Foreclosures


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As REO (bank-owned) inventory of foreclosed properties continues to grow, there is an increased need for specialized services for potential buyers as well as the banks holding the properties. The goal of CENTURY 21 Marino Real Estate REO Solutions is to help speed up the selling of REO inventory so these properties get off the shelf, into the hands of buyers, and ultimately boost the economy.

 

 

Discover how we can help you achieve success in the current real estate market!

 

 

 

Know the secret to selling REO properties quickly?  Don’t treat them like REOs! CENTURY 21 Marino Real Estate REO Solutions Team offers an all-inclusive management and marketing program that uses staff expertise and program flexibility to create the best solution for each property. We create unique, effective strategies to reach your goals and achieve success. While we perform a variety of unbundled real estate services, most of our clients call upon us to provide solutions by managing the entire process.

                             

Our mission is to maximize your return on bank-owned real estate. We will save you time and money, selling your properties quickly and at the best possible price. We appreciate the value of timely communication in real estate transactions and are accessible and responsive to all parties.

 

We provide a full spectrum of services including:

 

  • Accurate valuations
  • Property checks and status reports
  • Property preservation services
  • Listing and marketing
  • Possession management
  • Contract negotiations and processing
  • Closing services

 

Our REO Solutions Team is well qualified and ready to work for you. Contact us now so we can begin selling your properties.

 

OUR GUARANTEE:

 

We are so confident you will be satisfied with our performance, we give you a guarantee:

 

If we do not provide all agreed upon services to your satisfaction, you may cancel your listing agreement with us at any time. We will not hold you to a
set contract period, and will spell out this guarantee in the listing agreement.

 

Frequently Asked Bank Questions

 

 

 

          

CENTURY 21 Marino Real Estate REO Solutions Team offers you, the buyer, our knowledge and expertise to support you through the purchase process.

 

We provide a full spectrum of services for you including:

 

  • Assistance with financial pre-qualification and pre-approval
  • Background research including neighborhood pricing analysis
  • Effective negotiation
  • Guiding you through the inspection process
  • Coordinating and attending your closing

Our REO Solutions Team is well qualified and ready to work for you. Contact us now so we can help you find the right property.

 

 

Frequently Asked Buyer Questions

 

 

 

      

We have put together a team of pros to provide effective and responsive service. Feel free to call or email any of us.

 

 

 

 

 

1.      Do you provide BPOs (Broker’s Price Opinions)?

2.      Do you have someone to handle repairs, if needed?

3.      How and when will I receive updates?

4.      What are your charges/commissions?

5.      What type of marketing services do you provide?

 

 

Q:        Do you provide BPOs (Broker’s Price Opinions)?

A:        Yes, we provide quick turnaround on both drive-by and interior BPOs, depending on your requirements. For every listing, we will give you a detailed, accurate market analysis to ensure proper pricing.

 

 

 

Q:        Do you have someone to handle repairs, if needed?

A:        Yes, our staff of repair people is reasonable and reliable.

 

 

 

Q:        How and when will I receive updates?

A:        We provide timely updates based on your preferences and needs. We are ready to adapt our processes to work seamlessly with your organization. We are very accessible and firmly believe in the importance of frequent communication and follow-up.

 

 

 

Q:        What are your charges/commissions?

A:        Our fees are very competitive, and we discount for volume business. Contact us for details.

 

 

 

Q:        What type of marketing services do you provide?

A:        All properties benefit from our marketing exposure and it begins within 24 hours of our acquiring your listing. Among the tools we use are: onsite signage with unique rider for texting property details, the MLS of Northern Illinois with fully-detailed listings and up to 9 photos, specialized Showcase listings (upgraded, highlighted, and detailed) on REALTOR®.com, property listings on thousands of additional Websites frequented by potential buyers, and, when appropriate, open houses and broker tours.

 

 

FAQs: BUYERS

 

1.      Is foreclosure the same as REO (or bank-owned)?

2.      Is there an advantage to buying a bank-owned property?

3.      Are all REO properties in need of repair or rehabilitation?

4.      How do I locate bank-owned properties?

5.      What do you charge for your services?

6.      What information should I obtain about a property before making an offer?

7.      What do I need to get started?

8.      What if I have a home to sell first?

9.      What else should I know about purchasing a bank-owned home?

 

 

Q:        Is foreclosure the same as REO (or bank-owned)?

A:        REO properties have already gone through the foreclosure process and are now in the bank’s possession.

 

 

 

Q:        Is there an advantage to buying a bank-owned property?

A:        Usually the purchase price is lower because the bank wants to minimize their loss and sell as soon as possible.

 

 

 

Q:        Are all REO properties in need of repair or rehabilitation?

A:        Most, if not all of these properties are sold “as is”. That doesn’t necessarily mean they are in poor condition. These properties are listed “as is” because the bank has never occupied the home and is unable to provide disclosures. It is up to the buyers and their agent to arrange for inspections and conduct due diligence.

 

 

 

Q:        How do I locate bank-owned properties?

A:        The CENTURY 21 Marino Real Estate REO Solutions Team will do the research for you. We will provide you with the best bank-owned listings that fit your requirements. Contact us and we can begin assisting you right now.

 

 

 

Q:        What do you charge for your services?

A:        You pay NOTHING for our buyer agent services. Our fees are paid by the seller at closing. It doesn’t cost you anything for us to find you a great home at a great price.

 

 

 

 

Q:        What information should I obtain about a property before making an offer?

A:        You want to find out about the listing market time, any price reductions, property tax figures, recent comparable sales data, any known defects, any upcoming special assessments, and any available information on other offers. The CENTURY 21 Marino Real Estate REO Solutions Team will provide you with all of the above and more.

 

  

Q:        What do I need to get started?

A:        If plan to finance your purchase, you will need a mortgage pre-approval. If you intend to make a cash purchase, you will need proof of funds. Please be advised that banks will not even consider your offer unless it is accompanied by a pre-approval or proof of cash funding. You will also need to have sufficient earnest money on hand (usually at least $1,000, or in many cases, a percentage required by the bank). Upon acceptance of your offer, you will have to supply a certified check for the earnest money, which will be deposited and credited back to you at closing. The CENTURY 21 Marino Real Estate REO Solutions Team can help you obtain a pre-approval if you need one and will walk you through the entire purchase process. 

 

 

Q:        What if I have a home to sell first?

A:        Contact the CENTURY 21 Marino Real Estate REO Solutions Team to assist you in getting it sold. Banks will not accept an offer that is contingent on the sale of another home.

 

Q:        What else should I know about purchasing a bank-owned home?

A:        Acceptance of your offer may take longer because the home you are bidding on may be one of several hundred files on the desk of an overworked asset manager. Be prepared for a response time of up to a week or more. Once your offer is accepted, things often move quickly. Banks prefer a quick close (often 30 days for financed purchases and shorter turnaround for cash).You will also have to review and sign the bank’s addendums that outline any special requirements. These requirements may include, but are not limited to, the following: an acceptance of “as is where is” condition; acknowledgement that the seller will not pay for a survey or pest inspection; earnest money must be in certified funds; taxes will be prorated at 100%; and that a special warranty deed will be issued. You will have the opportunity to have your attorney review the contract.