For the cost of a standard drive-by property inspection that relies on still
photos and written text, lenders can now employ computer desktop video
to better monitor and access an REO asset’s true condition, compliance
REO assets are often vacant properties, subject to vandalism and neglect.
Conditions that result in costly fines, escalating repair issues and resale
challenges if not corrected. Lenders have traditionally relied on written
status reports and still photographs to stay on top of these management
issues. Such written and still photo reports are time-consuming both to
prepare and review. Further, they are often misleading and incomplete
in communicating the asset’s true condition and value.
An REO-TV video tour and audio narrative puts the asset manager on site
at the property, providing a detailed walk-through of both interior and exterior
issues, as well as calling out adverse conditions in the surrounding community.
An REO-TV report provides both the lender and potential resale buyer a truer
sense of the REO’s current market value and management requirements.