Team Objectives

My REO Team Objectives

Our objective is to provide the highest quality service to lenders and asset disposition firms by utilizing state-of-the-art technology, professional ethics, teamwork and good old-fashioned hard work; thereby building a positive working relationship with each and every client.

We are a full-service providers specializing in REO disposition, preservation, management and sales, The Encore Realty provides banks and asset management companies an outsourcing opportunity to sell their foreclosed properties on the retail market. The Encore Realty has a deep-seeded conviction and determination to help asset managers succeed in selling their REO portfolio. This is accomplished by being the fastest, most efficient REO Team in Southeast Michigan.

REO MARKETING STRATEGY:

Pre-Foreclosure: Determine the occupancy of the property. If vacant we secure the property, complying with any minimum city ordinances, and provide a complete interior broker price opinion. If occupied we take exterior photographs and provide a drive-by broker price opinion. We will also monitor the property and advise the client of any changes.

Post-Foreclosure:

1) Determine occupancy. A) If vacant we rekey and secure the property, provide interior/exterior photographs, prepare a full interior broker price opinion including: 1. repair estimates 2. photographs 3. termite inspections 4. any other inspections the client may desire. B) If occupied we will provide exterior photographs and a drive-by broker price opinion, as well as negotiating a cash-for-keys agreement as directed. If eviction is necessary we monitor the eviction process and meet the local authorities at the property for lockout proceedings – at this point we rekey and secure the property.

2) Listing and Marketing. Property is inputed into the local MLS systems, eye-catching road signs are placed in high traffic areas for visibility, advertisements are placed in local publications, flyers are sent to agencies and businesses, and the property is marketed heavily over the internet on more than 30 different websites.

3) Rehabilitation and Maintenance. We initiate utilities as appropriate, set up weekly/monthly maintenance, coordinate two repair bids and monitor repairs as necessary, and provide photographs of repairs along with invoice. 4) Reporting to Asset Manager. Weekly/Monthly reports are generated on client-specific forms in order to keep asset managers abreast of the property’s progress. The Encore Realty will use all means necessary to remedy any problems with the property before involving the asset manager.

Summary of Marketing Procedures

Upon assignment the following will be completed:

Occupancy status determined immediately.
Property is secured and re-keyed, if vacant.
Cash-for-keys negotiations opened, if applicable.
Eviction proceedings started, if applicable.
Job estimates initiated.
Wood-destroying Organism report ordered.
BPO completed to the client within deadline.
Property photos sent to client (hard copy or email).
MLS input on day of assignment.
Signs ordered with informational brochures.
Advertising submitted: Local home magazines and newspaper.
Submit to multiple Internet web sites.
Supervise repairs, if allocated.
Scheduled weekly property inspections.
Timely and accurate monthly market updates.
All contract negotiations & document preparation.
Verified buyer qualification.
Escrow deposit verification.
Title order processed.
Regular updates with buyer’s mortgage company.
Expenditures paid by My REO Team with reimbursements billed Bi-weekly and/or monthly.