The Song Real Estate Team specializes in Shortsales and REO property listings. Please call our team today if you are a distressed home owner, an Asset Management Company, financial institution or a real estate buyer needing assistance with purchasing real estate.
Arica Mitchell has over 16 years in the real estate industry with 6 years in property management and 5 years of REO experience. The Song Real Estate Team has the funds available to make emergency repairs and pay utilities on behalf of REO clients. Our team is staffed by a team of over 15 individuals which include: Administrative Assistants, Escrow Coordinators, Field Inspectors and Buyers Agents.
Arica Mitchell takes great pride in delivering timely and accurate data to our corporate clients while striving to keep their carrying costs low. Selling REO properties in a reasonably time frame for the highest possible market price remains a top priority for our team. Arica Mitchell is personally involved in each and every REO transaction and is personally available to take your call and discuss your REO needs.
REO Services Offered:
|Occupancy Inspection||Initial services|
|Cash for Keys||Mngmt of field vendors|
|Property Inspection||Repair estimates|
|Trash out||Photo documentation|
|Sales clean||City code abatement|
|HOA record retrieval||Property Condition Reports|
Please contact the Song Real Estate Team office for a complete list of current clients and Arica Mitchell’s professional resume.
Advertising & Marketing:
All REO listings advertised on Realtor.com, Zillow, Craigslist, Facebook and numerous other internet sites. Weekly email marketing to agents to all local agents and our own database of investors. Yard signs with direct phone. REO open houses, realtor tours and home buyer tours.
Please contact the Song Real Estate Team office for a complete list of zip codes we service.
What are REO Properties?
REO properties are those owned by a financial institution- usually a bank or government loan insurer. When a home owner gets behind on payments the lender will determine the amount of equity in a property by having a Realtor conduct a BPO (Broker Price Opinion) or by having an appraisal conducted.
Often times the homeowner will contact the financial institution and request the ability to conduct a shortsale. This is the term used when a home owner owes more on his/ her mortgage than what the property is worth. Often times the distressed home owner will contact a Realtor for assistance with selling the property. If the home owner and Realtor are unable to sell the property via a shortsale and the financing institution cannot sell the property at a foreclosure auction, the property will be repossessed by the financial institution and called an REO property.
At this point the financial institution will try to sell the property on their own or contact an REO Asset Manager company to assist with selling the property. All liens and debts will be removed from the property and the property will be put on the market at that time with a Realtor who specialized in listing distressed properties.