Sorry if I sound like a noob but I don't know anyone who works for them, who they outsource their REOs to or if they sell direct and what they are doing with this huge portfolio?
Any thoughts or ideas are appreciated.
You need to be a member of REO Pro Network to add comments!
Let me know what I can do to help you guys.
They run a really good shop, and once in a while you get actual AM from PNC involved in the process. They are also aquiring tapes from Fannie and Freddy.
PNC REO Agent
Last Reviewed 05/28/2010
Qualifying to be a PNC REO Agent
The objective of PNC Bank is to liquidate REO assets as quickly as possible while receiving the highest possible net return in order to mitigate our losses. To that end, agents must agree to manage and sell properties assigned with honesty and integrity and assure that any service partners engaged to assist with this responsibility meet the same standards.
Real estate agents and/or brokers will be given consideration to manage and list residential REO owned by PNC or held by PNC for other investors if they meet the following criteria:
1) Agent Package. Real estate agents and/or brokers must submit an Agent Package which must include:
Resume of agent’s experience managing and listing REO assets.
List of Counties managed (in Excel format).
Copy of the agent's current real estate license.
Certificate of agent's current Errors and Omissions insurance policy.
Complete and signed W-9 form (showing the Payee for any expenses submitted for reimbursement).
At least three References of clients who have engaged the agent to manage and list REO assets
2) Qualifications and Resources. Real estate agents and/or brokers must possess:
a registered Res.Net agent
an active Real Estate License and must be affiliated with a Broker of Record which must have an active membership in a multiple listing service for the counties stated in the List of Counties submitted.
three or more years of REO experience. A CREO designation is helpful.
the resources and support staff needed to manage, maintain, list and actively sell the assets assigned.
Internet capabilities and an active e-mail address.
a member in good standing of the National REO Brokers Association (NRBA) and/or REOMAC.
a thorough knowledge of real estate listing and sales contracts and contract language
knowledge of local regulations, customs and disclosure requirements.
knowledge of landlord/tenant regulations
knowledge of local eviction laws and requirements and have the ability to assist with the eviction process including rekey and moving and storage of personal property if required by law.
knowledge of market conditions and trends.
a successful sales and closing record.
3) Required Services: Real Estate agents and/or brokers will be expected to:
Complete of occupancy checks, inspections, Broker Price Opinions (BPO) when and as required.
Assist with ‘Cash for Keys’ offerings and eviction actions including arranging for movers and storage facilities if required by local law.
Perform property management services including securing and winterizing the property, set up for lawn and snow removal services, utilities, repair work, and other property maintenance and preservation as required.
Submit monthly Requests for Reimbursement.
List and advertise the property’s availability through usual means including but not limited to multi-listing, for sale signs, local advertisements and publications, and open houses.
Perform property management services for tenant-occupied properties.
For further consideration please forward a completed real estate broker package to: RealtyServicesOreoProperties@pnc.com.