Our extensive knowledge of the New York real estate market and valuations put REO Next in a position where every employee understands the skills needed to handle assets of any kind to reduce loss to investors and asset manager. The company is founded around experienced professionals who understand REOs and asset management.
We pride ourselves in quality BPOs and REOs in the Boroughs of New York, Nassau, Suffolk and Yonkers.
We have provided expert valuation analysis to a multitude of clients including: financial institutions, government agencies, and asset managers.
ReoNext uses the most advanced technology and resources to bring back quality BPO products that you need in making a well informed decision on your asset and how you should handle it with minimal risk.
REO Solutions You Need:
Reonext Provides Professional REO Services from A to Z.
We are a full service real estate agency that is
solely dedicated to serving banks and lenders
throughout the nation in the managing, marketing,
and liquidating of their REO Properties. Our
years of experience enable us to deliver the very
best service and guidance to our valued clients
under any circumstances and at any stage, from
delinquent note valuations to fast sales and liquidation.
We are strategically located in the heart of our
service area, allowing us to keep a very close eye
on each and every one of our clients' assets at all
times.
Property Valuations:
To ensure the highest return, we inspect and evaluate all properties in a timely manner. Every valuation performed is reviewed to ensure that the individual client’s requirements and standards have been met. Appraisals, BPO’s and CMA’s can be customized to accommodate any clients needs. Reports can be provided on our form, or on any valuations and photos can be faxed, e-mailed, uploaded to your web site and/or priority mailed to you within your time frame.
We understand your need for obtaining values or
foreclosure sales, short sales and secondary bidding
in 48 hour period. We are here to provide you with
the best possible service we can.
Reo Next REO experts have designed a program to achieve the fastest sales and to expedite contracts to a closing process. This will ensure you the maximum value of your REO assets and minimize the loss.
Our staff of Real Estate Brokers are qualified and experienced in REO sales and services. They will secure, inspect, and evaluate all REO properties within 48 hours. Our staff will conduct an analysis of occupant status and offer “cash for keys,” or coordinate evictions with attorneys. Occupied properties will be managed including tenant selection, leases, rent collection, maintenance and repairs. Property preservation and maintenance will include initial and weekly inspections, re-key, winterization, clean outs, routine cleaning, landscaping, cosmetic and general renovations.
The Process
STEP 1
Property Evaluation and Setup
- Inspect and secure property.
- Evaluate property condition.
- Initiate independent market analysis.
- Obtain bids for repair and maintenance.
STEP 2
Marketing
- Establish marketing strategy with financial projections.
- Select listing broker
- Review strategy and pricing every 30 days.
STEP 3
Reporting
- Provide you with monthly reports on both a summary and individual property basis regarding inventory flow, unsold inventory, properties under contract, sales and property expenses.
- Provide year-end summary reports.
- Retain records for five years.
STEP 4
Property Management
- Supervise repairs and maintenance.
- Monthly inspection reports.
- Select property manager when applicable.
- Address environmental and compliance issues.
- Payment of property utilities (optional).
STEP 5
Negotiation and Closing
- Counter, reject or accept offers within approved limits.
- Provide detailed net sheet with all offers.
- Coordinate closing process.
- Remit sales proceeds.
- Ensure that utilities and all transfers have occurred.
- Submit detailed closed file.
Asset Management
- Accompany the Sheriff on Evictions.
- Secure & Re-Key the property.
- Have property winterized.
- Ready the property for marketing including making repairs and improvements.
- Pay the bills on all of the above and wait up to 90 days for reimbursements.
- Pre/Post Foreclosure Processing.
- Determining Occupancy Status to make a recommendation for either an Unlawful Detainer action to be commenced or continuation of tenancy relationship.
- Determining if a Cash for Keys or similar voluntary vacancy arrangement can be structured.
- Monitoring on-going evictions and occupancy status on a weekly basis.
- Loss Mitigation.
- Initiating property preservations, remediation, maintenance services and storage.
- Turning on utilities in our name, gardening and pool maintenance.
- Determining if properties are located in homeowner’s associations & obtaining status of dues & assessments.
- Obtaining updated title reports.
- Providing an internet based management reporting system to allow Investors/Receivers to instantly view real-time information & photos of their assets.
- Providing constant communication with Investors/Receivers regarding property and occupancy status.
- Determining the risk-cost benefit for filling vacancies with qualified new tenants and maintaining property management services.
- Handle vandalism, theft, squatters, animals and arson.
Marketing
- Conducting Property Valuations including Broker Price Options (BPO), appraisals and contractor bids for possible capital
- Improvements.
- Maintaining a nationwide network of qualified real estate agents, contractors, attorneys, escrow and title agencies.
- Providing detailed monthly reporting during the marketing stage.
- Providing offer summaries and negotiations for consideration of acceptance.
- Initiating escrow and title services for a timely property settlement.
- Preparing client-specific marketing strategies for list price determination and adjustments.
- Providing closing coordination, follow-up on all sales proceeds, collection of outstanding bills.
- Marketing Prep-Work-photos, MLS data sheets, info box flyers, write ads, etc.
- List the property.
- Schedule showings.
- Educate Co-op agents.
- Submit offers.
- Coordinate all details of the closing and keep all parties up to date.
