National Property Preservation Companies

Mortgage Contracting Services

Most national property preservation and inspection companies provide mortgage field services which include property inspections, property preservation, REO property maintenance, as well as valuation services.

Many national real estate asset management companies offer home improvement options to help reduce the time it will take for a property to go through resale. These types of jobs are done with before and after photos that can take one day up to a week to complete depending on the turn around time and size of the property.

Property and REO Maintenance Services

• Locksmith - fixing or replacing locks on doors
• Repair and remolding - fixing damages and structural changes
• Lawn Service - mowing grass and maintaining landscapes
• Lockout and Evictions - include filings, re-keying and property recovery
• Board and Securing - boarding up of windows and securing of doors
• Trashout and Debris Removal - cleaning, removal of items left behind
• Winterization and Plumbing - repair of pipes and frozen plumbing issues
• Swimming and Pool Maintenance - providing safety and cleaning unused pools
• Janitorial Services - home cleaning and maintenance
• Toxic Mold Treatment - cure mold moisture problems with testing and remediation 

Who can use these services ?

Mostly the people who will need the types of services that most national property preservation services provide are Asset Managers, Lenders and Real Estate Professionals.who need a team of trained field servicers to take care of pre-foreclosure, vacant and REO properties. The foreclosure preservation services include: Debris removal, Boarding windows, doors, Fire damage repairs, Interior cleaning, Lawn maintenance, Lock changes, Lock re-keying, Mold Remediation, Hazardous material removal, Pool maintenance, draining, Rehab, Roofing, Water damage repairs, as well as Appliance replacements.

Some of the areas that are serviced include:

Alabama, Alaska, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Illinois, Kansas, Kentucky, Louisiana, New York, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, West Virginia, Wyoming and Puerto Rico.

reo property preservation companies

Local Property Preservation Companies California

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Default Services Property Preservation

The economy has created a new set of skill set for those involved in real estate, one of them being default services, most national property preservation companies offer REO maintenance and repair to pre-foreclosures and banked owned real estate.

What are other services offered by national foreclosure preservation companies?

These custom solutions may include such things as title services such as title insurance and property reports, appraisal services and valuation, settlement and closing services, property management and on-site property preservation.

It may be more cost effective for the lender if they can work with one company that can provide all their real estate servicing needs.

Where can I find a list of national property preservation service companies?

The best way to get a list of companies is to go on the DMOZ Open Directory for Business, Financial Services, Field Service Companies:

A City Suburban Service, Inc. they provide property inspection, evictions and preservation services as well as debris removal, board-ups, painting services in the illinois, chicago area.

ASD America, Inc. they offer property management, inspections, preservation and protection, of REO properties.

AppIntell Inc. they provide risk management information and data analysis solutions to lending companies

Asset One Marketing Group they are a asset management and disposition firm who offers services to financial institutions, financial services companies and mortgage servicers.

Big Apple Inspections , They provide residential, commercial, insurance and HUD REAC inspections in the New York Metropolitan and Long Island area.

C & A Preservation, Inc., they provide re-keying, lawn cuts , boarding , pool draining , rehab , debris removal and on site inspections in California.

Cavanaugh & Company, LLC , they provide property inspections, preservation, REO management and notary services in Connecticut.

Classic Mortgage Services 

Clear Capital they provide real estate valuation and BPOs, AVMs, AVM hybrids, and property inspections nationwide.

Cyprexx Services 

Douglas-Guardian Services they help lenders with collateral verification inspection services.

Eagle Inspections of Michigan 

Field Asset Services, Inc. 

Field Services, Inc. they provide field service inspections and winterization as well as skip tracing services for manufactured housing.

Five Brothers Mortgage Company Services and Securing

GS Property Management Home Improvements, LLC

Imagine Service Group, Inc. The do inspections and preservation services including lock changes, winterization, lawn care, eviction assistance, minor or major rehab. 

JR Services, LLC i

Keystone Asset Management are a REO Management includes occupancy status, cash for keys programs, evictions, securing and re-keying, moving, property storage, BPO's and Appraisals.

Kinnamon Group, Inc. 

LPS Field Services i

Landmark Contractor Services, Inc.

Lenders Asset Management Corp. they are a full service property preservation company, that does lock changes, winterization, eviction services, and board-ups. also they do property preservation billing services for contractors.

M & M Mortgage Services i

Maryland Real Estate Services, Inc.

McDaniel Contracting Inc, they provide services to real estate agents and mortgage brokers who specialize in REO, distressed and foreclosed properties in the Atlanta Georgia area.

McDargh Real Estate Services 

Michaelson, Connor & Boul they do BPO, REO marketing and disposition, appraisals, property management and inspections. 

National Field Representatives, Inc. 

Property Preservation Jobs

Field Service companies hire field service representatives to do property inspection jobs with most of the work in property preservation and inspections.The record number of foreclosures on the market has some housing experts cashing in on the income potential by starting their own property preservation company. If you are looking at the current real estate crisis, and you are not interested in a start-up you can always work for an established national company who is hiring field inspectors all you will need is proper training.

National Companies Hiring:

• Safeguard Properties: All independent contractors must fill out a vendor application.
• Safeguard is a turn-key resource for all aspects of property management, for Property Inspections, Property Preservation, Real Estate Owned (REO) Services, Property Valuations, Insurance Loss Inspections, High Risk/Code Enforcement, Vacant Property Registration, Title Services, Evictions and Hazard Claims Administration

http://www.safeguardproperties.com/Careers/Employment_Opportunities.aspx

• First American Default Management: on-site property inspections and property preservation and maintenance services. First American National Default Title Services (NDTS) division offers the mortgage servicing industry various default-related loan servicing activities.

http://www.firstam.com/news/2008/10799.html

National Foreclosure Services they offer foreclosure services including evictions, cash-for-keys, property preservation, and appraisals.

National REO Services, Inc. 

Nationwide Appraisal Services , they do appraisal and title management providing valuation, REO, title, settlement, title insurance and escrow services.

Northern New England Field Services 

One West Realty Group, LLC

Organization of Real Estate Professionals, they provide Errors and Omissions insurance for home inspectors, appraisers, mortgage field services and other real estate professionals.

PCI-West Property Preservation 

PLM Lender Services, Inc. they offer outsourcing for BPO, re-key, and evictions in Nevada and Cali.

Premier Field Services, LLC 

Quick Silver Messenger Service they do process serving, delinquency interviews, bankruptcy, foreclosure, insurance loss, merchant site inspections. 

REM Corporation they do BPO's, appraisals, market evaluations, portfolio evaluations, title searches, and REO sales.

REO Allegiance Inc.i

REO Express 

REO Nationwide are providing default management, loss mitigation and liquidation of REO properties. 

REO Network 

REO Servicing 

Real Estate Owned Management, Inc. is a national company that provides delinquency interviews, property inspections, repairs, the U.S., Virgin Islands, and Puerto Rico.

Real Estate Services Group 

Red A Ranch Field Maintenance Co.

Reliance Field Services  they do Inspections, preservation, insurance loss, vehicle inspections, and eviction assistance. 

Reo Illinois 

Safeguard Properties, Inc.

Sprint Mortgage Services is providing default interviews, occupancy status, insurance loss draft, commercial inspections, BPO and appraisals, property preservation, evictions.

Superior Home Services they do hazard insurance recovery and repair of damaged properties in the foreclosure and conveyance process. 

U. S. Property & Appraisal Services Corp. they provide appraisals, preservation services, flood zone certification, radon and termite inspections.

WolfPac Property Services, Inc., they are a property preservation and management company in New Hampshire and parts of Maine ..

Wolverine Real Estate Services 

York-Jersey Underwriters, Inc., they provide liability and errors and omissions insurance for the mortgage field service industry. 

This is a partial list, to get more detailed list go to: dmoz.org/Business/Financial_Services/Field_Service_Companies/

Property Preservation Inspection Services

Before a inspection can be done on a foreclosure or REO it must be determined if the residence is occupied or vacant, the simplest way to do this is by a drive-by inspection where a mailer or door hanger is left on the property. Once this happens then a visual inspection is followed by claims and documentation.

There are five types of property inspections

• Occupancy Inspections
• Initial Vacant Property Inspections
• Vacant Property Inspections
• Voluntary Pre-Conveyance Inspections 
• Eviction Inspections

Occupancy inspections are required when a homeowner defaults on their mortgage payments, then the lender goes through the process of trying to contact the mortgagor by phone or correspondence to determine if the property is vacant or abandoned if the property is occupied a visual inspection will determine if the home has a for sale sign as well if the doors and windows are secured and the lawn is maintained.

On the other hand if the home is vacant and abandoned, it is important to document if there is property damage, and then go through the process to initiate preservation to secure the property beginning with an Initial Inspection.

In the case that there is no monetary default, a visual inspection will determine if there has been a written notice of code violation, municipal lien, condemnation or demolition, disconnection of utilities or cancellation of homeowner insurance. 

The home inspectors job is to verify occupancy from the following methods:

Direct contact by telephone or Occupancy Inspection.

What should the occupancy Inspection report include:

The following should be considered such as the date of the occupancy inspection, the Identity of the inspector, how occupancy was determined, the identity and status of occupants, the valid telephone number for the occupant, documentation of house locked or secured, obtain broker name or contact number if there is a For Sale sign on the property, is the grass mowed or shrubs trimmed, describe any exterior damage such as broken glass, boarded up doors or windows as well as notation of personal property or debris left behind.

In the case that occupancy is not able to be determined some of the ways of checking would be to check utility meters, contacting the listing broker, observing general maintenance or speaking to neighbors.

Since a drive-by inspection may not be enough to determine occupancy a inspection report must be filled out.

Home Inspection Appraisal

Residential Real Estate Appraisal

Home buying and selling requires home inspections and appraisals as a first time homeowner you will need to have a residential real estate appraisal as well as a pest and structural inspection, in your real estate transactions you will face many appraisal methods that will report on the estimate of the property's market value to determine the sales price.

The National Association of Independent Fee Appraisers is an association of professional real estate appraisers and they provide updates, general questions and continued education.

Most lenders will require an appraisal in order to secure a loan against the real estate property mostly to insure that the home market value can sell for the amount of the loan. some have used comparative market analysis to determine what the asking price should be. Since the appraisers valuation report is detailed it is the first choice for banks when deciding to lend money

The difference between an appraisal and a home inspection

To determine if a home is in good condition you will need to get a home inspector to check the roof, chimney or other structural issues. On the other hand a real estate appraisal does a property valuation or land valuation, which requires developing an opinion of the value of real property by using its Market Value.

Real estate appraisal is generally performed by a licensed or certified appraiser, and there are three general methods used for determining value. They include: the cost approach, the sales comparison approach and the income approach.

Some of the most common types of definitions used for determining value in a real estate appraisal include Market Value, Value-in-use, Investment value, Insurable value and Liquidation value. 

California Home Appraisal

Residential Appraisal Report

The property being appraised is called the subject property also when you apply for the loan you will pay for the appraisal. Most reports are very detailed, some of the things you can expect to see are

First there is details about the subject property, along with comparisons of at least three similar properties. Then there is an evaluation of the current real estate market in your surrounding area. Appraisers will make note if they see any issues that may hurt the property's value, also there are notations about characteristics that may be of concern such as a unstable cracked foundation.

You will see estimates of the average sales date for the property as well as the type of area the home is located as far as development, stand alone acreage and resale of single family or multifamily dwellings.

Appraisal Methods for Residential Properties

Some common appraisal methods used for residential properties include: The sales comparison approach is where the appraiser estimates a subject property's market value by comparing it to similar properties that have sold in the area.

How it works is that the properties used are called comparables, or comps. As you are probably aware the result is a figure that shows what each comp would have sold for if it had the same components as the subject.

Studies show that the cost approach is most useful for new properties, where the costs to build are known simply because many home buyers are choosing to have the appraiser estimate how much it would cost to replace the structure if it were demolished.

Repo and Foreclosure Bank Owned Homes

REO Bank Owned Home Listings

REO's are property owned by a lender due to not selling at a foreclosure auction, so the mortgage company or financial institution holding the lien on government repossessed houses also known as bank repo homes which are sold at a discount to its market value. 

Where to find REO properties?

If you are looking for fannie mae reo homes for sale, you will need to get a banked owned REO database list, some say realtors will provide lists of REO properties for each city in your local area. REO homes are bank foreclosed properties which can be located for sale using RealtyTrac's free advanced property searching tool.

Foreclosure investors, home-buyers and to locate below market priced properties one can go directly to the lenders, who will have bank owned real estate listed on their websites. Local banks have a person assigned to handling the banks repo homes inventory. Reginal and national lending institutions will have a loss mitigation department that handles non performing loans that have defaulted.

Most REO listings come from countrywide, wells fargo, bank of america, wachovia, washington mutual and fannie mae with a 7 day free trial. The REO database list fee is usually a monthly membership and require an registration. Most can be searched by city, state, zip, price range, property type, broker, agent name.

How much does Realtytrac costs?

It has been reported that some have signed up for a membership with Realtytrac for 16 months at $19 to $20 a month for access to foreclosure information. Also apparently there is an additional charge if one gets personal coaching services.

If you want to save money and get free list of bank owned homes, government foreclosures and tax foreclosures you will be happy to know that real estate investors can access this information because it is part of the public domain. You can start by looking at your county recorders or tax assessors office.

Also the HUD website will have listings of homes for sale by state, and the FHA as well as the dept of veterans affairs have online foreclosure listings for free to the public. It is important to note that the county clerk will post notices of foreclosure auctions in the small local newspaper in your city or town.

Buying bank owned foreclosure homes

How would you answer

Where do you get your foreclosure listings from?

Where can I find free foreclosure listings?

Even with all that availability, some foreclosure investments are harder to find that will fit your specific criteria, such as international properties, pre-foreclosure, foreclosures bank owned, properties, government foreclosures, HUD foreclosures, tax foreclosures, VA foreclosures, short sales, cheap houses for sale, and fannie mae foreclosures.

Search foreclosed homes free at freeforeclosuredatabase.com, those looking to profit from buying repo will find that when sold as is the home may have a long list of repairs and damages. Reconstruction include painting, drywall, cabinets, baths and roofing. Those buying a REO home need to calculate the cost of repair before re-sale.

Some of the top foreclosure states are Florida, Texas, California, Nevada, Michigan, Colorado, Ohio, Arizona and Georgia. You can find city Information on Yahoo Real Estate where you can get neighborhood profiles, cost of living info, school statistics as well as the best cities to live in.

The growing number of properties entering the foreclosure process across the nation provides investors and home buyers with the opportunity to make great profits.

Things you should know before buying a bank owned property

You can buy a foreclosure property in pre-foreclosure before the public auction, or you can buy at the court house steps, if the home does not sell the lender will repossess the property and you can buy the home from the bank.

An REO listing agent will list it for sale, just know that there are some risks involved and many of these homes are sold as-is, so there may be renovations or remodeling necessary. These distressed properties will need repair and maintenance. A licensed home inspector can give you an estimate of how much the repair costs will be.

If the home has liens and outstanding taxes, you may end up paying more for the purchase price so if the bank does not clear the title before selling you may have to pay the liens on the foreclosed property. You also will need to develop an business relationship with the banks REO manager.

Local County Recorder and Assessors Office

Foreclosure buying tips

How to Buy VA Foreclosures

REO listing agents are hired to help in finding discount properties for homebuyers and investors, Veteran Affairs foreclosures. Qualified buyers receive benefits of a VA loan, so you can purchase the home with no money down. So when you buy government-owned properties from the Department of Veterans Affairs the loans to lenders are guaranteed. As in the case of a borrower defaulting the VA will buy the property from the lender and offer them for sale at below market prices.

How to Buy HUD Foreclosures

Some things to consider is that when homeowners default on foreclosure HUD home loans, HUD forecloses the properties and sells them to the general public at a public foreclosure auction. When it comes to properties in pre-foreclosure, the borrow is given a chance to stop the foreclosure process by paying off what is owed or by selling the property. It is important to note that after a property homeowner misses several mortgage payments, they have time to bring the payments up to date.

Otherwise the property will be sold at a public auction.If this happens the lender will have taken ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction. So as you are probably aware the lender will sell the property to recover the unpaid loan amount. In most cases the lender will clear the title for the buyer with the discount being less than a pre-foreclosure or auction property.

Once you learn how to use your free public records directory it will be easier to find bank repo homes in your area.

Search Foreclosures and Bank Owned Properties for Sale

New Homebuyers are seeing the benefits of buying a REO property because they usually can afford the home with current market values being as low as they are.

Some REO tips for buying foreclosures

First-Time home buyers are flocking to the real estate auctions and looking for a deal, you will want to know how to write the offers to win the bid. You will face competition from other buyers who will be also looking at that same foreclosure. Homes listed under the comparable sales are usually under priced and it makes them very attractive to renters looking to own their first home.

The bank will usually accept the best offer out of the multiple 10 or more offers they receive on the home, selecting the right price and terms takes skills.It is recommended to find out what the banks original purchase price was on the property, this can be found on the trustees deed or sheriffs deed. Most buyers agents can help you with this information, you want to compare that price to the price the bank is now asking for.

Check Comparable Sales in the neighborhood

Determine the comparable sales of the current market value of the REO foreclosure by determining what the home is worth then look at the last month sales of similar homes in the surrounding neighborhood. You want to make sure that the homes match by square footage, number of bedrooms, bath, amenities and condition.

How to deal with multiple offers

Depending on the number of offers that have been received on the home you may have to come in with cash to close the deal. To win many first time home buyers have found that they had to offer above the asking price.

Cost of repairs and home inspection

Typically these foreclosures are sold "as is" so you will have to pay for the repairs and inspection if you end up buying the property.

The best reason to buy a bank owned home is that you can often times end up with a monthly mortgage payment that is less than the rent you are currently paying now. First time home buyers will need to look in their local city records to find homes below the market value to buy. 

REO Asset Management Services

REO Asset Management Companies

Banks will outsource the property valuation, property preservation and marketing of the real estate they own to brokerage companies who specialize in property management of REO foreclosure listings. Many of these management services work closely with attorneys, appraisers, title companies, HOAs, agents and vendors.

If you are looking to hire an asset management team you more than likely will work with a person along the way who is responsible for closing negotiated contracts on REO Assets and ensuring accurate proceeds are returned to the Bank.

They will be the one after each foreclosure to order, receipt and review the title to identify any potential title problems as well as work with attorneys to solve title problems, as well as deal with escrow agencies to ensure closings are in accordance with the terms of the contract. There is also the follow up on the receipt of the proceeds of the sale from foreclosed properties.

The reason lenders and banks like to outsource this type of work is because of the caseload management skills that is required in titles and legal vendor management. In most cases the company will have 20 or more years experience in mortgage and loan servicing, REO management, valuation services, REO marketing, preforeclosures services, appraisals, BPO solutions, and short sale management.

List of asset management firms

• Top Asset Management Firms , Wealth management firms
• Capstone Asset Management
• Dwight Asset Management Company
• Merrill Lynch – financial management and advisory
• The Capital Group Companies
• Wellington Management Company
• Corporate Asset Management LLC

You can find a list of firms that have as their primary business provision of financial asset management and investment management firms, sorted by geographic region at Wikipedia, the free encyclopedia. For the following areas: US and Canada, Europe, Middle East, Asia and Africa. They also have a List of investment banks as well as a List of private equity firms.

To understand better what Investment management does is that they manage various securities which can include shares, bonds and other assets including real estate in order to meet specified investment goals for the client who could be an insurance company, pension funds, corporation, or private investor.

As mentioned before these types of services are usually outsourced by the lenders for the benefit of financial statement analysis, asset selection, stock selection, plan implementation and ongoing monitoring of investments.

REO Asset Management Process

In the foreclosure and short sale real estate market it is important to have an RE Property Evaluation. Many qualified firms will be able to assign qualified, established REO agent to property, secure, inspect and winterize property, determine occupancy, offer cash for keys, initiate and manage eviction process, evaluate property condition, order title report, perform title curative work, provide detailed marketing plan with photos, order appraisal or 2nd BPO, obtain bids for trash-out, maintenance and rehab, evaluate environmental, safety and compliance issues.

When it comes to marketing having the right strategy will help in listing the sale price and monitoring the monthly progress of properties that sell better than others. As you are probably aware most of these types of services are outsourced and the best thing a owner can do is to hire an property management team to order and oversee rehab and maintenance, do weekly occupancy status report as well as monthly inspection reports in order to keep track of property expenses of HOA payments.

Those that offer contract negotiation and Closing is going to save you time and money, many lenders will need some one who is experienced with negotiating offers within predetermined authority levels, provide detailed net sheets, manage closing process as well as ensure a timely receipt of sale proceeds.

REO listing agents are qualified to help with monthly status reports, summary reports and expenditure reports on all properties.

REO Asset Manager Jobs

The following is a list of companies hiring asset managers, Reo managers, Reo broker, Reo coordinator, real estate owned billing specialist, mortgage servicing team manager, operations senior specialist Reo, and assistant asset manager.

Cerami Search Group - Dallas, TX

JPMorgan Chase - Deerfield Beach, FL

Redc - Dallas, TX
SunTrust Banks - Virginia
BBVA Compass - Birmingham, AL
Pridestaff - Dallas, TX
PNC - Overland Park, KS
Citi - New York, NY
Crye-Leike - Little Rock, AR
Etcreo Management - Philadelphia, PA
Service Link - Wheat Ridge, CO
JPMorgan Chase - Jacksonville, FL
Dallas Employment Services - Dallas, TX
Employee Transfer Corp / Etcreo Management - Philadelphia, PA
Castle Peak Capital Advisors - Minneapolis, MN
Bank of America - Richardson, TX
Bayview Financial - Coral Gables, FL
Everhome Mortgage Company - Jacksonville, FL
Synergy Bank, Ssb - Garland, TX
PHH Mortgage - Mount Laurel, NJ
Cwcapital Asset Management - Washington, DC
Essential Associates - New York, NY
Era All Texas Realty - San Marcos, TX

Continue Job Search on SimplyHired website.

Key Performance Indicator KPI

REO Asset and Component Evaluation is done with the use of Key Performance Indicator Tracking. This type of software will allow for business processes, workflows, and data capture to help define strategies based on best practices, plant history, and fact based decision support.

Asset performance metrics

This method is primarily used to monitor organization performance against strategic goals with a Balanced Scorecard approach with many KPIs they are measured by the performances of business units, and employees of organizations, departments and units are periodically assessed.

What are the indicators composed of?

Reports show that Key Performance Indicators define a set of values used to measure against a set of values such as:

• Quantitative indicators - which can be presented as a number for a person, group or object
• Practical indicators - will integrate existing processes within the company
• Directional indicators -  determines how well an organization is doing.
• Actionable indicators - where the company can look for action protocols.
• Financial indicators -  performance measurement of the operating index

When a Balanced Scoreboard is used

As for monitoring KPIs by the use of business activity monitoring  (BAM). In these types of activities KPIs are frequently used to value difficult to measure activities. Some of these could involve such things as the benefits of leadership development, engagement, service, and satisfaction in which case the organization's strategy will use concepts or techniques that include a Balanced Scorecard.

Asset Management Ratios

	Sales
The Fixed Assets Turnover =
	Net Fixed Assets.

The Fixed Assets Turnover Ratio measures how productively the firm is managing its Fixed Assets to generate Sales

Become a REO Listing Agent

How to Get REO Listings

In order to be able to list real estate owned by banks you must become a Certified REO Listing Agent or an Certified REO specialist, Many would like to know how to get started, by contacting BPO companies. Apparently there is a small amount of agents who get these listings. REO listing brokers have been in the industry for many years working with these types of properties. Banks want to work with top producers who can get the bank owned real estate sold.

In states like Nevada, Chicago and Florida the number of REO's has grown so much that each listing agent can be very busy. Most buyers want a certified REO foreclosure specialist who has a history working with banks and the The National REO Brokers Association is the only national organization dedicated solely to the listing and selling of bank owned properties. It is also where a buyer can find a broker, appraiser or attorney.

As short sales gain ground and more homeowners find themselves underwater, banks will end up with the property deeds to homes with an existing mortgage balance due. Foreclosure auctions are held locally in most city courthouses where buyers can offer a bid for the houses. The fact that the bank did not get the minimum bid from a real estate investor at the court auction it gives REO listing agents a chance to sell the property at a discount.

How do agents get the listings?

Most of these listing agents are contacted by the bank because they have a reputation in the industry of being top performer, it is a close knit community of buyers and sellers, lenders and asset managers. So if you are new to the market it will be harder for you to get the information you need to represent these properties for lenders.

How Agents get REO listings from Broker Price Opinion Companies

Bank owned properties and foreclosure listings are hot right now due to the high commissions that can be made if an agent is representing a buyer. First it is recommended to get registered with asset management companies because banks usually outsource their real estate to asset managers who are responsible for getting these homes sold as soon as possible.

How this works is that the RE brokers are given an order to do a Broker price option by a lender, mortgage company or loss mitigation company. Experienced brokers will either do a Drive By BPO or an Internal BPO.most cases. This method is used to value a property against the current market, this is often times used if a borrower is considering foreclosure or needs help deciding if a short sale is necessary. 

NABPOP - The National Association of Broker Price Opinion Professionals

BPOs provide supplementary income for most agents, to get proper training and certification one will need to join an association. Real estate agents must qualify in order to do a BPO also they will have to get them from a BPO company. You must have an active license as a salesperson, broker or appraiser.

You will be required to estimate the price of homes in the local and regional market as well as neighborhood analysis, comps to compare properties. You may notice that this method is similar to a Certified Market Analysis CMA and a residential Real Estate appraisal.

Some of the main reasons for a financial institution to order a BPO are in the case of home equity lines of credit, home equity loans, requests to remove Private Mortgage Insurance, REO Foreclosures, short sales, due diligence for investors or investment bankers.

Becoming a REO Listing agent will take hard work and much public relations, also it is recommended to learn how to market yourself to the right people. Continued educational courses and staying up to date on the current trends in the mortgage industry.

Free List of BPO Companies

You can pay for a list of BPO companies or you can utilize the free ones on DMOZ directory. Most companies that specialize in Business Valuation Services,Financial Services, and Field Services also do BPOs.

Real Estate Valuation Companies:

• clearcapital.com - Clear Capital specializes in Appraisals, Broker Price Opinions, Home Data Index, Property Condition Inspections and Value Reconciliations.

• firstam.com First American Financial Company

Wikipedia offers a free list of asset management firms

System for Getting Listings from Banks

Top REO listing agents have learned some really successful ways to make a living selling REO properties.They will teach you how to get Broker price opinion orders from asset management companies. 

Many of them require that you sign up for training for their lead system. So if you want to list Real Estate Owned and complete BPOs for banks it is going to cost you some investment of either your money or your time. You also will get to learn how to market your listings on the internet by setting up your own self-hosted website, promoting your listings with social media and creating your own products.

There is a guy who's name is Jerry Richardson and he does REO course reviews where he discusses the pros and cons of these kits and training courses. He recommends the Secret REO BPO1000 list and the BPO REO Business Kit.

What you will find is that you will have access to an exclusive list of new asset managers and REO companies to connect and network with, now he does say that this list is for seasoned veterans who already know how to do BPO's and get REO listings. If you are looking for a course that will teach you how to do them, it probably would be best for you to attend the NABPOB because they are an association for agents.

Anthony Aires the creator of the course REO Kit provides videos, transcripts, and a ebook with step by step instructions on how to get and sell your listings. This is not an endorsement just informational so you still will need to do your own due diligence and find the right methods for you to getting REO listings from banks.

Where can I find REOs?
In order to get started in this industry it will be best to have several ways to locate bank-owned REO properties.Some of the best ways to find these homes is to look on the web. Also many lending institutions will have real estate listings on their websites. You may find that you need to register or sign up for a membership to have access to these lists.

Local banks usually have a department or a person who handles the banks REO inventory. When you are searching for property for real estate investing purposes you may need to contact the loss mitigation department of national mortgage companies. These non-performing loans will be a huge part of how the lender will handle the borrowers who have defaulted. 

Investing in real estate in a down ecomomy can have its benefits for instance buying REO properties from banks is a lucrative career. So its best to contact a lender to find out what they require to purchase an REO property.

What are some of the advantages of buying a bank-owned REO?

Most of these homes are free of eviction notices, are without liens or claims against the property such as a second or third mortgage, mechanics liens, taxes or any liens attached by creditors. Getting a discounted price that is less than the market value is what makes these so attractive to investors and listing brokers.

Homebuyers can by pass the court auction as well as the pre-foreclosure process for a less risky and competitive transaction. The best part is getting low down payment , low interest rate and help with the closing costs on each home makes these types of deals a high priority for agents, brokers and appraisers.

Bank Foreclosures Inspection Occupation

Banks lenders and realtors need professional property foreclosure maintenance and inspection to preserve REO homes with winterization, debris removal, clean outs, board ups, general repair and lawn care.

Field Inspection jobs

Are you looking for inspection jobs in southern california, southwest florida, georgia, northern KY, for property photo inspections., lock changes or securements. You will find that there are those hiring property preservation vendors of preservation companies and REO companies.

Occupancy Determination

The primary purpose of this inspection service is to determine who, if anyone, is occupying the property. You will be required to record the full names, contact phone numbers, any rental information agent or property manager information and the number of units. The property condition and any existing or potential conditions that could affect the value of the premises.

Borrower Interview

Is when you will do an inspection service to make direct contact with the borrower and obtain the reason for the delinquency and current phone numbers where the borrower can be reached. As well as a property condition and description. If the borrower is unavailable at the time of inspection, a call back card will be left at the property.

Foreclosure Cleanup

Property Condition Inspection

A direct visual observation of the property will determine the overall condition and occupancy status of the property. You will be required to determine if there are any existing or potential conditions that could impact the value of the property.

 Property condition inspections can be completed on either a contact or no-contact basis.

Disaster Inspection

Here you will determine the condition of the property and what damages, if any, are present at the property due to the natural disaster. FEMA inspections can be completed within regular inspection time frames or on a rush basis.

Foreclosure Inspection

As an inspector you will determine the overall physical condition of the property and occupancy status of the property. Contact may be necessary during this inspection. You will be required to report observable damages as well as property secured status for secured or not secured, also utility status for active or not active and other maintenance needed and considered important for this type of inspection.

Sale Date Inspection

When it comes to a contact inspection conducted on a certain date such as on the foreclosure sale date- assigned by your subcontractor or from the client relative to legal proceedings to acquire title in the servicer's name.

Property condition is ascertained and occupancy results determine whether an eviction may be required. If the property is vacant, preservation work commences consistent with client specifications.

Types of Property Inspections

The following are the types of inspections that many who will be entering the field of property field foreclosure will have to be familiar with in areas such as: Eviction inspections, Voluntary pre conveyance inspections, Vacant property inspections, Occupancy inspections.

Eviction inspections are when the mortgagees perform a scheduled eviction, to confirm the scheduled eviction the day before and to verify if the property is still occupied. Mortgagee document the name of the person, or place, date and time of call, and the results of the call.

Voluntary pre-conveyance inspections is to verify that the properties are in conveyance condition or to identify additional requirements that need to be met such as conveyance damage, HUD will allow mortgagees to claim the cost at the rate of vacant property inspection.

Vacant property inspections mortgagees document property condition, with written description and photographs, if the inspection identifies property damage or health hazards, mortgagee should submit an over allowable request immediately following completion of inspection.

Occupancy Inspections establishes that the property is vacant and abandoned and the morgagee should start preservation and protection actions required to secure the property.

A home inspection is a physical evaluation of the overall condition of the foreclosure, property contractorslist items that need to be repaired or replaced by giving a detailed report on the condition of the structural components, exterior, roofing, plumbing, electrical, heating, insulation and ventilation, air conditioning, and interiors.

Home Inspection School

Some of the places that you will be able to find home inspection schools include: Georgia, Illinois, California, Florida, Ohio, NJ, Arizona and Pennsylvania. You can have home inspection continuing education, exam prep, appraisal and certification.

When you go online you can learn: Real Estate Pre-Licensing and Continuing Education as well as Home Appraisal Pre-Licensing and Home Inspection Licensing. If you want to learn more about Insurance and Financial planning you can take continuing education courses at academic enterprises.

Classes in many areas, including an appraisal course as well as classes in the highly competitive program such as our broker licensing school.

All professionals in the real estate industry often renew licenses or complete courses to aid in the advancement of their careers. If you are searching for refreshers or courses for renewals of any type of real estate licenses.

You can find a phenomenal real estate continuing education program where there is a wide array of topics and fields that cover home inspection school courses online.

Field Service Solutions

Technical field service provides field service solutions for OEM's , also there are nationwide field inspections for manufactured homes, site built homes, commercial establishments, apartment complexes and vehicles. Many companies are using lender processing services for default mortgages.

The right cost appraisals and estimates are covered in the national association of mortgage field services frequently asked questions.

Specialty inspection and verification services

For those looking for jobs they need to be acquainted with some of the job duties required by many national companies in the following areas :

• Delinquent Vehicle Loan Inspections
• Floor Plan Audits
• “Notice to Call” Delivery
• Merchant Site Inspections/Surveys
• Commercial Real Estate Inspections
• Reverse Mortgage Inspections
• Mobile Home Vacancy Inspections
• Occupancy Checks
• REO QC Inspections
• Leased Equipment Inspections
• Collateral Inspection Reports
• Address Verifications
• Location Verification Inspections
• Delinquent Credit Card Interviews
• Credit Line Interviews

If you are looking to get into the insurance industry or just want to brush up on your skills and get to know the current standards and practices, we offer insurance education. Some schools offer courses in the following areas:

• Real Estate Pre-Licensing & Continuing Education
• Home Appraisal Pre-Licensing & Continuing Education
• Home Inspection Licensing
• Insurance Continuing Education Courses
• Certified Financial Planners Continuing Education Courses

REO property preservation and maintenance services

Property Preservation Specialists and HUD Contractors job leads?

• ARCpreservation is hiring preservation contractors and inspectors,
• SE Florida property preservation and rehab, is a full rehab and repair company,
• City of Fairborn, is hiring a neighborhood inspector who has a certification in property maintenance and housing inspection,
• Portsmouth redevelopment and housing authority is hiring for section 8 housing inspector,
• city of Richmond is hiring property maintenance enforcement inspector.

Initial Services - such as services performed immediately upon a property becoming vacant
Recurring Services - also services performed on a regularly scheduled basis
Periodic Services - as well as services performed on an as-needed or requested basis

• Client support capabilities
• Bid Management System
• Bid Review and QC Process
• Winterization Management Program

Things that you will need to know regarding general field call include such matters as Collection Benefits, Improved Debtor Contact, Personal Message to contact company or Then you will be responsible for Appraisals Collateral Evaluations for the Residential, Drive By Appraisals, Full Appraisals, Desk Field Reviews and Broker Price Opinions.

Then there is the Higher Priority Towards Repayment of Debt, as in the case of Delinquency Reduction, Reduction in Repossessions, Foreclosure and Charge-offs, Verifing Debtor's Residence or Obtaining Residence and Business phones when possible in Collateral Evaluation.

Plus there is the issue of targeting the debtor's location either of the Residence or Place of Employment.

Most mortage inspections include Residential and Commercial in which they need someone to Make contact with Debtor, Verify Occupancy Status and do an Evacuation of Property Condition of the surrounding area.

In the instance with Insurance Loss Report Vehicle Condition Report, they need to have the Damage Repair Completion Status Information for the Residential Properties, Commercial Properties as well as the Mobile Home, Automobile, Boats, and any other Recreational Vehicle
Some have access to the Commercial Full Appraisals as well as the residential properties.

Property Preservation Evictions REO, The current market is seeing record numbers needed forso if you have skills in Securing Winterizing, Lock Changes Board-ups, Lawn Maintenance Debris Removal, Refurbishing Rehab of Collateral, Evictions and REO Disposition this will keep you employed for a very long time.

Vacant Property Ordinance required by city, State and local government see foreclosures as money in the bank, New laws require the licensure by the city of preservation contractors, before providing any type of work on vacant property.

This is an annual vacant home registration.In effect preservation contractors become the local contact when providing specific maintenance required by the vacant property ordinance.