Now you can handle high volume Real Estate Owned (REO) listings WITHOUT sacrificing your lifestyle or sanity!  Banks, asset management companies, and 'finders' are constantly looking for REO Agents that can handle listings in bulk. 

The secret is to effectively leveraging your time so you can handle 3-4 times as many listings as you do right now. Our signature REO Transaction Coordination (REOTC) service makes that possible! This service includes all BPO and pre-listing support, marketing and listing support once you secure a listing, contract management once you receive an accepted offer, and any post-closing activities.  Our task lists are 100% customized and tailored to meet the specific requirements of your bank, asset management company, and real estate broker.

Below is a sample task list that as an example of what we do.  This can be tweaked and tailored to your specific needs during the account sign-up process.  

 

Phase I- Assignment of Property

      Accept assignment by returning listing agreement or assignment letter and/or referral agreement to asset manager or finder (whomever assigned the property)

      Add assignment to agent’s database

      Coordinate occupancy check

      Occupancy status report

      Determine if HOA

      If not, upload No HOA form (Chase/WAMU)

      If so, contact HOA (or management company) to obtain as much information as possible (complete VA created HOA form, request W9)

      Complete and upload HOA form (Chase/WAMU)

      Complete HOA task on AM’s website

If Occupied….

      Coordinate weekly occupancy checks and reports every 7 days

      Remind agent to offer CFK

      Notify AM of acceptance or denial of CFK

      Perform exterior Broker Price Opinion

     If denied….

Bank proceeds with legal eviction, agent performs weekly occupancy status checks

     If accepted….

      Returns signed CFK agreement to AM

      Agent delivers CFK upon final inspection

If Vacant and/or after eviction

      Notify Bank of Vacancy

      Order Re-key

      Add lock box and set code

      Secure Property-board up etc.

      Inform AM of any safety hazards or known citations/liens

      Obtain bids for any safety hazards that need repaired

      Send bids for safety hazard to AM and request approval

      When approval is received, have safety hazards repaired

      Switch utilities to agent/Turn on utilities

      Secure pool, if applicable

      Obtain bids for trash out/repairs and submit to AM

      Perform Interior Broker Price Opinion (BPO)

      If applicable, contact HOA and follow up on W9 previously requested, obtain a super lien invoice (if super lien state) or ledger.

      Submit HOA documents to AM

 

Phase II-Listing Property & Marketing

      Right to Sell signed and returned to bank

      Create addendums

      Send agreements and addendums to brokerage office

      Enter into MLS

      Send MLS to bank’s AM (upload or email)

      Order photos/virtual tour

      Add to agent website(s)

      Post to all online real estate marketplaces/websites

      Optimize Realtor.com if applicable

      Order sign up and send confirmation to bank

      Upload photos/virtual tour to MLS

      Upload photos/virtual tour to all online marketplaces/websites

      Create listing flyers, v-tour, just listed postcard

      Import listing into showing feedback system

      Record IVR 800# property extension

      Monthly marketing reports

      BPO every 60 days if still on market

Price Changes

      Addendum to Right to Sell signed and returned to bank

      Change MLS

      Send revised MLS to bank’s AM (upload or email)

      Update agent’s database

      Change price adjustment on agent website(s)

      Change price on all real estate marketplaces/websites

      Change flyers, v-tour

      Re-record IVR 800# property extension

 

Phase III-Contract/Accepted Offer

      Verify all documents needed are in order (copy of EM, contract, lender letter)

      Upload/submit offer to bank

      Change status to AWC-I after offer submitted to bank

      Received all fully executed contracts and addendums-upload/email to bank

      Enter in buyer and buyer’s agent info

      Change status to pending in MLS after accepted offer

      If no lender letter, request conditional loan approval from lender

      Request Earnest Money Receipt from Title Company/Attorney and send to AM if not done prior

      HOA Addendum (if applicable), Agency  Disclosures, AS-IS Addendum (if applicable) fully executed and sent to broker

      Prepare commission instructions and fax to title/attorney

      Add all parties to client’s database

      Arrange final walk-thru if applicable

      Verify all title work is complete

      Confirm and inform all parties of date/time of closing

      Request pre-audit for review

 

Phase IV-Post Closing

      Verify closing is funded

      Send confirmation of successful close to AM with necessary docs

      Order sign to be removed

      Remind agent to remove lock box

      Turn off utilities

      Change status to sold in MLS

      Send Thank You letter/card/email to Buyer’s Agent