REO Property Management in Joliet, IL
Joliet Residential and Commercial REO Property Maintenance
Real Estate Owned or REO is a property which the bank owns after a foreclosure. When a property goes through a foreclosure proceeding, it is sold to satisfy a debt. During the foreclosure sale, the bank doing the foreclosure procedures can bid up the total amount of the debt, with the addition of the foreclosure costs and fees. If the home failed to find a buyer at the mortgage auction, then it becomes bank-owned or a REO property. We provide REO property management services in Joliet to ensure that returns are maximized, and REO losses are minimized.
Buying REO property can be a lucrative business venture because the home is often free of title liens and other claims. More often than not, lenders expunge all liens connected with the property, and that includes delinquent taxes, mechanics’ liens and HOA fees. A REO property is often vacant as well. There’s no need to go through a time-consuming eviction process because it was already done by the bank or lender.
REO remains a vital part of default serving as the real estate market continues to stabilize. But through time, the process has evolved. We work closely with the stakeholders, and empower them as they prepare the property. Through our REO property management, we make sure that the property doesn’t suffer from degradation, as well as violations to local and state building codes.
We provide cost effective and professional solutions for the timely liquidation of REO properties. Some of our Joliet REO property management services include title, property preservation, curative, and closing services, just to name a few. Through a property management, we act as a bridge between asset manager, broker and the client. We maintain an extensive network of brokers and real estate agents to ensure that we can connect you with the right one.
We make sure that you reap the profits from your REO property investment. Our duty is to ensure that every phase of the REO asset disposition goes smoothly to our client’s advantage. We provide pre-foreclosure services, such as inspections, valuations and property preservations that integrate effortlessly with our REO property management services that include pre-marketing, marketing, occupied property management, and closing.
Our team of experts is ready to help you with your needs. We make sure that empty houses are secure. We inspect each property and apply security measures where they are needed. These include the windows, doors, and other openings. Lawn maintenance is also one of our top priorities. It is something that is often overlooked by brokers. Poor appearance can lead to local ordinance violations that can result to more problems. Part of our property management is to do maintenance works in accordance to the local ordinances to which the property may be subject to.
Other REO property management services include debris removal, repair work, emergency maintenance, and clean-out, just to name a few. We will make sure that the property is protected from all elements and nature.