Upon initial assignment of an REO asset, we verify occupancy and try to determine who is currently residing at the property. We then contact the city/county regarding code violations and order trash and sewer demands then we update the client. We examine title to ensure it is clean including any HOA, third party sales. If not, we will advise the client and assist as needed to help clear it.
If the property is occupied, we do our best to contact the occupant and negotiate relocation assistance (cash for keys), if offered by the client. Occupied properties are inspected weekly to ensure the asset is still in the same condition and to monitor the home to determine continued occupancy status. Assigned eviction attorney(s) are made aware of any current developments. HOA information and violations, if present, are documented and payoff information is obtained. If needed, we appear at lockouts and manage the rekey process. If personal property is present in the home, we coordinate a personal property eviction through the assigned attorney(s) at the client’s discretion.
Once the property is vacant, utilities are turned on and kept current including trash and sewer if applicable. Properties are inspected weekly or bi-weekly as determined by each client. This process can include removing squatters by working with authorities as needed. Working with client assigned field services, local vendors and contractors, repairs and yard maintenance are completed. This process includes scoping all repair bids, obtaining competitive contractor bids, meeting with contractors, overseeing repairs, and sending required photos to clients. The homes remain clean and have good curb appeal so when they are listed the clients receive a maximum return on investment.
Once a property is listed, we input the property into the local Multiple Listing Service including marketing photos. All offers are submitted in a timely manner and contracts / addendums are drafted at clients’ direction. During the closing process, communication on a regular basis with the client, all agents, lenders, and closing companies ensures a smooth closing process.
Our in-house billing department handles all expenses that need to be paid and reimbursed according to client guidelines.
Hastings Brokerage has co-created a web based REO management system, www.brokerbrain.net that was written in Linux and is hosted and managed our own servers in a Phoenix Data Center. Many REO listing agents use Broker Brain throughout the United States.
Hastings Brokerage, Ltd. is a certified Women Owned company and owners’ resumes are available upon request.