Jason Ellis

Coastal REO understands the critical importance that an integrated comprehensive effort plays in placing REO properties in marketable condition efficiently and cost effectively. When a property is maintained proactively with “curb appeal” in mind, the likelihood of a buyer issuing a purchase offer is greatly enhanced – reducing the time the property is on the market and enabling the property holder to recover the highest achievable value and quickest disposition. Achieving these lofty goals of maximizing marketable condition generally requires diligent preservation, protection, and ongoing maintenance. Additionally, we find it is necessary to coordinate efforts with the appraisers and local real estate agents during our aggressive sales campaigns.

Coastal REO’s department is comprised of Maintenance and Repair Specialists, Client Relations Representatives, and an Aggressive Marketing Team. These individuals work together to facilitate the placement of the asset on the market as quickly as possible while ensuring quality work to preserve and protect each property, from foreclosure sale to marketable condition, and finally, to the point of a completed sales transaction. Coastal REO provides Preservation Services with an unwavering focus on ensuring that the property is placed in marketable condition as soon as possible after foreclosure sale or an eviction.

Coastal REO has developed an innovative and unique approach to serving REO properties that is designed to maximize efficiency of service, minimize administrative costs and eliminate costly duplication of work. To provide for more effective management of costs for our clients, we have developed a fixed price “cradle to grave” concept that allows you to more efficiently project costs over the life cycle of an REO property. Coastal REO Clients have realized a number of benefits from this pricing model including, but not limited to:

• A fixed fee approach to managing and budgeting for initial and ongoing maintenance costs.
• Improvement in efficiency that dramatically decrease the internal labor costs necessary to order, review and approve bids, and processing invoices.
• Centralization of responsibility for all property services greatly enhancing communication with realtors, marketing officers, and other vendors.
• Single point accountability with a proven partner recognized and approved by all government mortgage servicing agencies such as HUD, VA, Fannie Mae, and Freddie Mac.

Utilizing a network of vetted contractors (fully licensed & bonded) CRS both monitors & maintains your assets. The properties are secured, inspected & brought to marketable condition. We adhere to applicable local codes & national FHA guidelines in doing so. But what does ‘preservation’ entail?

Securing
We check points-of-entry into the home; repairing/installing locks as needed. This includes screening/boarding of vacant properties.

Debris Removal
This includes all unwanted debris both inside the property as well as on the grounds. Unclaimed automobiles are also removed, in accordance with local regulations.

Winterization
The property is prepared for the elements by licensed contractors who address the plumbing & heating systems, sealing and capping water and gas lines, respectively. This worked is done carefully, and an itemized report is prepared for your review.

Lawn & Pool Maintenance
These services are provided securely and in accordance with the client’s needs. Tree trimming, weeding & shrub removal can all be performed. Swimming pools, hot tubs/jacuzzis can be secured, boarded/covered & winterized to your specifications.

Coastal REO Solutions primary receivership objective is to protect the integrity of the asset and income stream by securing the physical asset, accounts, and records. The secondary objective is to establish management and procedures that protect and preserve the asset. The following outlines the services Coastal REO Solutions will provide:

• Third party independent control as a fiduciary of the court.
• Possession and preservation of the asset.
• Supervision and direction of daily “on-going” activities of the property.
• Full review of all contractual services.
• Bidding and awarding of service contracts and independent outside services.
• Full accounting of all income and expenses.
• Authorization, control and payment of payables, with restructure of payable stream if necessary.
• Understanding of institutional requirements, policies and goals.
• Specific recommendations for extraordinary maintenance requirements.
• Proactive management to establish the confidence of tenants and others.
• Reports tailored to the needs of the court and secured creditors.
• Full cooperation after the receivership period to continue stabilization of any tenant base and property operations.