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VIRGINIA FORECLOSURE/REO SERVICES
Visit our foreclosure services site at
www.VirginiaREOservices.com for
more information.
REO LISTING SERVICES ...
As REO Agents, we are well-trained and proficient in property valuation,
management and disposition. In addition, we have been extensively trained in
foreclosure procedure and REO asset assignment procedures, including all forms
and timelines. We have access to a vast network of appraisers, inspectors,
contractors and legal/closing/title firms, whose services and fees are approved
initially and evaluated regularly using the following criteria: accuracy,
professionalism, timeliness, quality of work, fees, responsiveness, inventory
age, sales vs. list price ratio and carry cost history. This network is
comprised of the best performers in any given area or market; we will not use a
supplier that does not perform consistently to my high standards. Thus,
our
clients receive reduced fees and/or costs from our carefully monitored network
of contractors and suppliers. IWe are constantly seeking new marketing
opportunities, sales markets and avenues, streamlined procedures and technology
to maintain our top notch service and accountability for my clients. We strive
to ensure smooth transactions and attention to every possible detail.
Our serves include:
* Comprehensive BPO's and Valuations
* Complete Market Analysis
* Comprehensive Documentation Services
* Cash-For-Keys and Eviction Assistance
* Verify Occupancy Status
* Secure Vacant Properties (re-keying, sign posting, title work, contact
utilities, clean up bids)
* Property Clean-up and Maintenance (interior, exterior, ongoing)
* Regular Weekly/Monthly Reports (you dictate the frequency of reporting)
* Marketing the Property (signage, MLS, various foreclosure online databases,
and various other internet sites, fliers, etc.)
* Presentations of all offers to purchase the property and counter-offers
* Follow-up with all parties to ensure a smooth, timely transaction
* Coordination of Settlement
We service Prince William, Stafford, Spotsylvania,
Fauquier and Culpeper Counties in Virginia. Lenders and REO Asset Managers
contact us to help you sell your REO properties. We have provided our
services to IAS, RES.net, OCWEN, REOTrans, REALTrans, to name a few ...
Visit:
www.InstantBPO.com: Opinion of value on residential
and commercial properties.
Want to Purchase Foreclosure Property?
As REO Realtors, we have access to 1000's of
homes that are bank owned or for sale as a short sale ... foreclosure property can be excellent
investment properties!
What is an REO?
REO is “Real Estate Owned.” These properties have gone through foreclosure and
are now owned by the bank, mortgage company, or lender. An REO property is a
cleaner more attractive transaction than purchasing a property that’s on
foreclosure auction at the courthouse. The REO property did not find a buyer
during foreclosure auction. The lender now owns it. When purchasing a property
during a foreclosure auction, the purchase pays the loan balance plus interest
and other accumulated fees the lender incurred during the foreclosure process.
You must be prepare to pay with cash in hand. Also, you will receive this
property “as is” without the benefit of inspection, there may be existing liens
(such as mechanics, tax, etc.) and even occupants that need to be evicted. When
purchasing an REO property, the lender will see to the removal of liens, evict
occupants, if needed, and generally prepare for the issuance of a title
insurance policy to the buyer at closing. Do be aware that REO’s may be exempt
from normal disclosure requirements. Virginia is a "buyer beware" state and
there are no requirements to disclose any deficiencies or problems with the
property; it's up to the buyer to locate the problem.
Are REO’s a good deal?
It’s generally assumed that all REO are a bargain and an opportunity for easy
money. This isn’t necessarily true. It’s imperative that you investigate
everything you can about the property if your intent is to make money off of
it. The bank is typically anxious to sell it quickly, but remember they are
also very motivated to get as much as they can for it. When considering the
value of an REO property, look closely at comparable sales in the neighborhood.
Be sure to take into account the time and cost of any repairs or remodeling
needed to prepare the house for resale. The bargains with money making
potential exist, and many people do very well buying foreclosures. But there
are also many REO’s that are not good buys and not likely to turn a profit.
If you’re looking to purchase an REO property for your personal residence, make
sure your Realtor knows about working with REO properties. You want to make
sure to make your offer contingent on a home inspection. Granted the REO is
being sold “as is,” but you want to be able to inspect the property for any
latent problems and if there are any major problems, you can rescind your offer.
Ready to purchase an REO property?
Most lender have an REO department or an asset management company that you’ll
work with in conjunction with the Realtor who listed the property when
purchasing an REO property. Most REO departments or asset management companies
will use a listing agent to get their REO properties listed on the local MLS,
market the property, oversee the property maintenance. Before making an offer,
you’ll want to contact either the listing agent or REO department at the bank
and find out as much as you can about what they know about the condition of the
property and what their process is for receiving offers. When making an offer,
you’ll want to make your offer more attractive by including a pre-approval
letter from a lender. After you’ve made your offer, you can expect the bank to
make a counter offer. Then it will be up to you to decide whether to accept
their counter, or offer a counter to the counter offer. Realize, you’ll be
dealing with a process that probably involves multiple people at the bank, and
they don’t work evenings or weekends. It’s not unusual for the process of
offers and counter offers to take days or even weeks.
Call or email us for more information on
foreclosure properties ...
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