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PRE-FORECLOSURE
ACTIVITIES
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Broker
Price Opinions - Exterior and Interior
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Property
condition inspections
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Pre-foreclosure
Interviews
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Pre-foreclosure
sale workouts
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Preservation
and Securing
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OCCUPANCY
STATUS REPORT/INTERVIEW
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Upon
Receipt of Faxed or Email Authorization:
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Within
24 hours - If Occupied-Determine if occupants plan
to vacate and when
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Provide
Client with correct names of all occupants and
their living arrangements
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If
vacant, secure property and re-key
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SURRENDER/EVICTION
PROCEEDINGS
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For
Occupied Properties:
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Negotiate
cash for keys when authorized Coordinate eviction
with foreclosure attorney, sheriff, movers,
locksmith, etc Provide Client with correct names
of all occupants and their living arrangements If
vacant – secure property and re-key Relocation
Assistance
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For
Vacant Properties:
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Secure
and re-key the property Transfer utilities in to
Broker’s name or Client’s name (depend on
guidelines) Live-in house watchers and close
relations with Sheriffs & Police throughout
counties.
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INITIAL
REO FORECLOSURE INSPECTION REPORTS/BPO
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Conduct
preliminary comprehensive property inspection
immediately following eviction or vacancy of
property Drive-by and Interior
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Within
5 days if occupied:
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If
entry is permitted, prepare an interior BPO &
Initial Inspection Report Provide information on
occupants' willingness to permit entry for
Client's Independent Appraiser, when applicable
When the property is part of a Condominium or
Homeowners Association, an Association Information
Sheet will be provided
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Within
5 days if vacant:
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Complete
a BPO and Initial Inspection Report with interior
and exterior photos
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When
the property is part of a Condominium or
Homeowners Association, an Association Information
Sheet will be provided
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FORECLOSURE
PROPERTY PRESERVATION/REPAIR BIDS
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Property
Preservation:
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Secure
property and/or board-up to FHA standards Debris
removal (interior and exterior)
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Winterization/De-winterization
Activate systems Perform lawn maintenance and
Landscaping
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Renovation:
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Recommend
list of repairs Solicitation of bids from
fill-time licensed contractors Monitor repairs
Review invoices Notify clients of satisfactory
completion of work Emergency maintenance
If
you still require more information, you can contact us any time.
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