Real estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. The bank will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property. This is usually the case, as the amount owed on the home or property is probably higher than the value of this foreclosure property. As soon as the bank repossesses the property it is listed on their books as REO and categorized as an asset (non-performing).
This type of project typically requires documentation for all work including:
a. Photo journals
b. Log of workers
c. Bid comparisons
d. Schedules
e. Weekly Reporting
In many cases the property, typically commercial, or multi-family such as condominium or hotels still might have administrative operations and occupants in place to allow the property to continue to generate revenue.
At Cianci Construction, we are aware of these conditions and work diligently to minimize the impact that completing this work requires on the operations, staff, occupants, and renters in these facilities through consistent communication via e-mails, advance scheduling utilizing agreed upon working hours and proper staffing to complete the project as seen fit to meet or exceed to limited funding available.
