3. Listing REO Properties Page 38

Listing Assignment After foreclosure proceedings completed Asset manager assigns—blast or assignment via web-enabled workflow app Accept or reject? If you reject it, provide a reason why Page 38

Listing Package Tasks, deadlines, and expectations  Property address  Occupancy check form  Initial condition report form  No-trespassing-sign instructions  Utility authorization  Valuation report form  Listing contract  Marketing plan checklist  Preliminary title report  Home warranty confirmation Page 39

Occupancy Check Face-to-face with the property and whoever may be living in it First task—within 24 hours Vacant or occupied? Report to asset manager  Accurate  Truthful  The right property? Page 40

Occupancy Checks in Condos First challenge—gaining access past security Ask the on-site manager, maintenance staff, neighbors—is anyone living here? Big problem—unpaid HOA fees Is the buyer responsible for the previous owner’s back-due fees? Page 40

Vacant Inspect the perimeter of the property Follow rekeying instructions Keep authorizing documentation and your ID handy Post required notices, no trespassing signs Photograph the property for baseline documentation Date-stamp all photos Page 41

Vacant with Personal Property Is it valuable? Secure, document, and reunite with owner No automatic trash-out Know and comply with state and municipal regulations Rule of thumb: Can be discarded or sold if owner doesn’t reclaim it or respond to notices Page 42

Occupied by Owner Foreclosure limbo? “How long do I have?” Straightforward, truthful answers Report to the asset management for further instructions—cash for keys or eviction Empathy for hardship Page 43

Pets Left Behind Hasty move out Pets not allowed in rental property Too much trouble Call animal control or a shelter Notify owner of pet’s whereabouts Page 43

Occupancy Clues Cars in driveway Ask neighbors, condo manager, security, or maintenance staff Toys in the yard Furniture on the deck Check mailbox (don’t remove the mail) Look through the windows Lights on Satellite dish Page 44

Occupied by Tenants Bona fide tenants? Gather specific information Provide info on tenant’s rights Report to the asset manager Protecting Tenants at Foreclosure Act  Expires on December 31, 2014 Page 44

Cash for Keys Relocation Assistance Use negotiation skills Quick alternative to eviction Less likelihood of property damage Quick cash for moving expenses and security deposits “Broom-swept” condition Page 46

Practitioner Perspective Ed Bugos Willoughby Hills, Ohio “The REO Doctor” “When you go out to do an occupancy check, what is on the other side of the door is probably fear. There’s no reason not to be nice.” Page 47

Preservation Services Trash-out Lawn maintenance Snow removal Rekey Winterize Maintenance Page 49

Turn on Utilities Use your working capital— you pay the bill Must be on for repair work, cleaning, inspections, appraisals, and showing Short-term service available? Warning: a vacant property with utilities on can be an invitation for squatters and you get to the pay the bill! Page 50

Enlist the Neighbors First and best warning system Neighbors next door and across the street Provide your business card Ask them to call you if something is amiss Page 50

BPO Challenge for asset managers BPOs from 2–3 other agents for comparison Cooperate when agent calls (they are not the competition) Use the Realtors Property Resource®   A REALTOR® member benefit Page 51

Repair or As-Is 1.Code violations, hazards 2.Structural integrity 3.Habitable and safe for all occupants? 4.Appearance Page 52