REO Services
First Choice REO provides property management and disposition expertise to optimize results for financial institutions with a turn-key solution to lending institutions and mortgage servicers across the country, customized to each client. From securing the keys to negotiating a contract, First Choice can seamlessly manage the REOs of your financial institution at a level equal to your high standards of excellence.
Occupancy Status
Our first responsibility is to locate the property, determine occupancy and secure the property if needed. We notify you within 24-hours of assignment as to the occupancy status; this is critical to an efficient disposition and marketing process.
Secure & re-key property; transfer utilities
We secure properties within 48 hours of assignment by re-keying, replacing missing or damaged windows & doors or boarding if the area warrants it. Utility services are established to prevent avoidable property damage.
Deliver thorough well-supported BPOs
First Choice REO delivers Broker Price Opinions (BPO) and any required documentation within THREE (3) days from verification of vacancy. Estimated market values are substantiated by comparable sales and listings. Our goal is to establish the most accurate property value possible. Click here to learn more about our BPO Valuation services.
Trash clean up and yard maintenance
Debris removal, yard clean-up and safety hazard elimination must occur prior to marketing. Code violations are a concern and need to be avoided if at all possible.
Prepare and manage rehabilitation schedule
First Choice’s goal is to obtain the maximum possible return on the sale of REO assets. In order to accomplish this, it may be necessary to repair the property. Recommended repairs are carefully analyzed for the appropriateness, economic feasibility and affect on marketability. To be viable, repairs must enhance value and/or marketability and reduce marketing time.
In recommending repairs, First Choice considers the security of the property, the target market, the age of the property, the property’s compatibility to the immediate neighborhood, the occupancy mix (tenant vs. owner occupied) of the surrounding area and the financing availability.
First Choice REO is responsible for monitoring the progress and quality of the work and ensuring repair requirements of the local area are addressed.
Create and implement marketing strategy, including MLS
First Choice expediently places your property on the market and professionally markets it according to local real estate law. Within 24 hours of receipt of a listing agreement, we enter properties into the local MLS service. We market properties through advertising, open houses, the internet, agent tours, virtual tours, etc. We meticulously maintain properties to show as well as possible.
Negotiate offers within client’s parameters
It is our intent to aggressively negotiate the best possible sale for you. No offer will be accepted without a pre-qualification letter for financed offers or a verification of funds for cash offers. We structure contracts that allow for the successful, timely closing of sales.
Coordinate closing services
It is our goal to close sales within the timeframe allowed for in the contract. First Choice REO can minimize holding costs by delivering the highest possible net result in the shortest possible time. Our clients have come to depend on First Choice for an uncompromising attention to detail, including the smooth transition from foreclosure sale to the successful and timely settlement or close of escrow.
Find out how we can help your financial institution. Call us today at 703-450-1183.