Foreclosure Management

Peoples Management Group, LLC (PMG) is Iowa's only provider of comprehensive foreclosure management services.  From a borrower's first missed payment to the final sale of REO property, PMG's program ensures that lenders receive maximum value throughout the entire foreclosure process.

Lenders are in the business of lending, not the business of managing and marketing real estate.  PMG adds value by removing real estate management and marketing responsibilities from lending staff thereby allowing them to focus on core competencies.  By outsourcing real estate functions to PMG, lenders will realize cost savings due to PMG's ability to obtain volume discounts from service vendors and increase recovery by improving each property's marketability through specific recommendations by Peoples Company real estate agents.

 

 

Service Description

Foreclosure Property Monitoring

The PMG foreclosure management program is unique in that it first focuses upon foreclosure property monitoring to ensure borrowers are occupying and preserving the property.  At lender's option, PMG will assign an agent to the property to visually monitor its status at fixed intervals as well as provide an opinion as to the property's market value.

 

 

REO Services

At the conclusion of foreclosure proceedings, each Real Estate Owned (REO) property will be assigned to a Peoples Company listing agent who will obtain its occupancy status and continue to monitor for vacancy if required.  Once vacant, the agent will conduct an internal inspection of the property and provide the lender with a property condition report with photographs, a Broker Price Opinion and suggestions for improving marketability of the property.  Throughout the listing period, agent will continue to monitor the property on a weekly basis.  Additional REO services available from PMG include:

Secure Property:  Re-key property
Payment Services:  Utilities, insurance, taxes
Cleaning:  Trash-out and cleaning
Repair:  Emergency repair, paint and improvements to enhance marketability
Maintenance:  Pool care, yard care, snow removal, basic winterization
Appraisals:  Independent appraisal
Reports:  Foundation, termite, etc.
Rental Properties: Collection of rental payments, leasing

 

 

Recovery Maximization

With each listing, a Peoples Company agent will provide the lender with a Broker Price Opinion and a detailed property condition report with photographs, a suggested list price, a market strategy specific to the property type and suggestions for improving its marketability to maximize the lender's recovery.  Agents will inspect each property weekly and provide monthly reports to lender with continued emphasis on enhancing marketability and attracting buyers.

 

 

Marketing:  Standard Listing, Foreclosure Seminars, Auctions

REO properties are first marketed utilizing standard listing techniques.  In the event a property does not sell as quickly as desired, a unique and critical component of the Peoples Company REO marketing approach involves location of suitable buyers by offering foreclosure investment seminars showcasing the lenders' listed properties.  As a final alternative, Peoples Company is one of a select few providers of auction services.

 

 

Negotiation, Closing and Financing

Subject to lender approval, PMG will negotiate purchase terms with prospective buyers based upon predetermined parameters.  Upon final acceptance of the offer, PMG will coordinate and monitor closing matters including inspections, contingencies, loan approvals, repairs, abstract reconstruction and escrow.  When appropriate, buyers of managed properties will have the option of arranging financing through the lender offering the REO property.

 

 

For more information contact Andrew Westlake at (515)771-7588 or andrew@peoplescompany.com.