| Below is a listing of services provided for Broker Price Opinion (“BPO”): |
| STEP ONE: BPO Request is faxed to our office (866) 544-5045 |
- Courtesy call to bank to confirm bank’s order either via telephone or e-mail
- Occupancy Status Fax/Emailed to bank within 24 hours of BPO order
- If occupied—we will obtain the names of all persons over the age of 17 years for eviction process and notify your attorneys in writing so no mistakes are made. Often we have found that the attorneys file eviction notices from foreclosure papers and do NOT have the names of all unknown occupants.
- If vacant, the property will be re-keyed, secured, winterized (if cold season), and proper registration with Cities/Villages will be done. All electric bills will be transferred to Carole O’Neill’s office.
- Weekly follow up with Eviction Attorney regarding status on the evictions and reports sent to the asset manager
- If property is occupied, cash for keys will be negotiated. Our success ratio has been very high with this service, by doing this we know we can save the bank time and money.
- We will coordinate with foreclosure attorney the scheduled eviction. There is a very short notice (usually less than 24 hours in Cook County) and we will arrange staff for immediate rekey and debris removal.
- Property management until it is listed for sale. Weekly visits to the property to ensure security.
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| STEP TWO: BPO |
- Interior and exterior digital pictures of the property will be taken. The pictures will be e-mailed and a hard copy will be sent to the bank with your completed BPO package.
- Coordinate with bank’s appointed appraiser a date and time to do the second appraisal.
- Capability to e-mail or overnight BPO package to the bank. "Guaranteed on time!"
- All BPO packages will include MLS printouts of sold, current listings, tax record sheets, listing contracts, and digital pictures.
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| STEP THREE: Billing |
- We will pay all the expenses incurred and bill the bank on a monthly basis.
- All monthly statements will include original invoices and copies of checks.
- Bids obtained on property repairs/clean outs will be forwarded to bank immediately for your approval.
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| STEP FOUR: Listing Property |
- Install a management sign in window so that village and police will have a 24/7 contact person in case of any emergencies to the property.
- All properties will be listed in Multiple Listing Service within 24 hours of faxed lettter of acceptance from the bank. A copy of the Multiple Listing Service sheet will be faxed back to the asset manager.
- Copies of all advertisement will be included in monthly report.
- A report with broker feedback will be forwarded to bank along with the monthly report and will include ads and if necessary, price reduction forms.
- Confirm preliminary title report is ordered and clear of any liens that will prohibit closing of a sale.
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| STEP FIVE: Contract on Property |
- Submit all offers to bank via fax or e-mail.
- Advise critical issues of contract(s) to the bank
- Insure that all buyers are approved for a mortgage or funds for cash sales verified.
- Verify earnest money check is submitted and funds cleared.
- Coordinate with buyers mortgage appraiser to inspect properties.
- Insure all mortgage and home inspection contingency dates are met.
- Obtain all necessary village inspections, purchase local transferee tax stamps and complete all final village requirements for closing.
- Coordinate and field questions with closing attorney and paralegal.
- Follow up with seller’s attorney regarding contract issues.
- Close out file within thirty days and bill client final expenses on property.
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