REO / Asset Management

Upon initial assignment, our team gets to work. A Blue Dot representative inspects the property and submits an occupancy status report to our client within 24 hours. If the property is in Redemption/Confirmation status, we wait for an OK from our client to contact the current occupants. If the property is NOT in Redemption/Confirmation status and found to be occupied, we will obtain any information related to the tenancy occupants have. We are sensitive to complying with the PTFA and all other local applicable laws.

During the occupancy period we will perform no less than weekly drive-by inspections and note any material changes at the property. We will also provide a drive-by BPO within five calendar days of the assignment and include at least one exterior photo of the subject property. Once the property is assigned to us, be assured we are taking care of all necessary tasks immediately.

If we find the property is unoccupied, we complete the vacant property registration. We work closely with our clients and confirm the proper registration documents have been filed in accordance with local laws and requirements. Our prompt action and frequent, clear communication with involved parties sets us apart.

We are able to transfer utilities into our name and pay advance payments for such utilities, with client approval. We also make certain the HOA, if applicable, is notified and those contacts are current. Because of the transaction management software we use, RIO Genesis, we have an extensive database of current information for HOAs across the country.

We will work with our client to get a monthly itemized statement from the HOA to include enumerated fees and assessments that are allowable under applicable ordinance or bylaws.

We understand there are many steps to preparing a property and it starts with the initial evaluation. We think of it as our “hello” in building our relationship with you and those involved in this property transaction. We want you to earn your trust by adhering to our values and proving our reputation.

Once a property is assigned, we complete interior BPO within five days. If the property is occupied, know that out of respect for the occupants, we will complete an exterior BPO within the same five days of assignment. Our valuations include full exterior and interior inspections and photos, descriptions of the market area, sales and listing comps with photos, as well as repair estimates. These prompt actions ensure you are never out of the loop on our progress.

Distressed, foreclosure, REO properties need extra TLC and an extra budget. Blue Dot’s REO Division is prepared to handle all of the repairs and keep track of expenses for you. Having the ability to meet the guidelines for various repairs and maintenance requirements allows us to stay on task, on time, on budget. Many tasks and repairs require a daily drive-by to ensure the quality and completion of tasks. We document everything with receipts and photos and have the available to you as part of our transaction online. You will have access to view these photos, documents and notes.

When a task requires more than one bid, we are able to pull from our extensive, reputable vendor list for comparisons. We are also able to include you at any step in the process as required. You may not want to be in the loop for every correspondence, but you are in control.