In the real estate world, “OREO” is a banking term that means “Outside Real Estate Owned” Banks are prohibited from owning real estate unless they get it in foreclosure. Those banks that do have OREO portfolios need a comprehensive solution to manage them.
CAP Management can help. First, we inspect the properties on a weekly basis. We look outside for vandalism, graffiti, broken widows, or burned out lights. We look inside for water intrusion, leaks, animals or break-ins. Then we put this info on the web, complete with pictures so the Bank knows the state of the property.
We have teamed up with a Real Estate Office to market the properties, a stager to show off the properties, a cleaner to get the dust out, and we do the inspections.
While we have seen price decreases of 20-25% since the tax credit ended, properties are still moving. We can help!
Chris Crigler, President