REO / Default Services
Welcome to The Realty Solutions Team (TRST) website. With a combined 45 years experience in appraisals/property valuation, renovation, property management, marketing, and real estate sales, and as part of the area’s largest independent brokerage (J. Philip Real Estate), our team has both the experience and ability to provide a premier level of service tailored to our clients’ needs. Below is a menu of the service we can provide.
Scalable Services
Loss Mitigation
Pre-foreclosure Services and Options
The majority of loss mitigation activity occurs in the earlier stages of the foreclosure process and we are able to offer a variety of services; ranging from educating delinquent buyers about the options available, facilitating deed-in-lieu agreements or short sales, to arranging sales with qualified investors.
Site Inspection
Property Status – Inspect for Condition and Occupancy
Location, condition, and status of occupancy are evaluated upon initial inspection.
Cash for Keys and Relocation Expertise
If the property is occupied, we will work with tenants or mortgagor(s) to help them vacate. With a strong background in rental management, we have an excellent record for negotiating and executing vacancy agreements/CFKs.
Other forms of assistance (through governmental and charitable agencies) are sometimes available to occupants. If occupants are willing our team helps them to reach out to local agencies to assist in their relocation.
Eviction and Lockout Management
Sometimes there is no alternative except to proceed with the eviction process. We offer access to our local network of eviction attorneys and lockout contractors, and coordinate with local sheriff or marshal offices for court ordered evictions. In some instances, 30 day storage of personal property must also be arranged.
Initiate/Establish Regularly Scheduled Inspections
Monitoring of property and identification of any changes in condition or status is an essential service provided.
Initial Vacant Property Inspection, Includes Ricoh 360⁰ Tour
As our clients’ primary source of physical property information, in addition to photographs, we provide added value with our Ricoh360⁰ tour. Once interior access is achieved, we have found that our clients appreciate the ability to accurately inspect each room completely – the tour makes it possible not only to turn around completely, but has the capacity to zoom in and out, and scan up or down to see the ceiling or the floor conditions. This has become a desirable interactive tool to help evaluate actual conditions of assets in our inventory.
Property Status
Property Condition Analysis Report with Recommended Professional Inspections
We have the background and experience to perform an in-depth general inspection. Contractors and specific inspections are utilized for more focused estimates and detail later, but an initial report is generated identifying repairs/improvements needed and specific areas of concern. Members of our team have a trained eye for detail, extensive experience in repair and renovations at all levels. Reports can be provided in our own forms, or in an investor preferred format. A preliminary condition report is a necessary step to provide the data needed to begin the evaluation process.
Municipal Record Research (violations, VPR, open permits, tax status, unpaid municipals)
All local government records (village, township and county) are examined to identify any problems or factors that require attention or correction.
Preliminary Title if Needed
Where ownership is conveyed via bargain and sale deed, title insurance is a necessity. If title search has not been ordered as part of investor acquisition, we have a local title company prepared to a perform title search and insurance if needed.
Property Preservation and Maintenance
Initiate Essential Property Maintenance Tasks Coordinate with institutional PP team or our local area vendor network
We have extensive connections to regional and local property preservation contractors and we can bid out and quickly schedule rekeying/securing, initial and ongoing yard care, snowplowing and any other maintenance services needed.
Utilities Management
Our team is familiar with billing procedures and requirements to set up and maintain municipal services and electric/fuel company accounts.
HOA & Co-op Management
We work with HOAs and their management companies establishing new accounts and scheduled monthly payments as needed.
Start/Complete Property Stabilization Repairs
Property condition often needs to be stabilized – trashout, sales clean, roof tarping, boarding may be needed. Our extensive contractor network can provide bids on any size job.
Violation Corrections
Fines for municipal violations can often be avoided or reduced by quick response (overgrown lawn or trash violations). We can get these corrected quickly.
Asset Valuation
Comprehensive Initial and Ongoing BPO with ARV
What is the property worth in its current condition? What is the After Repair Value? Not all real estate agents are equally qualified to estimate and project sales value. Our team has over 20 years of experience in residential and commercial appraisals, with all BPOs and valuation done in accordance with USPAP standards. Standard format is first two comps (sold and listing) for as-is value, with third comps for ARV, but we can tailor our reports to your needs, including full narratives for more challenging or commercial properties. Additional comp sheets are also provided as needed. We consider this part of the process to be of primary importance, as current value is an essential touchstone for client decisions. Our additional capabilities include stand-alone valuations in a variety of formats if needed.
ROI Analysis on Spectrum of Repair Scenarios
Once condition and as-is estimated sale value are established, what is the best approach to maximize return? Size, setting and location of the subject property are all considered when making recommendations for ROI approach. If a property is not in an area that supports higher value (we provide statistical survey of sales and listings in the immediate neighborhood), then an as-is sale is recommended, except for any repairs involving safety or further rapid deterioration. After that, a spectrum from minor repairs and improvements to full renovation are considered, and a final recommendation, factoring in renovation costs, is made.
Monthly Marketing Reports
Current and projected market conditions are also essential for determining best positive outcome. We monitor local trends and absorption rates, and stay on top of the regional, and national markets as they evolve. If market conditions shift, sometimes the approach needs to adapt.
Capital Improvement/Renovation
Comprehensive Renovation Estimates from Vendor Network of Established Contractors
We utilize local, regional and national contractors (depending on scope of work) to provide competitive estimates on a standardized Excel bid template. Scope of work is detailed in bid requests so that estimates are comparable.
Project Management - Ongoing Inspection and Supervision of Renovation Progress
Our extensive background in construction management allows us to monitor and identify any potential problems onsite as jobs progress.
Building Permit Closure
An important and sometimes neglected part of job closure is to ensure all permits are closed and Certificate of Completion received. When permits for repairs have been pulled, all necessary inspections are done and proper paperwork filed with building departments to fully approve work performed.
Marketing & Sales
Matterport 3D Virtual Tour (in-house Matterport and Ricoh cameras)
Our in-house production team has been utilizing cutting edge technology to enhance listing exposure and reach for 6 years. During the height of the pandemic when State mandated regulations restricted in person showings of properties, every single listing in our inventory was accompanied by a Matterport 3D Virtual Tour. This immersive technology is the new normal that consumers now expect to see.
Professional Photography
The Matterport camera is a high-resolution camera comprised of 6 lenses. Screen captures from Matterport scans produce high quality images with the widest angle possible and no peripheral distortions. These photos are supplemented by wide angle SLR camera photography if needed.
Drone Photography
Our in-house drone, HAL, is capable of capturing aerial video and static images providing a bird’s eye view. These images can be incorporated into a cohesive presentation of any property.
Virtual Staging
Renovated properties can benefit by virtual staging rooms specifically living rooms, master bedrooms and kitchens. This tool assists buyers with visualizing the home as a livable space. We can advise when a property will benefit from virtual staging and we’ll work with one of our vendors to bring to life an empty space.
Professional Copywriting
Unique to this market, our team is staffed with experienced promotional writers trained in consumer engagement through wordsmithing.
MLS Listings & Presentation Packages
Particular attention is paid to properly filling out the MLS’s listing form online. This is the critical link to making the listing appear in consumer searches across the world wide web. When a listing is inaccurately labeled its reach in marketing is limited and can be easily missed by qualified buyers. Our listings are proofread multiple times for accuracy prior to publishing and maintained throughout the life of the listing.
Suite of Marketing Tools (all market syndication and social media exposure)
When a listing is published, its automatically syndicated across marketing platforms on the internet. The most notable of these are Zillow, Trulia, Realtor.com, New York MLS and ListHub …. In addition to these sites, we post property listings via a Matterport link to all our social media curated accounts including: Facebook, Instagram, Twitter, YouTube & Pinterest.
Agent to Agent Communications
Drawing from our own difficulty in trying to communicate with REO listing agents, we make accessing information and scheduling appointments a breeze, and provide all needed information and on-line offer form link in our agent section on this website.
Escrow/Closing Services and Coordination
Monitor and Expedite all attorney communications
In this attorney driven market area, escrow, specific contract negotiations and closings are generally handled between seller and buyer attorneys. We have established relationships with a number of attorneys familiar with REO sales who can handle either side of the deal if needed. At this latter stage in the process, our primary role is to provide additional information as needed, mediate any disagreements, and push for a timely closing date.
Provide Final Bills for Municipal Accounts
HUD1 or CD forms include pro-rating for taxes, and adjustments for other items such as fuel oil and service contracts, all of which need to be provided to attorneys to allow prompt closings.
Provide Vacancy Affidavits and Water Guarantees
Title insurance often requires notarized vacancy affidavits and water & sewer guarantees which we provide as soon as possible.
Coordinate with Building Department for smoke/CO alarm affidavit inspection if needed
Many building departments will require a physical inspection in addition to the affidavit, before releasing municipals. We are proactive in making this does not hold up title and the closing.
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