REO Management

Quantum Servicing has extensive experience in managing residential property nationwide and in Puerto Rico.  Our goal with all properties taken into inventory is to protect the property from deterioration and maximize recovery.  We achieve this through

a liquidation strategy that combines achieving the highest and best price while at the same time selling the asset in a timely manner.

 

The REO sales process that we utilize is a strict adherence to a ridged set of timelines.  The process is broken down into three separate events which include pre-marketing, listing/marketing and closing.  During the entire process we pay careful attention to ensure we minimize the expenses associated with managing and disposing of the asset.


Pre-Marketing
The pre-marketing process prepares a property to be listed.  This process secures the property from any deterioration and removes the existing occupants.  The following events take place during the pre-marketing process:
  • Initial inspection
  • Eviction/cash for keys
  • Property preservation
  • Management of redemption/sale confirmation dates
Listing/Marketing
The initial steps performed during the listing / marketing process is to ready the property for sale.  An analysis is performed to determine if the property is to be sold as is or if it is to be repaired.  Once this is determined the property is listed with an appropriate local real estate broker from our nationwide broker network who vigorously markets the property.  The following specific events take place during this process.
  • Establishing market value: obtaining valuation reports by REO vendor in order to set list price
  • Preparation of market strategy analysis and establishing list price: setting initial price based on current value; determining to list “as is” or “repaired; reviewing list price every two weeks to determine if a reduction is required
  • Negotiation of offers in accordance with delegations of authority
  • Resolution of title issues
  • Management of timeline expectations
Closing
The closing process ensures that the property transfers to the buyer as quickly and efficiently as possible.  Depending on the complexity of the transaction this usually takes approximately thirty days with the following events occurring within that time.
  • Review deeds and closing documents for accuracy>
  • Review costs on HUD-1 Settlement Statement
  • Funding confirmation of final proceeds to seller