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REO Property Management

Real Estate Owned (REO) Property Management Services

Real estate owned (REO) housing that is the outcome of the recent foreclosure crisis threatens to destabilize low- and moderate-income neighborhoods across the country.  Subprime loan resets, falling property values and tighter credit standards have each contributed to a higher level of foreclosures and a growing inventory of bank-owned and vacant assets.

Vacant unmanaged REO properties affect neighborhoods in several ways including reduction in property value.  As property values decline and vacancies increase, neighboring homeowners may have less incentive to maintain their own properties.  Unattended vacant properties can also attract crime and vandalism and are susceptible to arson.

Lenders operating in communities with a significant number of foreclosures may wish to protect their investments.  REO Property Management Services offers a potential silver lining in the foreclosure crisis. Our services include:

Eviction, Redemption, and Legal Management
Property Management
Property Maintenance
Pre-Marketing
Asset Valuation and Marketing Analysis
Marketing
Brokerage and Offer Management
Closing and Title Services
Reporting
Accounting

Eviction, Redemption, and Legal Management

Cash for Deeds
Relocation Assistance – Cash for Keys
Eviction Coordination
Lock-Out Coordination
Personal Property Management
Property/Occupancy Inspections

 

Property Management

Marketing and leasing of units
Receipt and application of monthly rental payments
Lease enforcement and eviction processing
Management of maintenance and repairs to the property and securing utilities and services

 

Property Maintenance

24-hr emergency service, 7 days/week, 12 months/year
Unit turnovers
Interior and exterior repairs
HVAC, plumbing and electrical systems
Carpentry, drywall, paint and floor coverings
General maintenance
Fire, flood and wind damage repairs

 

Pre-Marketing

Initial Broker Assignment
Occupancy Checks
Securing and Re-Keying Services
Initial Services
Property Preservation Services
Property Condition Reports

 

Asset Valuation and Marketing Analysis

Broker Price Opinion (BPO) and Appraisal Coordination
Marketing Strategies
Value Added Repair Analysis

 

Marketing

Marketing Strategy Reports
Implementation of the Marketing Strategy
Monthly Marketing Reports
Mortgage Insurance and Special Handling Management

 

Brokerage and Offer Management

Offer Presentation and Offer Approval
Contract Generation and Review
Purchase, Rent, Lease and Sell Asset

 

Closing and Title Services

Title Procurement
Title Resolution
Escrow/Closing Coordination
HUD-1 Review and Approval

 

Reporting

Daily, Weekly, and Monthly Management Reports
Timeline and Performance Reporting
Customized Reporting

 

Accounting

Review, Process, and Reimburse Real Estate Agents, Vendors, and Contractors
Expense Advances and Authorizations
Tracking and Documentation of Expense Reimbursements
Expense Management
Quality Control

 

We pride ourselves in delivering on-time and within budget.  The management of eight (8) communities consisting of more than 500 families throughout the state of New Jersey involve the interaction of several regulatory bodies including HUD, New Jersey Housing & Mortgage Finance Agency (“NJHMFA”) and the Division of Community Affairs (“DCA”) must demonstrate this or lose funding.  During the most recent five year period, the average score of VMC’s long-standing NJHMFA associated properties has remained in the upper range of “Excellent”.  This amongst other things equates to delivery of schedules on time and within budget.

 

Our staff is certified by NJHMFA and other regulatory bodies at a local, state and federal level.  The credentials and membership in several professional organizations within the real estate management arena include:

 

  • InstituteofReal EstateManagement (IREM) – Certified Property Management
  • Board of Realtors Broker and Licensed Real Estate Operators
  • Property Owners Association ofNew Jersey
  • Affordable Housing Council ofNew Jersey
  • National Apartment Association ofNew Jersey
  • DCA Certified NewJerseyHomebuilders
  • Certified Assisted Housing Manager (AHM)
  • Certified Occupancy Specialist (COS)
  • NAHMA Certified Fair Housing Compliance Officer

 

We have been involved with and profitably managed properties that are governed by NJHMFA, the US Dept. of Housing and Urban Development (HUD), and/or other regulatory bodies at a local, state and federal level for more than thirty (30) years.

 

To learn more about how your organization, staff and clients can benefit from VMC’s services, access us on the web: www.vmcmgmt.com, email: info@vmcmgmt.com or call David McCants, Director, at (973) 677-2820.