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Cohen Advisorspart of West U Realty
REO
Asset Management Services..... |
Property sales management, including all REO services, is the primary focus
of Al N. Cohen 's real estate management activities. Because our ultimate goal is a financially successful sale and
close, our first objective is to assign each asset to the most effective and efficient real estate broker. To give clients
the best-possible return, marketable assets resulting from the build-out management and eviction management phases are melded
into our property disposition process.
Our goal is to ensure professional handling of assets to optimize future returns
from disposition strategies. To accomplish this, Al N. Cohen, REO Asset Management selects the best suppliers to meet
the requirements of each asset. We have developed stringent performance standards for our suppliers, which includes
law firms, abstract firms, brokers, appraisers, inspectors, property management firms and maintenance companies.
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Al N. Cohen REO Asset Management will select the best local suppliers to fit
the individual demands of each asset. Law firms, abstract firms, brokers, appraisers, inspectors, property management
firms, and maintenance companies can be selected as required. We have developed performance standards for our suppliers
which they must meet or exceed in order to continue membership in our network. Their performance ensures that assets
will be handled professionally so that future returns from disposition strategies are optimized.
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Al N. Cohen, REO Asset Management conducts a comprehensive, on-site inspection
of assets. Among our primary goals are to confirm occupancy status, preserve the asset's integrity and value, identify
hazardous conditions and reduce possibility liability exposure for our clients. As part of the inspection, we will secure
the asset (change locks, secure doors and windows, board up, if appropriate, padlock gates, etc.) and stabilize conditions
to avoid further deterioration. If access to the asset was restricted previous to foreclosure, this inspection phase
often provides the first opportunity to observe its interior and exterior condition.
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Keeping an asset in marketable condition to attract potential buyers is the
goal of. Al N. Cohen, REO Asset Management's ongoing maintenance activities. When an asset becomes vacant, we begin
immediate maintenance. This typically includes securing and complete trash out, general cleaning, initial lawn maintenance,
utility set-up, monthly maintenance schedules (lawn mowing, light cleaning, etc.) and minor repairs. To allow brokers,
appraisers and inspectors to adequately assess its value and marketability, our most immediate priority is to put the asset
in reasonably good condition.
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To determine an asset's present and potential value, Al N. Cohen, REO Asset
managers conduct an in-depth evaluation. Using documents provided by our suppliers (broker's price opinions, appraisals,
third-party inspections), as well as our on-line database, we analyze a number of factors, including the local economy, population
trends, demographic changes, employment outlook and federal, state and local regulations. The result is a comprehensive,
strategic marketing plan and financial projection. Designed to highlight the asset's strength while neutralizing weaknesses,
the evaluation includes asset description, inventory days, market value, broker selection, location, comparable sales and
listings, list price and financial projection of net proceeds. Using this very-selective criteria, our asset managers
evaluate, and, subsequently, closely monitor on a monthly basis, local brokers to determine the best real estate agent for
each specific asset.
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Developing a successful marketing plan depends on the condition of the asset.
Market factors, such as buyer profile, financing requirements and demographic information, are key elements in deciding
whether to market the asset "as-is" or "as-repaired." To determine this, Al N. Cohen, REO Asset managers thoroughly
analyze the pros and cons of capital expenditures for repairs and their impact on sales price, inventory time and net return.
We also decide the optimum time to have repairs performed: immediately or just prior to closing. If our analysis
concludes that an asset should be repaired, we get multiple bids for the repairs from our local network of suppliers.
After a thorough review of the bids, our asset managers award the work based on a number of factors, including completeness
of bid, quality of materials to be used, price, as well as estimated start and completion times. Our on-site representatives
then closely monitor the work, manage the receipt of subcontractor invoices and distribute payments. (Before payment
is made for work, a "Repair Work Confirmation" will be completed by our on-site representative and signed by the contractor,
relieving Al N. Cohen, REO Asset Management and our clients of future liability and liens.)
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Al N. Cohen, REO Asset Management's team of experienced real estate closers
and legal coordinators kick into action once an offer is accepted for an asset. To completely and efficiently manage
the closing process, we review the contract for completeness, select the most appropriate closing law firm, negotiate the
most-effective related fees, authorize title preparation, clear title problems, coordinate between all appropriate parties,
monitor contract contingencies, certify closing documents for accuracy, collect and distribute funds and provide final closing
documentation to our clients. Because we have closed many real estate transactions across the nation, our legal representatives
are knowledgeable of the most subtle differences in standard closing practices of different regions and sub-regions of the
country.
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In the event that our initial due diligence
inspection shows evidence of tenants at an asset, Al N. Cohen, REO Asset Management representatives
will attempt to determine our client's rights concerning rental proceeds. Upon foreclosure, we will immediately instruct
our law firm to begin the eviction process. According to local laws, tenants will be duly notified and, if necessary,
the courts will be petitioned for eviction. Along with local law enforcement officials, our representatives will coordinate
the eviction process, and be present at the eviction to secure and stabilize the asset. However, eviction may not be
necessary if it is determined that the occupied asset would best be marketed as an income-producing property. This,
of course, depends whether the tenant's profile (rental payments history, association with original owners, etc.) is deemed
to be "good."
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Through our network of property management
and real estate firms, we have the local expertise to coordinate all rental management activities of an asset. Because
certain types of residential assets are more attractive to investors who purchase income-producing properties than to owner-occupants
or final users, it is important that paying tenants to stay in an asset. This will allow investors to properly analyze
the cash flow of assets based upon current occupancy. Therefore, Al N. Cohen, REO
Asset Management will coordinate with tenants; collect rent, deposits and penalty fees; initiate collection on
no-payments; respond to tenant complaints and maintenance and repair requests; administer leases and re-leases;
and manage delinquencies, evictions and tenant move-outs. We will also market assets while they are being rented.
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Complete drive by and full interior inspection
analyses and appraisals are provide by Al N. Cohen, REO Asset Management's Property Value Assessment Center. Fees for these services are:
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Fees
per Asset: |
Exterior,
no photo |
$95.00 |
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Exterior
with photo |
$100.00 |
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Interior
with photo |
$125.00 |
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Rush
BPO (less than 5 days) |
$50.00
additional |
Get results. Al N. Cohen, REO Asset Management's full-service approach
provides effective REO management, proven supplier performance, reduced administrative time and controlled costs. Al
N. Cohen's extensive real estate experience and track record of success minimizes market risks, maximizes net proceeds and
reduces carrying costs. Put our team to work for you today. Our commitment to excellence - and to our clients
- has made Al N. Cohen, REO Asset Management the proven leader.
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Al N.
Cohen, REO Asset Management is a company committed to the success of our clients!
