REO-Real Estate Owned
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Property Resources, Inc. ("PRI"), along with its strategic partners, provides national turnkey operating, IT, and process expertise applicable to acquiring and selling bulk REO portfolios of US residential real estate foreclosed properties.
An REO is typically owned by a lender, subsequent to foreclosure. Ancillary liens, such as second mortgages, have typically been removed. In small volume, these can sometimes be sold off at public auction. However, with mounting foreclosures numbering in the millions and rising, banks and other owners of REO properties are looking to offload portfolios of properties at a discount to individual current market values in return for offloading portfolio risk, property management, asset renovation, and other expenses. PRI provides a full range of services to acquire and/or process the disposition of REO portfolios for investors, lenders, and city governments.
REO Transaction Services
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PRI's REO Transaction Services engage and manage multi engagement teams in support of the acquisition, renovation and sale of REO properties with the objectives of efficiently and effectively stabilizing main street neighborhoods. PRI applies project management techniques as well as technical and business knowledge to ensure high-quality results in this fast-paced, service-oriented business. PRI services include financial analyses, cash flow modeling, analytical model reviews, loan portfolio underwriting, asset due diligence assessments, asset valuations, real estate appraisals and appraisal reviews, asset management, renovation and other general real estate advisory services.
PRI coordinated four mayor services for a REO portfolio transaction:
- Acquisition Services of targeted REO properties, including valuation, negotiation, due diligence, title transfer.
- Asset Management Services develop a workout plan (cash for keys, renovation, loan modification etc.) and manages the REO's asset value until sold.
- Contract Management Services oversee any renovation to insure work is performed within guidelines set forth in the REO Asset Management Plan.
- Disposition Services oversee sale, underwriting, and mortgage services to facilitate a smooth transaction in compliance with clients' objectives.
Default Real Estate Advisory Services
PRI Provides:
- REO Process Management
- Appraisal Management (BPO Valuation)
- Acquisition Negotiations
- Cash-for-Relocation
- Property Inspections
- Marketing Management
- Escrow Management
- Post-Closing Lender Services
- Vendor due-diligence
- Document Management
- Renovation Management
- Disposition Closeout
- IT Infrastructure
- Accounting Reports
