and they should be the first port of call for those in arrears . Unfortunately , Real Estate Owners ( REOs ) are often unaware of the various options offered by the bank , and they mostly avoid communication with them as far as possible due to the harassment from call centres . However , it is essential to keep communication channels open and truthful .
Three important keys to remember are not to make commitments you cannot meet , to keep the communication going , and to explore alternative solutions .
Each REO situation is different . Apart from being able to assist with any bank arrangement , companies like Real Estate Assist have two main options to assist real estate owners . They offer “ on-sale solutions ” that stop legal action or auction if in process , unlock cash from the property to address urgent financial matters , buy time to sell the property , and maximize proceeds selling for the best possible market value the REO is not able to recover .
Finally , Real Estate Assist offers solutions “ to keep your property ”. They stop legal action or auction processes , unlock cash to address urgent financial matters , address critical maintenance , and keep your property through structured “ Recovery ” property transactions and through participation in our Financial Wellness Program to improve your credit status and utilize a mortgage to retain the property .
It is essential to seek out the right assistance to help you navigate through these challenging times .
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SA Real Estate Investor Magazine MARCH / APRIL 2023 15