REO (Real Estate Owned) Management
Preservation of a REO property can enhance returns and reduce days held in portfolio. Allow us to be your local eyes in the markets we serve.
Since 1996, when Joel Wilmoth entered his first vacant REO property, Wilmoth has recognized the costs that a poorly managed property can incur to its owner. That first WILMOTH REO was a property formerly listed by a broker who was not known as a specialist and the condition showed. From the rotten food on the stove, to the trash and waste of all sorts on the floors, to the neglect of the broken water pipes and damage from not having been winterized, this bungalow property had easily lost 70% of its market value.
At WILMOTH, we understand each servicer has their own preservation procedures. Even when a national field service company is utilized, we will act as your eyes and ears to report on the condition and provide informative reporting to improve all of the decision-making involved in the management and maintenance of a corporate owned property.
In addition, WILMOTH is available to provide independent property inspection services to report on these issues on pre-foreclosure properties, and of course existing REO. Our Brokers are trained and have excellent resources for locating contractors and service providers.
