The Step by Step of REO Lender Services
Property Details: Client contacts and submits property details and work request with any special details relating to subject property.
Securing Property: The property is checked for occupancy. If the property is vacant, it is re-keyed and secured, and a lockbox is placed on the property. If property is occupied, an attempt to contact is immediately done. If there is no response a notice shall be posted requesting that the occupants contact The Selem Team as soon as possible. This is done so the team can identify all current occupants. Cash for keys is normally offered to them. If this is unsuccessful, we will proceed with eviction.
Property Checked for Liabilities: If there are any safety concerns, an itemized list will be prepared and sent to you. I will immediately attend to the items.
Utilities Turned On: I normally will have utilities turned on in my name. Invoices will be sent as bills come in or per your company procedures.
Checking For Repairs: I will list recommended items for repair and begin to gather bids for work to be done. Photos of recommended work are also submitted. This includes retrofitting and a pest inspection, which is required.
Listing Agreement & BPO: A complete interior Broker Price Opinion with digital photos will be provided within 48 hours as well as a complete listing package.
Listing Property: Property will be listed in appropriate Multiple Listing Service. A sign will be placed on property, and ads placed in regional and local newspapers. All property information will be posted on local and nationally recognized websites. Repair work, if authorized, will be completed.
During Listing Period: The property will be regularly inspected. A monthly report will be provided noting the advertising completed, the updated market conditions, the showings and any general comments on property.
Presenting Offers: All offers will be submitted with a net sheet and a bullet point page outlining the key elements of the offer. If there are multiple offers, a comparison sheet will be prepared as well.
Opening of Escrow: The escrow holder of your choice will be contacted and all required documents forwarded to them. All necessary disclosure forms will be forwarded to you and strict adherence to contingency dates will be kept. You will receive regular updates regarding the progress of said escrow.
Upon Closing: Utilities will be transferred, outstanding invoices will be submitted and final status will be submitted to you.
Why Choose Brian?
Brian is a member of the National REO Brokers Association. He was the number 1 agent in the United States for BPOs in 2000, 2001, 2002, 2003 Commercial & Residential. Brian has a large focus on REO servicing. Brian is known for his carefully focused attention in representing Banks, Insurance Companies, Asset Managers and other Service Providers. led by Brian, The Selem Team specializes in REO Sales and BPO’s throughout Los Angeles County. Over the past 16 years he has built a reputation that has earned him an impressive roster of repeat and referral business with past clients including: EMC, Freddie Mac, Fannie Mae, Countrywide, Litton ,Chase Manhattan Bank, Washington Mutual, Bank of America, and Fleet Bank.