Below are the duties each participant performs in the transaction for their fee.
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BK Global’s Duties – 2%
- Researching real estate assets to determine if it makes sense to pursue the sale
- Review and score assets for salability
- Run title and lien searches to identify creditors for resolution and title issues
- Conduct resolutions under the trustee’s direction (If applicable)
- Assign assets to our local listing broker via our portal
- Send local listing broker property-specific referral agreement
- Provide occupancy and access if available
- Contact servicer for of any property preservation needs
- Contact secured creditors to notify of the upcoming sale with servicer requirements
- Prepare the broker’s declaration for signature by broker and trustee (If applicable)
- Prepare draft court pleadings for the trustee (If applicable)
- Obtain employment and authorization to sell from the trustee (If applicable)
- Review the local listing broker’s BPO and Property Condition Report
- Review photos
- Assist the trustee or agent in establishing market value
- Negotiate with Servicer for the acceptable sales price
- Establish a carve-out or cash for keys with Servicer
- Implement an online marketing campaign
- Notify local listing broker when trustee or homeowner has signed listing agreement
- Monitor marketing progress and authorize bi-weekly price reductions as needed
- Conduct an online sale using our online offer management platform
- Assist trustee or homeowner in reviewing all offers
- Review, recommend acceptance, rejection, counter-offer, or initiate multi-offer round
- Notify trustee or homeowner of the offer(s)
- Recommend a course of action
- Obtain a trustee or homeowner signature on the highest and best offer
- Fulfillment team to work with servicer(s) to obtain consent on sale terms
- Initiate value dispute if required
- Submit servicer and court approvals to buyer’s agent and initiate due diligence period
- Prepare draft court motion and order pleadings to sell for the trustee (If applicable)
- Cure any title defects
- Manage contract requirements, inspections, and coordinating closings
- Assisting the trustee in the collection of required information for court filing (If applicable)
- Closeout any pre-closing contingencies
- Prepare HUD-1/CD with title/escrow company
- Close the transaction
- Ensure the estate or homeowner has received the appropriate funds where applicable
Local Listing Broker Duties – 2%
- Preview property
- If needed meet locksmith for re-key (paid by BK Global or servicer)
- Take photos, prepare a BPO and property condition report
- List property on local MLS and place a sign in the yard
- Enable access via lockbox or by appointment with occupant
- Provide feedback on showings
- Reduce price as required by BK Global
Selling Brokers Duties – 2%
- Show property to prospective buyers
- Write up a purchase offer
- Submit offer online
- Assist buyers with contract requirements such as inspections, appraisals, and HOA applications
- Finalize any counter-offers
- Attend closing