Corpus Christi’s #1 in REO Asset Management
Early in the 1980s, Group One Real Estate was asked to submit a proposal for the management of foreclosed properties for the Department of Veteran’s Affairs in the Corpus Christi area. The acceptance of that contract led to the establishment of a significant REO Department with the capability of handling up to 300 foreclosed and bank managed properties at a time, from acquisition to sale closing. With our teams of contractors and service personnel, we have been able to provide outstanding service to our lenders at minimum cost.
What is REO Asset Management?
REO stands for “real estate owned,” which means that the property is owned by the lender. This can be a bank or government agency, and it often results in the unsuccessful sale of a foreclosed property (which is typically done at auction).
If the borrower misses a payment (what is called “distressed status”), the bank will want to determine the amount of equity that has been added to the home. So, they will order someone to conduct an appraisal, and this information can sometimes be used if the borrower wants to initiate a short sale. It can help the lender make a decision on whether or not to approve it.
Banks often need REO asset management companies to keep up the property and to facilitate future sales. Sometimes they will need a property preservation company to handle any regular maintenance and repairs so it can comply with current laws. One of the main responsibilities of these companies is to make sure the property is secure, which means changing the locks and boarding up windows. Other types of services may also include:
- Winterization
- Removing debris
- Cutting the grass
- Cutting the grass
- Repairing roof leaks
- Securing swimming pools
All of this is done to make sure that the property conforms to current laws, but they also want to maintain its resale value.
Companies We’ve Served
Group One Real Estate is one the leaders of REO asset management in the Coastal Bend, and we have worked with several companies the last 35 years. Some of the companies we have worked with include:
- Fannie Mae – 1985 to present
- Department of Veterans Affairs – 1986 to 2000
- Oewen
- Countrywide
- Bank of America
- Department of Housing and Urban Development
- First Preston – Area Managing Broker (1998 to 2004)
- Freddie Mac
- Resolution Trust Corp.
If you want to find out how we have become experts in REO asset management, get in touch with us today!
Early in the 1980s Group One Real Estate was asked to submit a proposal for the management of foreclosed properties for the Department of Veteran’s Affairs in the Corpus Christi area. The acceptance of that contract led to the establishment of a major REO Department with the capability of handling up to 300 foreclosed and bank managed properties at a time, from acquisition to sale closing. With our teams of contractors and service personnel we have benn able to provide outstanding service to our lenders at minimum cost.
