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.

Current list of banks and AM companies

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)

•  Coordinate occupancy check with Field Rep

•  Occupancy status report to Asset Manager

•  Research MLS and tax records for Broker Price Opinion (BPO)

•  Prepare Broker Price Opinion

•  Update BPO's every 60 to 90 days or as needed 

If Occupied….

• Coordinate weekly occupancy checks and reports every 7 days
  
• Notify AM of acceptance or denial of CFK

     If denied…

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

     If accepted…

• Returns signed CFK agreement to Asset Manager

• Agent delivers CFK upon final inspection

If Vacant and/or after eviction

• Notify Bank of Vacancy
  
  
• Order Re-key
  
  
• Order lock box and set code
  
  
• Determine/order trash out
  
  
• Order vendor to secure property-board up etc.
  
  
• Have safety hazards repaired
  
  
• Secure pool, if applicable
  
  
• Obtain bids for trash out/repairs
  
  
• Activate utilities  
  
  
• Manage reimbursements 
   
  
• Request expense approvals  
   
  
• Call for bids from vendors 
  
  
• Any other correspondence necessary during the pre-listing

Phase II-Listing Property & Marketing

• Right to Sell and listing addendums signed and returned to bank

• Send agreements to brokerage office

• Enter into MLS
  

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

• Post listing to agent website(s)

• Post to all online real estate marketplaces/websites

• Optimize Realtor.com if applicable

• Send Realtor.com reports to seller every 14 days

• Order sign up and send confirmation to bank

• Create listing flyers, v-tour, just listed postcard

• Import listing into showing feedback system

• Record IVR 800# property extension

• Monthly sales and status reports

• Periodic price changes/extensions 

Phase III-Contract/Accepted Offer

• Received all fully executed contracts and addendum(s) -upload/email to bank and broker
  

• Enter in buyer and buyer’s agent information into system
  

• Receive Conditional Loan Approval/Pre-qualification

• Receive Earnest Money Receipt from Title Company/Attorney

• Receive completed necessary disclosures from buyers agent and upload/email to bank and broker

• Prepare commission statement and send to broker
  

• Arrange final walk-thru with buyers agent if applicable

• Confirm and inform all parties of date/time of closing 

Phase IV-Post Closing

• Send confirmation of successful close to AM with necessary docs

• Order sign to be removed

• Remind agent to remove lock box

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