Friday, September 20, 2013

REO - One of the Newest Departments at Conservice

Matt Vance, REO Utilities Manager

What exactly does REO stand for? Maybe: Realistic Elephant Opera?  That would be a sight to see!  The REO department at Conservice does not actually have anything to do with elephants, nor an opera.  However, we believe what the REO team does is equally impressive.

REO stands for Real Estate Owned.  An REO property is any property owned by a bank or government agency.  Most REO properties are purchased by these agencies through foreclosures and public auctions.
A lot of these homes have been abandoned and can become an eye sore in the neighborhood.  Un-kept yards, peeling paint, and damaged structures often identify an REO home.  Conservice plays a critical role in repairing and preparing these REO properties to be re-sold or rented and add value to the community.

Once a property is purchased by a bank or other financial firm, address information is sent to our office through a sophisticated internal computer program.  From there, trained Conservice representatives contact the respective utility providers for each vacant property.  Utilities are activated to provide electricity, water, and gas to allow contractors to perform repairs.  Having active utilities at these empty homes also enables individual Real Estate Agents to show the properties to potential buyers.

Sounds simple?  Yes, what we do can make your life easier.  However, there is a lot more that goes into our program than meets the eye.  In the month of August, 2013 we activated utilities at over ten thousand homes across the country.  Required documentation to start services can vary from provider to provider and state to state.  Each of those homes has several utility providers which all send us usage bills.  Some providers bill monthly, while others bill bi-monthly. 
We track all of this information and pay all REO utility bills on time in behalf of our clients.

In the last year the REO department at Conservice has grown significantly.  In the next couple months we will continue to grow and more than double the amount of homes we currently manage.  We believe our unique ability to manage thousands of accounts and bills for the agencies buying these homes is improving neighborhoods across the country.

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