Our Listings of REO or Bank Owned Properties For Sale are selling quickly in Northwest Indiana.
However - there was much time, energy and effort by us behind the scenes working collaboratively with the REO specialist at the bank which took months PRIOR to this happening!
Doing Broker Price Opinion's in both an "as-is" condition AND another BPO with repair estimates included.
This required meeting multiple licensed contractors at the property in order to provide detailed written quotes on any Repairs or Mold remediation.
Submitting these to the REO Manager (on Bank Forms) and awaiting the file to be returned from committee for decision on what work will actually be doneand the decision on listing price, takes persistent follow up skills.
Detailed Photos (before and after) and invoicingmust be kept & shared with the bank contact.
Also, the REO department has specific Bank Contracts and Addendum's that differ from our State or Local Board Real Estate agreements and these must be reviewed carefully.
Sometimes, customary fee's like Title Insurance, are NOT customary , but negotiable!
Financing REO Properties is another topic in and of itself these days :)
Mortgage departments familiar with this ever growing trend of Real Estate sales are sharing their specific requirements for internal financing of REO properties which may or may not differ from their Local lending branches for conventional home sales.
All in all, in our opinion here are the keys to a quick REO sale ->
- Competitive Market Price- a Real Estate Broker experienced in BPO's can help set this!
- Decent Property Condition - a home in which health or safety concerns have been addressed & corrected sells quicker!
- Mass Marketing efforts / Internet sydication of the listing from day one of going on the market- multiple showings and competition among qualified buyers yields better offers (a Certified Residential Specialist can help with this :)
- Excellent communication,attention to details, and meticulous follow through by the Listing Agent (s) of Record are needed in this current market to get deals to the closing table!
If you are a Bank or Lender who has Inventory of Foreclosed Homes in NW Indiana and are looking? to move them quickly, please call us for a confidential consultation. References available on request.