16120 Constable Rd
Riverside - Riverside
Volant REO is dedicated to providing comprehensive servicing and disposition of REO assets for banks, private investors, asset management firms, and other financial institutions. With a strong focus on the core markets of Southern California we are continually monitoring the pulse of the markets served by each of our offices to ensure accurate valuations and appropriate market pricing. Our team is responsive, focused, prudent, and well respected in our communities. Communication and accountability are paramount in our organization. We prescribe that our point of contact for each asset is always available and current with the day-to-day status of every portfolio property under their management which ensures that the clients and senior management of Volant REO can receive prompt, comprehensive reporting on the status of each asset. Our process is generally outlined below and then tailored to work with each client's objectives and structure.
Our focus and accuracy in the valuation stage comes from our deep, local understanding of our markets. Our BPO (Broker Price Opinion) process includes full interior and exterior inspections depending upon occupancy with a guaranteed 24 hour or less turnaround time. Our reports are delivered electronically on our own proprietary forms or on our clients' form coupled with a photo addendum showing subject property, street views, address verification, and comparable properties analyzed. Both comparable sales and comparable listings are used and photos of each property are taken on site, not extracted from the MLS. In this manner we produce a true, tangible feel for the immediate market surrounding each property. All BPO's are completed in house. Repair estimates are included when possible based on occupancy allowing for interior inspections with recommendations regarding an as-is versus repaired marketing and pricing strategies.
Typical REO situations ideally call for the asset to be vacant prior to marketing. The majority of cases have tenants involved - either former owners, lease tenants, or squatters. Our track record speaks volumes toward our ability to minimize the timeframe and the cash outlay of this process. We are seasoned experts at resolving the issues that arise and working with the tenants to assure effective transitions through willful vacating, cash for key arrangements, or eviction processing. By thoroughly explaining the situation to the occupant we find a very high success rate in presenting the advantages to the tenants, and all parties involved, of an amicable vacation process. Our average turn time from assignment of an occupied property until the vacate date is 28 days with a less than 1% of current BPO value outlay of cash as measured by the trailing 2 quarters. In the cases requiring eviction we proactively monitor and coordinate with the legal team to ensure that there is no loss of valuable time and as requested appear as witness in trials.
Property Preservation & Enhancement
Once vacated we immediately enter and secure the property, rekey, and have the utilities and other applicable services (pool/yard maintenance, HOA, etc.) transferred into our names. Our network of reliable, bonded contractors are called in to submit competitive bids for recommended repair work. The bids are typically due within 2-5 days depending on the extent of the work. Contemporaneously, the property trash-out and preliminary cleaning are completed and any items posing safety or health threats or liability are addressed, reported and corrected as appropriate. Title reports are ordered and any pending clouds to title are investigated and reported/resolved by our title team. Once received, the repair bids are summarized and submitted to the asset manager in the form of a Bid Summary package (side by side summary of bids with a narrated recommendation section, individual contractor bids, and photo addendum). Once authorization is received the repairs are scheduled, started, and managed daily through to a successful completion.
Our strategic marketing process is an integral cog in our overall goal to increase each client's bottom line by maximizing assets' sales prices and minimizing time spent on the market. We begin the campaign by pre-marketing in order to be well positioned once the listing goes active. Pre-marketing includes assembling collateral materials such as photographs, video tours, and fliers along with reaching out to our preferred Buyer and Realtor networks. Once repairs are complete and the listing agreement is executed the property MLS listing is immediately activated. This triggers our other key websites (eg realtor.com, reotrans.com, craigslist, redfin, trulia, etc.) to be updated with the information and broadcast to potential Buyers. During the listing process we will host Open Houses and Broker Caravans on weekends. Our listings explain in detail in the private remarks section the offering requirements in order to help ensure that the contracts received are bona fide offers and in the format in which our clients prefer to review them. Each offer is summarized and submitted to the client. After a counter-offer period in which we actively push to get the contract price maximized the contract package is submitted. Once approved and executed the asset passes into the next stage of disposition.
Upon receiving the fully executed contract the asset enters our expert transaction coordinator's realm to open escrow and closely monitor every step of the closing process up to and through recording. This final push in the scheme of the sale of the asset is critical and without closely managing the Buyer and their Agent critical time can easily be lost. We possess a track record with over 90% of our escrows closing earlier than scheduled. Our critical path closing procedure involves tracking every contingency date, serving Notice to Perform forms where applicable, and following up to ensure the Buyer's financing is on target (following up on appraisals, prior to doc conditions, prior to funding conditions, closing packages, title issues, etc.).