REO Illinois offers customized management and marketing services to our institutional clients.
While we perform a variety of “unbundled” real estate-related services, most of our clients call upon us to provide end-to-end solutions by managing the entire REO process after foreclosure. Our goal is to provide a realistic disposition strategy that yields the highest return.
Once a property is entrusted to us, we ensure that our pledge of service is monitored, managed and reported to the client on a consistent basis through client-secured access to our web site, or through traditional reporting methods.
Our focus on the “broader view” enables REO Illinois to provide a constructive analysis of your REO portfolio or disposition strategy.
Working in concert with your internal staff, our REO Illinois management team will conduct an in-house, hands-on walk-through of your entire REO department or portfolio. We will then prepare a comprehensive report that evalutes your present structure or particular portfolio, and offer a customized management and marketing strategy.
Our inspections provide direct, objective measures of how properties are being protected, preserved, maintained, and marketed.
At REO Illinois, we serve as the eyes and ears of our clients. We use inspections to reduce your potential liability exposure by confirming occupancy status, documenting the asset’s interior and value, or identifying hazardous conditions. You can access and review the status of any specific inspection online at any time. When your inspection order is complete, you can simply view or print a copy of the completed report, or we’ll fax/mail a copy.
The reports can be generated on standard REO Illinois forms or on any form you choose to use. Our quality control review ensures that you receive the most complete and useful data required to make critical loan recovery decisions. All REO Illinois reports are automated and indexed. When our processing center receives the property information, that data is entered into our system and is used to generate critical management reports.
Inspection types include:
- To determine occupancy status
- To determine value ~ “as is”
Detailed Interior / Exterior Inspections
- To determine value ~ “as is” or “as is” & “as repaired”
- To determine life safety compliance, necessary maintenance or repairs.
- To determine seasonal and emergency requirements
- To monitor condition, occupancy status, and audit repairs
At REO Illinois, we believe timely, competent, and comprehensive valuation is the basis for effective decision making.
REO Illinois provides a precise and detailed valuation that assists you in quality control, pre-foreclosure asset disposition or portfolio transaction. We support the valuation with a focused, intelligent property value analysis and utilize a choice of valuation reports.
Valuation types include:
Broker Price Opinions
- Standard Exterior BPO—This is a drive-by valuation summary consisting of a single- page report that contains salient property and market information summarized in a clear format. It includes photographs of the subject and the street.
- Standard Interior BPO—This is a valuation summary consisting of a single-page report that contains salient property and market information summarized in a clear format. It includes photographs of the subject and the street. It also provides an interior inspection checklist with photographs of each interior room and the outside of the subject property.
- Full Interior / Exterior BPO—This is a valuation summary consisting of a comprehensive, in-depth report that contains the expanded subject property information and neighborhood market data analysis required to support “As Is” and “As Repaired” values. It includes specific recommendations regarding the necessary rehabilitation required to maximize yield and keep holding time to a minimum. This valuation report provides photographs of the subject and the street. It also includes an interior/exterior inspection checklist with photographs of each interior room and the outside of the subject property.
When a property becomes vacant, REO Illinois immediately a management protocol that leads to preserving the asset quickly and efficiently.
Our protocol entails four critical steps.
Securing the Property
- Lock changing
- Securing doors and windows
- Board-up if necessary
- Management sign placed
Cleaning the Property
- Complete trash-out–including the removal of automobiles and hazardous materials
- Storage or disposal of any personal property, in compliance with any State of Illinois requirements
- Cleaning the property for enhanced marketability
- Complete property documentation including digital photographs, still photographs, and digital videos
Preserving the Property
- Utility control
- Lawn Maintenance
- Snow and ice removal
- Weekly checks to monitor changes in conditions and status of repairs to maximize valuation and saleability
Enhancing the Property
- REO Illinois thoroughly analyzes the pros and cons of capital expenditures for repairs, and their impact on sale price, inventory time and net return.
- Once repairs are deemed necessary, REO Illinois manages the entire process, including: bid acquisition, contractor selection, repair monitoring, invoicing and payment distribution. Prior to payment for work performed, an REO Illionis site representative will document, photograph, and complete a repair work confimation
Once authorized to list a property, REO Illinois immediately begins an aggressive marketing campaign.
Each campaign is structured to achieve the highest return in the shortest time frame. We begin the marketing process by listing the home for sale in the multiple listing service area where the property is located. In addition to enlisting the brokerage community to assist in the sale by way of “cooperation and compensation,” REO Illinois:
- Installs lock boxes on the property
- Lists the property on several Internet home sales sites
- Places weekly newspaper ads
- Evaluates the effectiveness of open houses
- Produces a property brochure
- Provides financing information flyers from your institution, if requested
- Sends group e-mails of property availability to owners-investors
REO Illinois stands ready to assist when there are parties in possession of an asset.
We work with local counsel to determine the rights of the parties and act according to your instructions. We coordinate and facilitate:
- A cash-for-keys or moving assistance program—which help avoid additional eviction costs and marketing time delays. We meet with parties in possession and attempt to negotiate cash-for-keys settlements in accordance with your policies and directives.
- The eviction process—we carefully follow direction from your local counsel and make sure an REO Illinois site representative is present to secure and stabilize the asset. We provide comprehensive documentation services, including still photographs, digital photographs and digital videos.
REO Illinois tailors our contract services to accommodate your directives and policies
We analyze all written contracts received on your property, and present the results in a manner that supports your decision making. Throughout the process, we communicate in writing in a timely manner with all parties to the contract, and post all documents to the client section of the REO Illinois web site. As part of the contract services, REO Illinois:
- Verifies the accuracy and completeness of all offers, the pre-approval status of all contract purchasers, and the presence of earnest money prior to presentment
- Evaluates all offers, focusing on the economic and substantive contract clauses
- Carefully prepares sales contracts and riders, using per diem penalty charges for late closing
- Facilitates the offer/counter offer process with proven negotiation strategies
Once an offer is accepted, our experienced real estate closing coordinators move into action
Using a comprehensive, efficient planning process, REO Illinois ensures an on-time closing by reviewing the contract for completeness and monitoring contract contingencies. We assemble all the appropriate parties, utilizing your attorney or assisting in selecting the most appropriate law firm, and enlisting the sources of a title company. We certify closing documents, if required, attend the closing, and collect and distribute funds, if requested. Finally REO Illinois distributes all closing documentation.