Five Brothers' commitment to servicing REO properties is second to none. Our REO department provides an all-inclusve approach to managing REO properties. The department is comprised of Vendor Management Specialists and Broker Specialist Teams, professionals who focus strictly on communications with vendors, brokers, and agents. These specialists work together and in conjunction with Real Estate professionals, vendors, title companies, law enforcement, and attorneys, to ensure that the REO process is managed efficiently and in compliance with regulations, the law, and your requirements. Our primary objective is to facilitate the extensive coordination involved in obtaining, securing, maintaining, marketing of, negotiating, and closing on an asset.
Five Brothers' integrated approach to REO Management is designed to minimize losses and maximize returns. Placing the accountability with Five Brothers ensures that your properties benefit from our 40 years of experience in the industry and allows your staff to focus on other areas of servicing.
Benefits of using Five Brothers' REO Services include:
- Real Comp REO Services website, which provides access to the status of any order 24/7
- Nationwide network of REO Professionals
- REO Evaluation Specialists
- Full range of Field Services
- Loss Mitigation Software
- Fixed fee approach for property preservation costs
- Single point of contact and accountability
- REO Analyzer - maximizes sale price, minimizes holding time
- Completely paperless, online system, including electronic offer submission on the internet
- "Cradle to grave management"
REO Possession Management
Five Brothers will coordinate and facilitate Cash-for-Keys and evictions in accordance with local law and your instructions. Once the asset has been secured, Five Brothers will facilitate utility, property tax, and insurance payments.
- Cash-for- Keys - We will meet with parties in possession of a property in an attempt to negotiate cash for keys settlements, according to your directions, to try to avoid additional eviction costs and marketing time delays.
- Eviction - We will attend the eviction and, following your explicit instructions, will secure and stabilize the asset; we will provide photographs of the completed services.
REO Pre-Marketing Services
- Evaluation of collateral subsequent to acquisition
- Property and neighborhood marketability evaluation
- Highest and best return analysis
REO Marketing Services
Five Brothers' priority is to attain the highest possible return in the shortest possible time frame. As soon as we obtain enough information about the property, we start working on an effective marketing strategy. Once you allow us to list the property, we put that strategy into effect and begin an aggressive marketing campaign. Five Brothers provides the following marketing services:
- Online marketing through multiple websites
- Place newspaper adds on a weekly basis
- Attend open houses and evaluate effectiveness
- Design and distribute property brochures
- Send property information via e-mail to investors
REO Closing Services
Five Brothers will coordinate the closing process once an offer has been accepted. Our experienced closing coordinators will review the contract to make sure it is complete and free of errors. We will obtain all of the necessary signatures. We will assemble the proper parties, including your attorney or one we obtain from an appropriate law firm, and employ the services of a title company. Five Brothers has the ability to certify closing documents, attend the closing, collect and distribute funds, and distribute closing information, all according to your requests.
Closing & Title Services
- Resolution of Title impediments prior to closing
- Curative Title Clearing
- Management of closing functions, inclusive of HUD-1 review and approval
- Loan Closing Service
- Title Search, Title Recording, and Document Retrieval
