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REO Processing Services

A Real Estate Owned property or REO is the name for a foreclosed property when the ownership is returned to the Lender. This is where a REO Asset Management Team gets to work. Their goal is to maximize net recovery in the fastest possible time. Success in today’s market requires visibility into your REO servicing and financially sound partners who are committed to performance, transparency and continual improvement. Using a holistic approach to liquidating REO, we employ and continually develop innovative strategies designed to shorten your time to market, optimize your return and mitigate fraud. We offer our REO Services as individual services or through our cost-saving flat-fee solution. Knowledge Splice Services follows the process described below:

  • Receive assignment, assist physical property, provides confirmation of assignment and occupancy status within 24 to 48 hours.
  • If property is vacant and accessible complete an interior BPO along with a Photo Addendum and Checklist of Damages within 72 hours.
  • If personal property is discovered, we take photos of all personal property plus provide an inventory and send both to Client as soon as possible. We do not disturb and/or remove anything from the premises. We conspicuously post for 30 days a Personal Property Notice and send a Personal Property letter by both certified and regular mail.
  • We notify Client when property is re-keyed and secured for additional services such as Appraisals, Repairs, Maintenance and so forth.
  • If property is occupied, we make direct contact with the occupant, negotiate move out agreements and provide a Relocation Assistance move out date and offer amount. We obtain their signatures on the Move Out Agreement and Personal Property Release forms.
  • After agreements are signed and the move out date has arrived, we inspect the property ensuring all personal property is removed and property is in reasonably clean condition, release check to occupant and secure property and begin the evaluation and remedial phases.
  • Assign local Agent per Master Listing Agreement and List Letter for marketing the property.
  • Monitor “Listed Property Activity Status” ensuring activity meets standards.
  • Issue list price reductions as applicable.

We provide this service for the commercial properties or for raw land or a tract under development, This eliminates the need to order determinations for each individual lot within the same subdivision or building phase by providing one determination at one price for all lots, as lots are built upon and purchase.

  • Track and counter offers.
  • Provide activity reports to Client tracking showings, offer activity, and general neighborhood marketing trends.
  • Provide offer acceptance review to the Client and transmittal of approval.
    • Follow up with Agents on response day, and continue to mandate required documentation.
    • State contract.
    • Client Lender Counter & Addendum.
    • Disclosures.
    • Pre-approval/Pre-qualification letter or Proof of Funds.
    • Copy of earnest check.
  • Review all documentation for accuracy, completeness and legibility.
  • Sign & return with instructions to verify once forwarded to the Closer.
  • Send introduction/closing instruction letter to Closer requesting they verify once they receive all documentation and earnest deposit, where applicable.
  • Require weekly updates and notification of completion of all major milestones, such as:
    • Title commitment.
    • Inspection completion & acceptance.
    • Appraisal completion.
    • Loan approval.
    • Loan docs.
  • Execute closing docs.
  • Verify settlement.
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