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What is REO? REO or "real estate
owned" is another term used to describe a bank-owned or
foreclosed home. Much foreclosure
information is actually available to the general public via
sheriff's sales, public advertisement and legal notices.
On any given day, there are tens of thousands of foreclosed
properties in Michigan. Some months there are over 10,000
new foreclosures alone. But most investors don't have the
time nor the means to track the continuous flow of large volumes
of information.
We do
REO 24/7/365. It all happened by accident
about
ten years ago, after I received a phone call
from a bank in New York. The person from
bank wanted to know if I would be willing to
sell a house for them, located in Detroit.
Well I said of course, and the woman from the
bank said, "go to the house and do an OSR, if
occupied offer CFK, if vacant, then
secure, rekey, maintain the yard, clean out the
property, send us a BPO and don't forget the
MMR's and MSR's. Realizing this needed to
be handled differently than a regular client, I
sat down and created a seamless system to handle
the myriad of intricacies of dealing with bank
owned homes. That was back in 1999.
Using
that model, I created and developed a team
solely comprised of individuals with REO
experience and then developed a database which
can track the exact status of 1000's of
properties simultaneously. In fact most
everyone on our team has over 10 years of
experience, several with at least 20. Each
and every year, the
Shannon Team
lists, sells and closes hundreds of bank owned properties in the Metro
Detroit area of Southeastern Michigan. During the course of a
year, we work for over 65 different
lenders and outsourcing companies which is why the REO business makes up
over 95% of our annual sales. Since that time, we have
successfully listed, sold and closed thousands
of bank owned homes.
REO is what we do!
On any given day, we are tracking over 600
properties through the redemption period,
eviction-cash for keys, valuation, active
listing and pending. You can be assured
that we are diligently following up on every
file to assure you we will sell each property
for the most money in the shortest amount of
time. We are persistent in everything we
do at every step of the REO process.
We do that through the use of finely tuned
systems. We use redundant Pentium Core 2
Duo Servers and powerful
ACT! 9.0 for REO database, to track the status of hundreds of foreclosures in real time
which is updated continuously from lenders, outsourcers, eviction
attorneys and actual field data that our staff gathers daily. All REO
information is stored in redundant systems,
frequent back up and over 2 Terabytes of
mirrored data storage.
Real time results are
one of the key benefits of our database. We can search 100's of
properties in 3.5 seconds. Because of our constant data tracking of
foreclosures, you will know the first moment after a foreclosure home has
been evicted and is available for viewing. Immediately following the redemption
expiration, the bank orders an eviction. Following completion of the
eviction of the occupant and their personal property by the bailiff, the bank will set a price on each property usually within 14 days. Check back
with us daily to see which properties have
cleared eviction.
When the phone rings, whether the call is from a lender,
an asset management company, a co-op REALTOR or an investor, we
will get you
answers you need to every question you
have.
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