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Complete REO / Asset Management Services
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- Complete Broker Price Opinions within 72 hours
- Re-Keys Completed within 24 hours
- Utility Services and Maintenance Arranged within 24 hours
- Repair Bid Estimates within 3 Business Days
- Eviction Coordination
- Full Service Real Estate Brokerage
- Fully Computerized and Automated
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Southern Utah Foreclosures Team Objectives
The team objective is to provide the highest quality
service to lenders and asset disposition firms by utilizing
state-of-the-art technology, professional ethics, teamwork
and good old-fashioned hard work; thereby building a
positive working relationship with each and every client.
We are a full-service real estate brokerage specializing in
bank-owned properties...We handle property security,
maintenance, and rehabilitation issues and deliver
timely invoicing and status updates to our clients.
Upon assignment the following will be completed:
- Occupancy status determined immediately.
- Property is secured and re-keyed, if vacant.
- Cash-for-keys negotiations opened, if applicable.
- Eviction proceedings started, if applicable.
- Job estimates initiated.
- Wood-destroying Organism report ordered.
- BPO completed to the client within deadline.
- Property photos sent to client (hard copy or email).
- MLS input on day of assignment.
- Signs ordered with informational brochures.
- Advertising submitted: Local home magazines and newspaper.
- Submit to multiple Internet web sites.
- Supervise repairs, if allocated.
- Scheduled weekly property inspections.
- Timely and accurate monthly market updates.
- All contract negotiations & document preparation.
- Verified buyer qualification.
- Escrow deposit verification.
- Title order processed.
- Regular updates with buyer's mortgage company.
- Expenditures paid by Southern Utah Foreclosures with reimbursements billed monthly
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Southern Utah Foreclosures, Complete REO/Asset Management Services
Atten: REO / Asset Managers...here is a list of your foreclosed competition...let us help you clear your books of bad assets!
read more...
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Southern Utah MLS Foreclosure Listings
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For my buyer's here is how it works. Every day, week, or month If you ask, you will receive a FREE computerized report listing the current Foreclosure properties available in the Washington County (Greater Saint George) area. There is no cost for this information, and absolutely no obligation. This insider information, sent to you in an incredibly simple and efficient format, this data will give you a huge advantage over other forsclosure buyers in the marketplace. I will provide this insiders information for free…the only thing I ask is that you let me help keep you safe in this transaction… Contact Alex Yeager sghomes@msn.com Click here to see the MLS foreclosure listings for Southern Utah |
REO / Foreclosures and Short Sales....What Should I Know?
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What is REO / Foreclosed Property ?
REO is an acronym used by financial institutions, which means
Real Estate Owned, and has come back into the bank's portfolio via a foreclosure process. The purchase of a REO property is much different than conventional homes and outlined below are the major points of difference. Most REO properties are sold as is with the seller making no repairs, and is addressed in their corporate addendums stating that the buyer will purchase as is but still have the right and contingencies of inspections. Furthermore, the seller does not provide a sellers disclosure statement, as they have no information on how the former owner was maintaining the property other than what is evidenced by the home's current condition.."
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Where do you begin?
It is of the utmost importance to be pre-qualified or better yet pre-approved by a financial institution prior to making an offer on a REO property. In most cases the seller will not even respond to an offer without verification of the buyer's ability to procure financing.
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Financing...where, when, how?
There are several financing programs available for the purchase of "as is" properties and we can provide you with the information on these programs. Most sellers will not hold second mortgage, allow preoccupancy, but in some cases the seller will offer special financing incentives. Furthermore, some sellers may require that the buyer be pre-qualified by one of the seller's loan representatives to give them the assurance that financing will not be an issue... For those buyers making cash offers, the buyer must be prepared and willing to provide the seller with written verification of funds available to close. Also, some sellers may require cash buyers to close within 10-14 days after contract acceptance
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How do I make an offer on REO / Foreclosed Properties
It is important that the buyer realizes that a REO property is owned by a corporation and replies to that offer may take anywhere from 2-5 business days. Many times the offer process has to go through different levels of management for a counter proposal or acceptance and the buyer must be patient for the corporation process. In many cases, REO properties will receive several offers on a property, and the seller will instruct the listing agent to inform all potential buyers that there is a multiple offer situation, and will request that all buyers present their final and best offers within 24 hours and will then decide on which offer they will work with. The seller is not obligated to accept any of the offers if none meet their requirements for the property and may counter offer the offer they feel has the most merit. Usually, the seller will require the listing agent to keep the property on the market for acceptable back-up offers if there are any problems encountered with the first position contract, so they don't lose marketing time.
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How long until Close of Escrow !
Most financial institutions require a 30-day closing period and if the buyer is not able to close on the date specified in the contract, the seller will normally have a clause in the contract that if the buyer requests a closing date extension, then the buyer will be required to pay a per diem penalty as a condition of an extension. If the per diem penalty is $50.00 a day then that amount is multiplied by the number of days past the original closing date and the buyer will have to pay that amount at the time of closing. Example: $50.00 a day per diem multiplied by a 10-day extension would be a $500.00 penalty paid by buyer at closing.
** Furthermore, the Seller, Listing Agent, or Title Company is not responsible for the ordering of a survey, termite report or home inspections and is the responsibility of the buyer ** | | | |
What is REO / Foreclosed Property
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 If you are in the market for a foreclosed home in the Southern Utah area, you are at the right place to get the help you need. I am an experienced foreclosure specialists and will help you buy a foreclosed home in the Saint George Utah market place. HUD, VA and institutional lenders sometimes offer excellent buys on foreclosed real estate and we can assist you in finding the right home.
HUD, VA and bank owned homes are usually purchased through licensed REALTORS ® and their approved brokers. We have access to all homes. HUD and VA have a strict bidding procedure and the bids are opened on a specific day of the month. The highest bid will get the award. Institutional lenders usually list their properties directly with a real estate broker and operate in a more traditional sales manner.
- FORECLOSED HOMES ARE USUALLY PRICED TO SELL: Most foreclosed homes are priced at fair market value. However, VA and HUD homes are often priced below area comparables. Furthermore, you may, through the bid process, be able to purchase a home below market value if you shop carefully and use an experienced agent to help. We can help. We can also help you by giving you the comparable pricing information for the community to help you make a good pricing decision when you prepare your bid. You will need to get pre-qualified before making a bid and we will help. We work with lenders who are familiar with the procedures and will prepare the pre-qualification document before you begin your home search. There is no fee for this service. It is of utmost importance to become pre-qualified or better yet pre-approved; as most lenders will not even entertain offers without proof of lender qualification.
- YOU CAN BUY A FORECLOSURE HOME: Anyone with the cash or ability to obtain a mortgage loan can buy a foreclosed home. You will have to qualify for the mortgage as with any home purchase, but we'll help you with the financing, too. Often, the cash needed to buy a foreclosure is less than you would need to buy a home offered for sale by a non-foreclosure homeowner.
- FORECLOSED HOMES CAN BE A BARGAIN: HUD homes are sold "as is" and HUD does not make repairs or offer warranties. However, the HUD homes are usually the best priced and offer the best value. If you are willing to invest some 'elbow grease' in your home, you can get a good buy and make repairs and redecorate to make the foreclosed property a real home. Many will need cleaning up or cosmetic upgrading, but generally your home will be worth a lot more than you paid for it when you have put your decorating touches to work. VA will make some repairs and VA foreclosures are generally in better condition than HUD homes. Institutional lenders evaluate the homes on their individual merits and will determine if the home will be sold "as is" or repaired. Institutional lenders tend to be less rigid and may be negotiable on repairs.
- WE'LL PREPARE ALL OF THE PAPERWORK: We will prepare the bid and all of the contract paperwork for you if you select to bid on a foreclosure. Often the details of closing help and terms and conditions are as important to a seller as the price. We'll consider all of these needs when we prepare your offer.
When you’ve decided to Buy, I will be your advocate, your guide, and your fierce negotiator. I will work hard to make yours is a great sale.
I look forward to it.
Sincerely,
Alex
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