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Asset Management / REO Disposition

Summit Realty Group, Inc. is a full-service Real Estate Management Company and Brokerage. As experience asset managers, Summit is well-trained and proficient in property valuation, management, and disposition. We have developed a vast network of appraisers, inspectors, contractors, lawyers, and title/escrow services allowing cost effective out-sourcing for today’s overworked loss mitigation department.

Our partners have been screened for the following criteria: accuracy, integrity, fees, quality of work, responsiveness, and accountability. Our case managers and agents have been extensively trained in foreclosure and REO asset assignment procedures. Summit has developed a turn-key asset disposition system to remove those non-performing assets off the books.

Summit Realty Group can handle all aspects of the foreclosure process, from the initial legal action through redemption and sale of the property. A quick overview of our services includes:

  • Comprehensive BPO and Valuations
  • Complete Market Analysis
  • Comprehensive Documentation Services
  • Cash-For-Keys and Eviction Assistance
  • Verify Occupancy Status
  • Secure Vacant Properties (re-keying, sign posting, title work, contact utilities, clean up bids)
  • Property Clean-up and Maintenance (interior, exterior, ongoing)
  • Regular Weekly/Monthly Reports (you dictate the frequency of reporting)
  • Marketing the Property (signage, MLS, various foreclosure online databases, and various other internet sites, fliers, etc.)
  • Presentations of all offers to purchase the property and counter-offers
  • Follow-up with all parties to ensure a smooth, timely transaction
  • Coordination of Settlement
 
The Disposition Process
  • Step 1:
    Property Evaluation and Setup
  • Step 2:
    Marketing
  • Step 3:
    Reporting
  • Step 4:
    Property Management
  • Step 5:
    Negotiation and Closing

- Secure, inspect and prepare property
- Evaluate property condition
- Provide detailed market analysis with photos
- Obtain bids for property clean-out, repair and maintenance
- Evaluate environmental and compliance issues

- Establish marketing strategy with financial projections
- Provide qualified, experienced REO broker
- Establish tracking/monitoring system
- Review strategy and pricing every 30 days

- Provide monthly status reports on all properties 
- Provide monthly and year-end summary reports on sold properties
- Monthly expenditure reporting
- Retain records for five years

- Supervise repairs and maintenance
- Monthly inspection reports
- Select on-site property manager when applicable
- Timely Payment of property expenses (optional)

- Counter, reject or accept offers within approved limits
- Provide detailed net sheet with all offers
- Coordinate closing process
- Ensure timely receipt of sale proceeds
- Ensure finalization of all services 
- Submit detailed closed file

 
 
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