After doing thousands of bpos...I got what appears to be a "pre-list"? The company (greeriver capital) asked me to do an occupany check. Am I supposed to start offering a CFK to tenants? What about giving the property a value? What I don';t understand is if the property was taken by the lender or still belongs to owner? I don't want to appear new to the Green River assezt manager. I am very capiable of handling the assest. I just don't want ot trip and fall before I enev get in the race.....

Go to the home and see if anyone lives there. If no one does get the home rekeyed.. If someone does call your asset manager and tell them how they would like you to proceed.

Do you have an account with GreenRiver? If you do I would just log on to the website and read their vendor guide or FAO. Also I would be very cousious when it came to this company. I have been reading many troubling things about them lately. Again I would do my research. Don't take what I post as the truth. Take the time to read the forms and even contact agents listed as Green river capital vendors and just ask for any feed back. Good luck.

If it is pre list, then it belongs to the lender. Check the registry of deeds - foreclosure deed should be there (although sometimes the attorneys don't record it when they should).

I would NOT rekey until instructed to do so. Our MA laws are very strict as to what we can and can't do (and say). I ended up in housing court a few months ago as the tenant complained about the way I handled the cfk and I was very careful when I approached them. Long story...she was told by the judge not to waste his time ... however, you don't want to end up in housing court nonetheless. Occupants here know their rights better than we do!

You will not have to do a BPO until the property is vacant. I'm still doing occupancy checks on one in Worc from last June.

I've closed with Green River also and have no issues with them.

PM me if you want more specific info. Good luck!

just do the tasks as they come up. if home is occupied, then CFK and repeat occupancy tasks will come up. If not, then you will be asked to re key, winterize, trash out, and inital BPO

You don't do CFK until you are told to do CFK. Just do the Occupancy Check and report back. They will tell you what to do next.

yes, don't rekey until you're told to do so!
Some co's will specifically tell you up front if it's vacant rekey within 24-48hours..
for the last year because i've had 2-3 actual sellers involved in one property i wait to make sure one of them does not have a contract with their own preservation co so i don't lose out on a reimbursement. Plus as mentioned, you never know when someone's going through legal processdings and final forelcosure is not complete.
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Take good pics while there if possible. Mail box full with unretrieved mail, power meter if you feel safe enought to see if it is active. Vehicles may have old inspections or registrations. If you get a chance pick a neighbors brain or the mail mans brain for data. Mail man wants to move on, but neighbors love to talk.
Congrats!

Try this too

the mail carrier is usually a good source of information. if you decide the home is vacant, take photos, and make sure you have good information and preferrably documentation to back up your decision. keep a log of who you talk to. you'll want to store any abandoned personal property (at the property or in secure off-site storage) until the occupants are given proper legal notice and notice period expires. YOU are now the property manager, and you control all of these events, subject to the clients instructions, of course.

once the property is vacant and secured, you will be instructed to do a BPO to determine the MV and list price. your BPO will be compared to another BPO or full appraisal, so make sure it's good.

Good point about keeping a log....I take (brief) notes as I'm talking on the phone...sure helps when I'm trying to remember what someone said or to establish a timeline of events.

It's funny they offer only 500.00 for a trashout without extra approval. Most I see run in the thousands.

The concept of offering 1,000 for CFK is a joke. Especially in high priced areas they save tens of thousands by just staying there. Heck even in a 3/2 here they would save more than that in monthly rent of a comparable property not to mention security deposit for new place,truck movers,cleaning out the place.

I just think it is hilarious.

Ok, here is a real newbie question,,,
Where do the funds come from for the CFK? Do I front the money and get reimbursed or does GR pay? I ask because the subject prop is a multifamily,and well, it could get expensive...many units, many tenants...

am will send you a ck .. after you have signed ckf agreement

DON'T give it to the occupants until they are 100% out and in compliance with the cfk agreement

I have done the occupancy check, BPO and currently doing CFK. How do I know (if I get a listing) what my commission (%) will be?

The amount of commission is either stated or negotiated when you get the listing contract. If it's a percentage on a low value property, you need to negotiate a flat fee, in my opinion.

Recently I was approved by GRC to set up my initial profile.
Has anything changed since the last posts above regarding initial property preservation and who does, agent or PPI company?