Occasionally a business, generally a financial institution, becomes the owner of real estate that does not reflect the business’ overall strategy. Since the value of OREO property is subject to wide fluctuations that can seriously impact the owner’s financial condition, it must be sold or leased quickly.
HGI’s principals have extensive experience in managing, disposing of and leasing OREO property and therefore understand what is required to convert the asset into one that produces a return.
- Property Inspection at Time of Acquisition – No matter which circumstances led to the ownership of OREO property – whether through a sheriff’s sale or other process – we will inspect the property immediately following the closing and report its condition to the owner. During such an inspection, we will secure the property in order to preserve the asset for the owner, and we will conduct ongoing inspections until the property is sold or leased so it continues to be maintained properly.
- Maintenance of Property Through Sale or Lease – Effective management of OREO property is designed to protect not only the value of the property itself but also the reputation of the owner. That’s why HGI follows ongoing inspections with any repair, renovation or maintenance that may be required, such as grass-cutting, painting, trash removal and more. No one wants OREO property to become a community eyesore – not the owner and not HGI.
- Reconciliation of Expenses – On a monthly basis, HGI reports to the owner all expenses that have been incurred in order to maintain OREO property according to the owner’s standards. Timeliness and accuracy: That’s HGI’s philosophy.
- Broker Services – HGI identifies real estate brokers who have the knowledge, background and experience to sell or lease such property quickly and under the best terms and conditions possible. Listing is fast and easy, and HGI is there every step of the way – all the way through closing or lease signing.