Real Estate Owned (REO) Property Management Services
Real estate owned (REO) housing that is the outcome of the recent foreclosure crisis threatens to destabilize low- and moderate-income neighborhoods across the country. Subprime loan resets, falling property values and tighter credit standards have each contributed to a higher level of foreclosures and a growing inventory of bank-owned and vacant assets.
Vacant unmanaged REO properties affect neighborhoods in several ways including reduction in property value. As property values decline and vacancies increase, neighboring homeowners may have less incentive to maintain their own properties. Unattended vacant properties can also attract crime and vandalism and are susceptible to arson.
Lenders operating in communities with a significant number of foreclosures may wish to protect their investments. REO Property Management Services offers a potential silver lining in the foreclosure crisis. Our services include:
Eviction, Redemption, and Legal Management
Property Management
Property Maintenance
Pre-Marketing
Asset Valuation and Marketing Analysis
Marketing
Brokerage and Offer Management
Closing and Title Services
Reporting
Accounting
| Eviction, Redemption, and Legal Management
Cash for Deeds
Property Management Marketing and leasing of units
Property Maintenance 24-hr emergency service, 7 days/week, 12 months/year
Pre-Marketing Initial Broker Assignment
Asset Valuation and Marketing Analysis Broker Price Opinion (BPO) and Appraisal Coordination
Marketing Marketing Strategy Reports
Brokerage and Offer Management Offer Presentation and Offer Approval
Closing and Title Services Title Procurement
Reporting Daily, Weekly, and Monthly Management Reports
Accounting Review, Process, and Reimburse Real Estate Agents, Vendors, and Contractors |
We pride ourselves in delivering on-time and within budget. The management of eight (8) communities consisting of more than 500 families throughout the state of New Jersey involve the interaction of several regulatory bodies including HUD, New Jersey Housing & Mortgage Finance Agency (“NJHMFA”) and the Division of Community Affairs (“DCA”) must demonstrate this or lose funding. During the most recent five year period, the average score of VMC’s long-standing NJHMFA associated properties has remained in the upper range of “Excellent”. This amongst other things equates to delivery of schedules on time and within budget.
Our staff is certified by NJHMFA and other regulatory bodies at a local, state and federal level. The credentials and membership in several professional organizations within the real estate management arena include:
We have been involved with and profitably managed properties that are governed by NJHMFA, the US Dept. of Housing and Urban Development (HUD), and/or other regulatory bodies at a local, state and federal level for more than thirty (30) years.
To learn more about how your organization, staff and clients can benefit from VMC’s services, access us on the web: www.vmcmgmt.com, email: info@vmcmgmt.com or call David McCants, Director, at (973) 677-2820. |