3. Listing REO Properties

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• 3. Listing REO Properties

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Listing Assignment

• After foreclosure proceedings completed
• Asset manager assignsblast 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 taskwithin 24 hours
• Vacant or occupied?
• Report to asset manager
• Accurate
• Truthful
• The right property?

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Occupancy Checks in Condos

• First challengegaining access past security
• Ask the on-site manager, maintenance staff,
  neighborsis anyone living here?
• Big problemunpaid HOA fees
• Is the buyer responsible for the previous owners
  back-due fees?

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Vacant

• Inspect the perimeter of the property
• Follow rekeying instructions
• Keep authorizing documentation and your ID handy
• Post required notices, no trespassing signs
• Photograph the property for baseline
  documentation
• Date-stamp all photos

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Vacant with Personal Property

• Is it valuable?
• Secure, document, and reunite with owner
• No automatic trash-out
• Know and comply with state and municipal
  regulations
• Rule of thumb Can be discarded or sold if owner
  doesnt reclaim it or respond to notices

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Occupied by Owner

• Foreclosure limbo?
• How long do I have?
• Straightforward, truthful answers
• Report to the asset management for further
  instructionscash for keys or eviction
• Empathy for hardship

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Pets Left Behind

• Hasty move out
• Pets not allowed in rental property
• Too much trouble
• Call animal control or a shelter
• Notify owner of pets whereabouts

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Occupancy Clues

• Cars in driveway
• Ask neighbors, condo manager, security, or
  maintenance staff
• Toys in the yard
• Furniture on the deck
• Check mailbox (dont remove the mail)
• Look through the windows
• Lights on
• Satellite dish

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Occupied by Tenants

• Bona fide tenants?
• Gather specific information
• Provide info on tenants rights
• Report to the asset manager
• Protecting Tenants at Foreclosure Act
• Expires on December 31, 2014

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Cash for KeysRelocation Assistance

• Use negotiation skills
• Quick alternative to eviction
• Less likelihood of property damage
• Quick cash for moving expenses and security
  deposits
• Broom-swept condition

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Practitioner Perspective

• When you go out to do an occupancy check, what
  is on the other side of the door is probably
  fear. Theres no reason not to be nice.

• Ed Bugos
• Willoughby Hills, Ohio
• The REO Doctor

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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 23 other agents for comparison
• Cooperate 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, hazards
2. Structural integrity
3. Habitable and safe for all occupants?
4. Appearance

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