Prior to Listing |
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Setting Your Price and
Launching Your REO Asset on the Market
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| The activities prior to listing are absolutely critical to the successful sale of your REO property. This is where we price it right to sell, increase the perceived value of your REO asset in the marketplace, and create the sales tools to launch your REO asset on the marketplace. |
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Prior to Sale Foreclosure Sale Date |
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Drive by BPO w/exterior photos
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After REO Property Assignment to NOVA |
Determine occupancy (tenant, previous mortgagor, etc)
Negotiate “cash for keys”
Contact HOA
Coordinate eviction |
20-Point “REO Make-over” |
- Turn utilities on
- Coordinate trash out and clean up
- Coordinate personal property eviction / release (as needed)
- Assign yard maintenance
- Create a comprehensive BPO within 24 hours of obtaining vacant possession, including detailed photos
- Take photos of damage for insurance
- Determine scope of work for repairs prior to listing
- Install smoke detectors and water heater straps (as needed)
- Obtain contractor bids for repairs
- Agree on listing price with REO Asset Manager, based on:
- Pre-Inspection Evaluation of the Property and Repairs Needed
- Broker Price Opinion (BPO)
- Agree of scope of Star Treatment “REO Make-over” to increase perceived value of the REO property
- Take professional marketing photos of the REO property after the “REO make-over,” highlighting key features
- Create the Basic 5 Marketing Tools:
- Flyer
- MLS Listing
- Sign
- Lockbox
- Property Web Site with Photo Gallery
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