MARINA LUXURY ESTATES
LET MY KNOWLEDGE WORK FOR YOU
818.692.5443
WHAT IS REO?
Real estate owned or REO is a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the beneficiary will legally repossess the property.
This is commonly the case when the amount owed on the home is higher than the current market value of this foreclosure property,
such as with a high loan-to-value mortgage following a real estate bubble. As soon as the beneficiary repossesses the property it is listed on their books as REO and categorized as an asset (non-performing asset).
Process
As soon as a property goes into a distressed status (the borrower/home owner misses mortgage payments) the beneficiary will want to determine the amount of equity that the property has. A popular method to determine the equity is to obtain a Broker's Price Opinion (BPO) or order an appraisal. Based on the amount of equity that is determined from the BPO, the bank will decide whether to allow a short sale (if requested by the homeowner).
If no short sale is requested by the home owner, the beneficiary (the lender) will continue the foreclosure process.
If the beneficiary is unable to sell the property through a short sale or at a foreclosure auction it will now become an REO property.
How we can help
Marina Leyzbovskay is a service oriented broker with extensive experience in REO disposition from eviction to closing. Billing, cash for keys, evictions, cleanouts, utilities, as well as other standard REO procedures.
We provided BPOs to numerous Banks and Asset Management Companies since 2009.
As a Real Estate Broker I understand that communication is the key to a successful REO transaction.
We make it a priority to answer cell phone and email in a timely manner.
Our goal is to provide Asset Management Companies the best representation and service to maximize their return and recovery of each asset through effective and efficient marketing.
How We Work
Taking An Open House Beyond the Basics
Holding an open house is serious business and our team can maximize open houses to sell your property.
Below is a chart which walks you through our 7-step open house process for attracting buyers.
Step 1 – Sign in the yard
Step 2 – Sign in the yard with balloons and riders
Step 3 – Directional signs at all key corners.
Step 4 – Fliers the week before, email invites, and posted on websites
Step 5 – Go invite neighbors (100 min)
Step 6 – Get on the phone that morning and remind everyone
Step 7 – Hold 4 other open houses in the area in the various price ranges
Qualifing Buyers
Marina Leyzbovskay had worked with hundreds of real estate buyers over the years and has a network of qualified buyers and investors who we can introduce your property to in an effort to find the right buyer for your listing. Through our proven marketing system and methodology, we are able to efficiently promote your brand new listing, completing your real estate transaction in a timely and smooth manner.
Marina Leyzbovskay
Real Estate Broker
CalBRE #01343223
Certified Probate Specialist • Certified Short Sale Specialist • Pre-Foreclosure Specialist • ASP Stager
(818) 692-5443