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!
This included:
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.
Thanks for stopping by and reading our Blog about Life in NW Indiana, The Housing Market, Communities, Local Sports, Events, attractions & more @ NorthWestIndianaRealEstateBlog.com
Sincerely,
Jeff & Grace Safrin, Broker / Owners
F.C.Tucker 1st Team Real Estate - Independently Owned & Operated
13 Lincolnway Suite # 203, Valparaiso, IN 46383 Office # 219-309-9930
We have been practically WRESTLING with our short sales/foreclosures... even with proper attorney representation... getting to the RIGHT contact person is like going through a maze! We are planning to get more training to get better at it.... since this has become the trend now.
It is very clear you thoroughly understand the steps necessary to bring a foreclosure to the settlement table - too many agents do not
Agree- Diane ...Good adjective to describe the current state of home sales ! We wrestle with getting deals to close more and more unless they are CASH or Land Contracts - I do believe the re- emergence of private banking is happening slowly :)
Hi Karen - Jeff is good at both REO and Short Sales and he is very selective on which ones he takes on nowadays- I think that is key to a succesful transacton as well :))
thanks to you both for taking time to comment.
Sincerely,
Grace
Lately i have been successful in dealing with bank properties. It takes TOTAL cooperation on both agents parts to make this happen.
Yes it does Robert - but I believe it is getting easier since this type of sale is here to stay awhile :)
thanks for stopping by,
Sincerley,
Grace