3. Listing REO Properties

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Listing Assignment

After foreclosure proceedings completed

Asset manager assigns—blast e-mail or assignment

E-mail via web-enabled workflow app

Accept or reject?

If you reject it, provide a reason why

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Listing Package

Tasks, deadlines, and expectations Property address Occupancy check form Initial condition report form No-trespassing-sign

instructions Utility authorization Valuation report form Listing contract Marketing plan checklist Preliminary title report Home warranty confirmation

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Occupancy Check

Face-to-face with the property and whoever may be living in it

First task—within 24 hoursVacant or occupied?Report to asset manager

Accurate Truthful The right property?

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Occupancy Checks in Condos

First challenge—gaining access past securityAsk the on-site manager, maintenance staff,

neighbors—is anyone living here?

Big problem—unpaid HOA fees Is the buyer responsible for the previous

owner’s back-due fees?

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Vacant

Inspect the perimeter of the propertyFollow rekeying instructions Keep authorizing documentation and your ID

handyPost required notices, no trespassing signsPhotograph the property for baseline

documentationDate-stamp all photos

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Vacant with Personal Property

Is it valuable?Secure, document, and reunite with ownerNo automatic trash-outKnow and comply with state and municipal

regulationsRule of thumb: Can be discarded or sold if

owner doesn’t reclaim it or respond to notices

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Occupied by Owner

Foreclosure limbo?“How long do I have?” Straightforward, truthful answersReport to the asset management for

further instructions—cash for keys or eviction

Empathy for hardship

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Pets Left Behind

Hasty move outPets not allowed in

rental property Too much trouble

Call animal control or a shelter

Notify owner of pet’s whereabouts

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Occupancy Clues

Cars in drivewayAsk neighbors, condo

manager, security, or maintenance staff

Toys in the yard Furniture on the deckCheck mailbox (don’t remove

the mail) Look through the windows Lights onSatellite dish

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Occupied by Tenants

Bona fide tenants?Gather specific information Provide info on tenant’s rightsReport to the asset manager

Protecting Tenants at Foreclosure Act Expires on December 31, 2014

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Cash for KeysRelocation Assistance

Use negotiation skillsQuick alternative to

evictionLess likelihood of

property damageQuick cash for moving

expenses and security deposits

“Broom-swept” condition

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Practitioner Perspective

Ed BugosWilloughby Hills, Ohio“The REO Doctor”

“When you go out to do an occupancy check, what is on the other side of the door is probably fear. There’s no reason not to be nice.”

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Preservation Services

Trash-out

Lawn maintenance

Snow removal

Rekey

Winterize

Maintenance

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Turn on Utilities

Use your working capital— you pay the bill

Must be on for repair work, cleaning, inspections, appraisals, and showing

Short-term service available?

Warning: a vacant property with utilities on can be an invitation for squatters and you get to the pay the bill!

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Enlist the Neighbors

First and best warning system

Neighbors next door and across the street

Provide your business card

Ask them to call you if something is amiss

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BPO

Challenge for asset managers BPOs from 2–3 other agents for comparisonCooperate when agent calls (they are not the

competition)Use the Realtors Property Resource®

http://blog.narrpr.com A REALTOR® member benefit

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Repair or As-Is

1.Code violations, hazards2. Structural integrity3. Habitable and safe for all occupants? 4. Appearance

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