Upon initial assignment, our team gets to work. A Knowledge representative inspects the property and submits an occupancy status report to our client within 24 hours. If the property is in Redemption/Confirmation status, we wait for an OK from our client to contact the current occupants. If the property is NOT in Redemption/Confirmation status and found to be occupied, we will obtain any information related to the tenancy occupants have. We are sensitive to complying with the PTFA and all other local applicable laws. During the occupancy period we will perform no less than weekly drive-by inspections and note any material changes at the property. We will also provide a drive-by BPO within five calendar days of the assignment and include at least one exterior photo of the subject property. Once the property is assigned to us, be assured we are taking care of all necessary tasks immediately.
If we find the property is unoccupied, we complete the vacant property registration. We work closely with our clients and confirm the proper registration documents have been filed in accordance with local laws and requirements. Our prompt action and frequent, clear communication with involved parties sets us apart.
We are able to transfer utilities into our name and pay advance payments for such utilities, with client approval. We also make certain the HOA, if applicable, is notified and those contacts are current. Because of the transaction management software we use, we have an extensive database of current information for HOAs across the country. We will work with our client to get a monthly itemized statement from the HOA to include enumerated fees and assessments that are allowable under applicable ordinance or bylaw
Occupied properties can be particularly challenging. With due respect and care, we’ll request the occupants voluntarily vacate the property, and then offer relocation assistance. We work directly with our clients to offer relocation assistance to occupants, per their client’s wishes. Our client’s client will determine the base starting amount, based on its investor guidelines. We will continue to offer relocation assistance until a lockout time is scheduled. During this entire process, we comply with all PTFA Guidelines. On the date of the vacancy, we will inspect the property condition and coordinate lock changes. Property will be in broom-swept condition with all personal items removed inside and out from the previous occupants. This includes sheds, garages and any vehicles, unless another arrangement has been made by our client and their client. Provided these conditions are met, we will release the relocation assistance payment to the vacating occupant.
We understand that not all occupants agree to voluntarily vacate the property. In such cases, we will assist our client and their attorney to remain in compliance with the requirements within the PTFA. We will wait direction from our client to inspect the property on a weekly basis until vacant. Knowledge Real Estate Group will also coordinate the vendors needed for the lockout based on local law officials’ orders. Keeping in mind the USFN state guidelines and cost of eviction process, we understand that anything in excess of those USFN state guidelines will need client approval. We physically attend the lock-out, and coordinate with the eviction attorney, local authorities, and contractor to ensure the property is properly secured. Any time a lockout is expected to exceed $4,000, we will get additional bids to present before selection.
During the Redemption/Ratification period, we inspect the property on a weekly basis until vacant. Part of these considerations include re-keying a backdoor, winterizing costs, initiating lawn care or snow removal, as required. These costs shall not exceed $150 for re-key/winterize and $200 for lawn care and snow removal. Anything over these limits and we will gain approval from our client. Through our transaction management system, we have thorough task lists set up for every step of this process with deadlines, reminders and more automated to trigger at each completed step. This keeps us on top of the required tasks and on-time.
We understand there are many steps to preparing a property and it starts with the initial evaluation. We think of it as our “hello” in building our relationship with you and those involved in this property transaction. We want you earn your trust by adhering to our values and proving our reputation. Once a property is assigned, we complete interior BPO within five days. If the property is occupied, know that out of respect for the occupants, we will complete an exterior BPO within the same five days of assignment. Our valuations include full exterior and interior inspections and photos, descriptions of the market area, sales and listing comps with photos, as well as repair estimates. These prompt actions ensure you are never out of the loop on our progress.
Distressed, foreclosure, REO properties need extra TLC and an extra budget. Knowledge Real Estate Group is prepared to handle all of the repairs and keep track of expenses for you. Having the ability to meet the guidelines for various repairs and maintenance requirements allows us to stay on task, on time, on budget. Many tasks and repairs require a daily drive-by to ensure the quality and completion of tasks. We document everything with receipts and photos and have the available to you as part of our transaction online. You will have access to view these photos, documents and notes. When a task requires more than one bid, we are able to pull from our extensive, reputable vendor list for comparisons. We are also able to include you at any step in the process as required. You many not want to be in the loop for every correspondence, but you are in control.
There are usually many people involved in getting to the same end goal. Sometimes our client’s clients need to step back and let us do what we are fantastic at – Preservation and Maintenance. There’s a good chance that our client’s client has already started working with their own P&P vendor during Mitigation and Foreclosure. Using our procedures and network of brokers and vendors across the country, we are able to get the most reputable, reliable vendors for these tasks.
Our preferred vendors are usually an average reasonable cost of $150. Larger repairs such as boarding windows or door replacement may require bids from many vendors in our network. We will get the bids, present to our client and get approval for these larger tasks. If previous vendors were used, we may need to supervise a re-key of the property. We can do that. We are used to it, so this task will happen quickly and efficiently.
We will also get and submit bids for trash and debris removals that do not fall into the “emergency” or “life-safety” categories. We also work directly with Rural Development/ USDA properties and will follow those procedures for vendor approval.
In the case of emergency repairs and life-safety issues, we will work with our client to have emergency repairs completed to protect and preserve the property. These repairs may include, but are not limited to:
*Securing and/or re-securing a property
*Tarp or otherwise cover of a leaking roof
*Correcting property conditions that present and immediate, inherent danger and that may cause immediate or significant damage to the property.
Our agents and vendors are professional, efficient, and are prepared to help you get through this process quickly and painlessly.
We secure the most competitive pricing from reputable vendors who are recognized for quality work, licensed, bonded and insured as required. We are on top of every task and meet our deadlines, including our vendors, at a rate of 98%. Any cases that require work beyond these limits will be submitted to our client for review and approval. We realize that sometimes this will require additional competitive bidding. We handle all of it.
Once the property becomes vacant and is out of any redemption, ratification, confirmation or possession periods, we will place the utilities in the name of Knowledge Real Estate Group and initiate service. The only exception is in the event that the client transfers a property already in process, or that turning on the utilities may represent a hazard to the property.
Some preservation activities are periodic, such as winterization. We get these handled in accordance to HUD guidelines. We understand that currently these are the HUD guidelines:
Dry Heat one unit, $150, additional units at $75 each
Wet (steam) heat one unit $200; additional units at $100 each
Wet (radiant) heat one unit $300; additional units at $150 each.
This may change, but as of this date, 12/15/2016, that’s what we are going by. If the work will exceed these limits, we’ll get two bids to the client for approval.
Let’s not forget about snow removal. Any storms exceeding 10 inches of snow are considered as two “events.” Unless told otherwise, we go by the budget of $100 per event that does not need approval. We are happy to discuss a fixed rate where snowfall is likely.
Since we have been licensed for decades, we’ve developed a strong list of licensed inspectors that is kept VERY current. This is who we turn to when it comes to signing off on the property and various large tasks. We carefully research newer inspectors, but have such a terrific list of seasoned professionals that are highly respected, rated and professional.
What makes Knowledge Real Estate Group stand out in this space is the extra attention we give to being thorough from start to finish and getting the highest offer possible. Once we receive the approved price list from our client, we list the property within one business day. We post a For Sale sign on the property, and advertise the property using methods customary in the marketplace, including offering the property for sale through the appropriate MLS. We send our clients a copy of the MLS advertisement.
Initial listing periods are 90 days, with optional 30 day extensions at the discretion of our client. We prepare and submit Monthly Status Reports by the 5th day of the following month.
Our comprehensive Property Marketing Services include:
*Market research
*BPO/Competitive Market Analysis
*Property Research/History
*Entering pertinent information in MLS ahead of time, allowing us to be active within five minutes of entering the list price.
*Listing at Fair Market Value as often as possible. This typically results in calls within the hour and multiple offers coming within 48 hours, some less than 24 hours.
*On properties that we are allowed, we erect office signage with Coming Soon riders. *We network with local lenders to pre-qualify potential buyers, so when properties come available, they are ready. We believe in working smarter, not harder. We invest in the best technology, and treat our clients and other real estate professionals honestly, fairly, and respectfully.
We will re-list as deemed necessary by our client and real estate market conditions. Updated BPO’s are prepared every 90 days at a minimum to keep valuations accurate and up to date with market trends. Once a price reduction has been approved and updated information provided to us by our client, we will market the property to advertise the price reduction according to our client’s wishes.
Upon receipt of an offer or offers on the property, we work to ensure we submit offer information to our client within one business day. All offers, counteroffers and other offer activity will be documented in our REO system. We make certain the purchaser is financially qualified, as is consistent with marketplace practices, state, and federal laws.
By utilizing the latest REO software, offers and negotiations will be tracked and documented, and once terms of the offer have been accepted by our client, a contract is generated through the RIO Genesis tasking system. Our diligence and knowledge of individual markets help us ensure you are getting the best offer possible.
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DRE # 01179722 Broker #: 00585049
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