- Technologically Advanced
- Thorough BPOs
- Quick Occupancy Reports
- Eviction Assistance
- Property Condition Reports
- Transaction Management
- Timely Reports Your Way
- Wireless Capabilities
|
- Market Value Driven
- Property Preservation
- Landscape Upkeep
- Expert Repair Strategies
- Repair Oversight
- Sales Cleaning As Needed
- Superior Advertising
- Fact Based Negotiating
|
- Timeline Sensitive
- Cash For Keys Negotiations
- Property Securing
- Trashouts
- Weekly Inspections
- Stakeholder Notifications
- Prompt Repair Estimates
- Utility / HOA Payments
|
Pacific Cove Realty's DEFAULT SERVICES DEPARTMENT
ATTENTION ASSET MANAGERS:
YOUR SEARCH IS OVER!!
REO SERVICES:
Pre-Possession Services:
- Broker Price Opinions
- Full Comparative Market Analysis
- Multiple Digital Photographs
- Occupancy Verification
- Loss Mitigation
- Cash-for-keys
- Evictions
Post-Possession Services:
- Secure the Property
- Re-Key all Exterior Locks
- Lawn Maintenance
- Debris and Trash Removal
- Written Interior and Exterior Repair Estimates
- Before and After Digital Photos of Repairs
- Utility Turn-On Coordination
Real Estate Brokerage:
- OCAR,CAR,NAR Board of Realtors Member
- Integrated Internet Networking Strategy – Utilization of 25 Highly Recognizable Real Estate Websites
- Complete Video Marketing Package – Enhanced Realtor.com, Virtual Tours
- Activity Reports – Weekly, Bi-weekly, or Monthly
- Closing Coordination
- Common Interest Association Coordination
- Escrow Reporting / Full Disclosure Support
We Offer:
- Comprehensive BPO Services for all types of property (residential, commercial, retail, apartments, and mixed use) – Rush Service Available!
- All documents, photos and forms are handled via Adobe Acrobat (.pdf) files, and e mailed to Asset Managers, or faxed upon request.
- We maintain a complete support staff.
- Our Services are available throughout all 5 boroughs.
- We are fully automated and handle everything from BPO’s to Securing the Property, Utility Transfer, Trash Out, Repairs, Construction Supervision, Listing, Marketing, Escrow Coordination and Sales.
- We have a single point of contact for all REO and Asset Managers – you speak to one person, and get answers immediately.
- All assets are treated on a unique basis, based on the criteria of the REO and Asset Manager – we listen and respond to your needs.
Our Experience:
- Over 27 years of Combined Real Estate and REO Experience.
- We currently work with multiple REO / Asset Managers.
About Us:
We are a full service residential and commercial real estate company. Our capabilities are as diverse as the real estate industry itself. We offer a wide range of services including acquisitions consulting, brokering, property management, marketing, relocation, leasing, asset management, appraisals, evaluations and much more.
BPO SERVICES:
Our BPO Specialists can prepare Rush Order BPO’s within hours of receipt of the order. Thoughtful comments, attention to details associated with the property, comparable sales, and knowledge of the price trends are always communicated to exceed client’s expectations on every BPO we submit.
Our goal with every BPO is to provide it to the client ahead of any scheduled deadline, with more information than needed to support value, and with more digital photos and comments than required; ideally we will paint a picture of why the property is valued according to the BPO – revisions or corrections are almost never needed.
Our quality control department ensures accurate concluded values. Our experience is your key to reliable, quality, and hassle-free service.
Pacific Cove Realty's DEFAULT SERVICES DEPARTMENT
REO GUIDELINES
Maintenance and Repairs to be Managed by: ______________________________________
- Assignment of Property – REFER TO ALL PROPERTIES BY YOUR BANK NO., NAME AND ADDRESS
OCCUPANCY DETERMINATION (to be determined within 24 hours of assignment)
- If Occupied – Provide the following information to your asset manager in order to start the eviction process:
- Who is occupying property (tenant or previous mortgagor)?
- Information regarding tenants (i.e. name(s), phone number(s), if at all possible.
- Were you able to make contact with occupants – are there plans for vacating the property?
- If there are no plans for vacating, is “Cash for Keys” a viable option (contact your Eviction Specialist before offering)?
- Your asset manager will contact eviction attorney to commence unlawful detainer action.
- Broker shall conduct bi-weekly inspections of the occupied property and provide your asset manager with occupancy status via fax or e-mail.
- IF/WHEN Vacant – Notify your asset manager as soon as vacancy determined.
- ____________________________________ will complete Re-Key and Initial Services to include trash-out, initial maid service, regular lawn maintenance, winterization and installation of smoke alarms where needed.
- Prelist Requirements
Agent Responsibilities – All items are to be sent to your asset manager within 10 days of vacancy.
- Have utilities (water, electric, gas) turned on and put in Broker’s name.
- Report dangers, liabilities, and/or vandalism/theft (if necessary, request police report be taken and provide pictures of vandalism to your asset manager).
- All personal property must be disposed of legally and handled in accordance with state and local laws. Contact your pre-marketing specialist if there is any personal property, regardless of value, left behind. Your pre-marketing specialist will work with you to dispose of all property properly. Do not remove anything from the property or change locks. Photos and an inventory of all items remaining must be provided to your pre-marketing specialist.
- Provide interior BPO.
- Provide electronic photos of the property, including any repair items.
- Obtain Repair Bids for recommended work (repair work over $1,000 must be done by a state licensed contractor – no exceptions).
- Up to $10,000 – 1 Bid
- Up to $10,001 – 2 Bids – If you anticipate a problem obtaining bids
- Order Termite Inspection Where Customary.
- Provide listing agreement and any additional required listing forms, i.e. agency and lead paint disclosure. List date, commission and listing price are to be left blank.
- Your asset manager will be notified of all special city, state and municipal guidelines and ordinances.
- Please note the maximum amounts which can be expended, with Your Asset Manager’s Approval on the following items are:
De-winterize: $________________
- Please note the maximum allowable amounts which can be expended on the following maintenance items:
Monthly Interior Clean: $______________________
Snow Removal (per occurrence): $_______________________
Monthly Pool Service: $________________________
- Listing the Property – All Properties Are Listed in MLS
- A list letter will be sent to Agent authorizing the list price, listing time frame, commission being offered, and repair authorization.
- Once property is listed, AGENT MUST PROVIDE A COPY OF THE LISTING AS IT APPEARS IN THE MLS.
- A monthly status report is to be received by your asset manager no later than the 8th day of each month – report to be submitted on your monthly status form.
- Updated BPO to be provided upon request or every 75 days and/or whenever market changes occur which affect the marketed property (even if a sales agreement has been entered).
- PRESENTING THE OFFER
- Review all offers before submittal to your asset manager. A complete offer consists of the following items: Offer to Purchase, Seller’s Offer Worksheet, Pre-qualification letter from your local branch. Missing items will only delay response to offer.
- Note any offer positives, negatives, special or unusual request, etc. which you find in your review of the Offer.
- Your asset manager will respond per the Seller’s Offer Worksheet guidelines.
- Confirm acceptance of the offer by faxing a copy of the signed Addendum to your asset manager and the closing entity. This signed copy is necessary for us to transfer to your closing department.
- Buyer’s deposit check and/or proof of funds from their financial institution should be supplied, excluding the customer’s private bank routing numbers and account information.
- CLOSING / ESCROW
TIME FRAMES ARE CRUCIAL! IF PROPERTY IS SCHEDULED TO CLOSE WITHIN A STATED MONTH DO NOT LET CLOSING EXTEND INTO THE FOLLOWING MONTH! ONCE THE SALE IS AGREED TO, YOUR ASSET MANAGER WILL INCLUDE ONE OF YOUR IN-HOUSE CLOSING COORDINATORS.
- Your asset manager will communicate to us the preferred escrow, attorney and/or closing company. Agent will contact the closing/escrow company once the sale has been accepted.
- Agent to verify and confirm with your closing coordinator that Buyer’s deposit is received by closing entity upon acceptance/opening of the transaction. Indicate if and/or why deposit not received.
- Deeds as well as any additional documents needed for transfer of the property to the new buyers are to be drawn up by the closer/escrow/attorney.
- Agent sends original contracts to Asset Manager for signature.
- NOTIFY YOUR CLOSING COORDINATOR ONCE LOAN APPROVAL IS RECEIVED AND CLOSING DATE IS SET.
- If lender required repairs are necessary, approval for completion must be received prior to commencement of work.
- ESTIMATE OF ALL OUTSTANDING BILLS TO BE PROVIDED TO YOUR ASSET MANAGER 24 HOURS BEFORE CLOSING.
- Utilities are to be turned off effective no later than the day of closing.
- Agent to confirm closing has occurred by calling your closing coordinator.
We have been working in the Realm of REO’s and Foreclosures for quite a while now. This market has revealed very new business models and we have had to adjust with the times.
Our services are nothing new – but the way we operate our business end is something that is very uncommon for Real Estate Businesses.
Therefore, if you are an asset manager, Bank, Investment company or Trust – we can help you sell your asset. We do the usual verification of occupancy within hours of receiving the new assignment. We schedule the Cash for keys for the best and most reasonable prices to net your company/shareholders the most money. We blaze through a professionally done clean out and reo rehab. We give FHA compliance Bids along side of the Today Value and the 90 day estimates figuring in the market declination.
But the thing that sets us apart in the REO and Foreclosure Asset management is the way in which we advertise the assets we are being given to be sold. Ours was before this market and we know what it is to deal with human sellers that are local and can call and drop in on us at any time. Also accountability is not a new word for us. We hold ourselves to a much higher standard.
The way in which we approach the Foreclosures and Bank Owned assets is how we advertise our other Listings. We will tell you up front we are not comfortable representing the buyers for our assets – but if that is all we have on the table, the offers are presented to you with out anything hidden.
Where there is big money to made in the Representing of the Banks by agents, some have been rumored to round file offers in order to represent the buyer as well. Further causing delay and to mask the offer that was written within their own offices by another member of their team so the bank does not recognize by who’s hand it came.
Ugliness presents itself in many forms – We don’t subscribe to that school nor have we ever attended. If you hire us to represent your bank in the sales of your assets – we will sail straight and are always available to discuss any and all issues related to the sales and management there of.
|
