Property sales management, including all REO services, is our primary focus. Because our ultimate goal is a financially successful sale and closing. Our first objective is to assign each asset to the most effective and efficient real estate broker, to get our clients the best-possible return. Marketable assets resulting from the build-out management and eviction management phases are melded into our property disposition process.
Our goal is to ensure professional handling of assets to optimize future returns from disposition strategies. To accomplish this, we select the best suppliers to meet the requirements of each asset. We have developed stringent performance standards for our suppliers. Which includes law firms, abstract firms, brokers, appraisers, inspectors, property management firms and maintenance companies. top of page
We select the best local suppliers to fit the individual demands of each asset. Law firms, abstract firms, brokers, appraisers, inspectors, property management firms, and maintenance companies can be selected as needed. We have developed performance standards for our suppliers, which they must meet or exceed in order to continue membership in our network. Their performance ensures that assets will be handled professionally so that future returns from disposition strategies are optimized. top of page
We conduct a comprehensive, on-site inspection of assets. Among our primary goals are; to confirm occupancy status, preserve the asset's integrity and value. We also, identify hazardous conditions reducing the possible liability exposure for our clients. If acess to the asset was restricted prior to foreclosure, as part of the inspection, we will; secure the asset (change locks, secure doors and windows, board up, if appropriate, padlock gates, etc.) and stabilize conditions to avoid further deterioration. This inspection phase often provides the first opportunity to observe its interior and exterior condition. top of page
Keeping an asset in marketable condition to attract potential buyers is the goal of our ongoing maintenance activities. When an asset becomes vacant, we begin immediate maintenance. This typically includes securing and complete trash out, general cleaning, initial lawn maintenance, utility set-up, monthly maintenance schedules (lawn mowing, light cleaning, etc.) and minor repairs. To allow brokers, appraisers and inspectors to adequately assess its value and marketability, our most immediate priority is to put the asset in reasonably good condition. top of page
To determine an asset's present and potential value, we conduct an in-depth evaluation. Using documents provided by our suppliers (broker's price opinions, appraisals, third-party inspections), as well as our on-line database. We analyze a number of factors, including the local economy, population trends, demographic changes, employment outlook and federal, state and local regulations. The result is a comprehensive, strategic marketing plan and financial projection. Designed to highlight the asset's strength, while neutralizing weaknesses. The evaluation includes asset description, inventory days, market value, broker selection, location, comparable sales, listings, list price and financial projection of net proceeds. Using this very-selective criteria, our asset managers evaluate, closely monitor on a monthly basis, local brokers to determine the best real estate agent for each specific asset. top of page
Does the asset require repair? Developing a successful marketing plan depends on the condition of the asset. Market factors, such as buyer profile, financing requirements and demographic information, are key elements in deciding whether to market the asset "as-is" or "as-repaired." To determine this, we thoroughly analyze the pros and cons of capital expenditures for repairs and their impact on sales price, inventory time and net return. We also decide the optimum time to have repairs performed: immediately or just prior to closing. If our analysis concludes that an asset should be repaired, we get multiple bids for the repairs from our local network of suppliers. After a thorough review of the bids, our asset managers award the work based on a number of factors, including completeness of bid, quality of materials to be used, price, as well as estimated start and completion times. Our on-site representatives then closely monitor the work, manage the receipt of subcontractor invoices and distribute payments. (Before payment is made for work, a "Repair Work Confirmation" will be completed by our on-site representative and signed by the contractor, relieving CENTURY 21 Campbell Realty, Inc., REO Asset Management and our clients of future liability and liens.) top of page
Our team of experienced real estate closers and legal coordinators, kick into action once an offer is accepted for an asset. To efficiently manage the closing process, we review the contract for completeness, select the most appropriate closing or law firm, negotiate the most-effective related fees, authorize title preparation, clear title problems, coordinate between all appropriate parties, monitor contract contingencies, certify closing documents for accuracy, provide final closing documentation to our clients, collect and distribute funds. Because we have closed many real estate transactions across the nation, our legal representatives are knowledgeable of the most subtle differences in standard and local customary closing practices, of different regions and sub-regions of the country. top of page
Is the asset vacant? There are times during our initial due diligence inspection, we discover there are tenants in an asset. In the event this is determined to be undesirable, our representatives will attempt to determine our client's rights, concerning rental proceeds. Upon foreclosure, we will immediately instruct our law firm to begin the eviction process. Tenants will be duly notified according to local laws, and if necessary, the courts will be petitioned for eviction. Along with local law enforcement officials, our representatives will coordinate the eviction process, and be present at the eviction to secure and stabilize the asset. However, eviction may not be necessary if it is determined that the occupied asset would best be marketed as an income-producing property. This, of course, depends whether the tenant's profile (rental payment history, association with original owners, etc.) is deemed to be beneficial to our client. top of page
Keeping a property occupied is important to the asset and the bottom line. Because certain types of residential assets are more attractive to investors, who purchase income-producing properties, than to owner-occupants or final users. This allows investors to properly analyze the cash flow of the asset based on current occupancy. We have the local expertise to coordinate all the rental management activities of an asset. We will coordinate with tenants, administer; leases, re-leases, rental collection, manage deposits and penalty fees. Unfortunately, there are times when things don't go perfectly as planned. In that event, we will initiate collection for non-payment, manage delinquencies, evictions and tenant removals. Maintenance is an area that is often over looked, we will respond to tenant's complaints, as well as maintenance and repair requests. We will also market assets while they are being rented. top of page
Drive by, or full interior inspection. BOV/BPO's are provided by CENTURY 21 Campbell Realty, Inc., REO Asset Management division.
Fees per Asset:
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Get results! Our full-service approach provides effective REO management, proven supplier performance, reduced administrative time and controlled costs. Our extensive real estate experience and track record of success; minimizes market risks, maximizes net proceeds and reduces carrying costs. Put our team to work for you today. Our commitment to excellence - and to our clients - has made REO Asset Management, a division of CENTURY 21 Campbell Realty Inc., the proven leader. top of page
CENTURY 21 Campbell Realty, Inc., REO Asset Management is a company committed to the success of our clients! 1186 E. 12 Mile Rd. Madsion Heights, Oakland County, MI