Pre-foreclosure drive-by Broker's Price Opinion (BPO)

We will provide a pre-foreclosure BPO upon request.

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Verify occupancy status

Inspection

Within 24 hours of notification of a new assignment, the property is inspected to confirm if it is vacant or occupied.

If Occupied...

If occupied, we make every effort to have a face-to-face interview with the occupants to determine who is living in the property.  Should no one be available, we post a note at the property address informing the occupants that One West represents the owner and  to contact us at once.

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Secure vacant properties

If the property is vacant:

• The property is re-keyed and secured immediately. 

• "No Trespassing" signs are posted.

• Utility companies are contacted.

• Preliminary title work is ordered

• Bids for property trash out and clean up are solicited.

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Interior BPO and valuation

Prompt preparation

Within 5 days of receipt of the REO property assignment, One West prepares a BPO using the format required by your company.  Based on an interior BPO, a recommendation of "as is" or "repaired" listing price is suggested.

Occupied properties

For occupied properties, where access cannot be gained, an exterior or Drive-By BPO may be prepared.

Professional and complete

One West is aware that detailed BPO's with pictures are essential to proper valuation. Therefore, only typed, professional, complete BPO's are presented to the REO Specialist.   We make every effort to supply you with information that will assist you in your valuation process so that the property will be sold within 120 days.

Revised BPO's

As market conditions change, we will prepare an updated BPO.

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Property clean-up

One West's intention is to put the property in marketable condition immediately.  To achieve that end, we provide the following services.

Clean-up vendor contact

One West has several Clean-up and Trash-out vendors available.  We always have one of them available to us on a rotating schedule.  If one is not available, we contact the next one on our roster.  Within 24 hours of receipt of the assignment, we will have contacted one of the vendors to solicit Clean-Up and Trash-Out bids.

Interior Cleaning

Initial interior cleaning includes: removal of debris and discarded personal items; "Broom Sweep" of all floors and hard surfaces; vacuum and mopping of floors; cleaning of cabinets, fixtures and appliances.

Exterior cleaning

Initial exterior cleaning includes: removal of debris and trash from yard; cleaning of gutters; removal of leaf build-up on roofs; cut, trim and rake lawn; trim hedges, bushes and small trees; sweep and wash porches, patios and decks; and boarding of broken or missing windows if necessary.

Ongoing care

One West will make arrangements for lawn maintenance, snow removal, board-ups, necessary winterization and interior cleaning. 

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Regular monthly reports

When

One West will furnish regular monthly reports on any date specified by your company regarding the status of REO properties you have listed with us.

Forms

We can use any form your organization requires or use a generic form.

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Marketing the property

One West insures that REO properties are marketed in the best way to receive the best response to your property listing.

Multiple Listing Service (MLS)

As soon as we receive the listing, One West lists the property in the Regional Multiple Listing Service System.

Daily  Web site updates

Property listings on One West's Web Site, www.onewest.com, are updated each working day.  Listings contain information about the property including a picture.

Investor mailing

Monthly, One West sends out an investor mailing.  This mailing is sent to over 200 individuals who buy REO properties and the agents of buyers of investment properties.

Investor sheets faxed

Daily One West receives inquiries for investor property lists.  We fax investor lists usually within one hour of receipt of request.

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Offer receipt and presentation

Pre-qualification

All potential purchasers are pre-qualified before an offer is presented.

Addendum requirements

All contracts will be accompanied by any or all Addendums required by your REO guidelines.

Earnest monies

One West expects earnest monies to be a reasonable or appropriate percentage of agreed-upon sale price of the company that opened title on the property; however, One West has a Property Escrow account that is used to hold earnest monies.

Multiple offers

One West will advise you when we anticipate more than one offer so as to assist you in strategizing your responses in a manner that will allow for the highest sale amount.

Sealed bids

One West is also experienced in Sealed Bid procedures.

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Closing

One West aggressively monitors the Sales Contract time lines to be sure that all contingencies are released and/or complied with in a timely manner.  We keep you advised of the process and if problems develop that may delay the close, we notify you immediately.

We understand that a property is not sold until the HUDS are signed and the monies funded.