Press Release
LGK Properties Introduces Property Management Services
May 12, 2011 Chicago, IL – As foreclosures continue to rummage the US property market, Lenders are looking at renting their REO (Real Estate Owned) instead of liquidating them at huge discounts in today’s highly saturated foreclosure market.
When disposing a foreclosed property is not the right strategy for a mortgage lender, LGK Properties offers tenant management services to their client in an effort to minimize losses from non performing default assets. According to John Gachanja, a Client Specialist at LGK Properties, “we are getting tons of requests from our clients to perform rental property management services on their REO properties, especially in the hardest hit foreclosure state ofFlorida.” This seems to be a growing national trend as Lenders and GSE’s have started to look for other strategies to minimize losses on their default assets instead of disposing these properties at huge discounts.
Besides other default property services that LGK Properties offers such as field inspection, and property preservation services, REO marketing and sale, and short sale processing, REO rental property management services offers the following one stop services for their Lender clients:
- Detailed property condition report is created and submitted to client
- Repair recommendations made for client
- Property is repaired and updated to improve marketability
- Tenant is sought, lease is signed, and new tenant is on-boarded
- Monthly Rent is collected on client behalf
- All repair issues and emergencies are handled on client behalf
- Property condition and accounting reports are made available per client request
- Property can be marketed and sold when the market conditions become favorable
Advantages of Renting foreclosed REO properties to Lenders:
- Monthly cash flows
- Reduced holding costs of vacant foreclosed properties
- Improved property condition increases curb appeal
- Improved neighborhood safety and general attractiveness
- When market conditions become favorable, these properties may command higher prices
About LGK Properties:
LGK Properties is a full service asset management company offering REO (Real Estate Owned) property preservation, management, field service inspections, short sale management, and property listing, sales and marketing. LGK Properties is headquartered inElk Grove, Illinois and have recently opened another office in Jacksonville, FL.
LGK Properties launches short sale management services
August 17, 2011 Chicago, IL- LGK Properties recently announced introduction of short sale management services, as an add-on to their existing suite of default asset solutions. With an already established relationship with experienced and trained real estate professionals and asset managers from major banks and servicers, this new short sale service is a natural extension to LGK existing default property services.
A Short sale basically serves as an alternative to foreclosure. In a short sale, banks or investors agree to accept an offer significantly less than what the homeowner currently owes on their home mortgage. Compared to a foreclosure, the option of a short sale is far less costly for the lenders as well the homeowners since there is less of an impact on their credit rating.
According to John Gachanja, a Client Specialist at LGK Properties, ”We are able to combine our expertise in the areas of negotiations and loss mitigation with efficient business processes, latest technologies and a qualified network of real estate agents, home improvement specialists and fields service inspectors to provide value added services, to facilitate a successful short sale transaction.
For many homeowners facing financial hardships, short selling their underwater home is a better alternative to foreclosure. The short sale services provided by LGK Properties help homeowners by educating them about various alternatives to foreclosure such as deed in lieu, loan modification, and short sale. ” At LGK Properties, we evaluate the best possible solution for both the homeowner and the mortgagee, and then collaboratively work out the details to execute”, adds John.
In the case of a short sale, the homeowners are immediately referred to the best local short sale real estate agent who provides additional guidance, assists to stage the home for sale, and extensively markets the properties to derive quick and highest returns for the investors. LGK staff works with the homeowner and real estate agent to collect all required documentation and submits it to the Lender for evaluation and qualification when an offer on the property is received. LGK thus provides Lenders with complete and accurate short sale packages for expedient analysis and offer negotiations.
LGK Properties also has a plethora of other services including Occupancy Checks, Interior and Exterior Broker Price Opinion (BPO), lock changes, painting, all home repairs, trash out and cleanout, REO property marketing and sales, property preservations and management, vacant property registration and rental management.
For more information regarding LGK Properties short sale or REO property preservation, management and disposition, please visit our website at www.lgkproperties.com or call 877.540.7779
LGK Properties Opens a New Office in Jacksonville, Florida
September 22, 2011 Jacksonville, Fl – AsFlorida continues to lead the nation in foreclosures, the demand for REO (Real Estate Owned) property preservation and disposition, and property field inspection services have more than quadrupled. In response to this surge in demand for their services, LGK Properties has opened a new office inJacksonville,Florida.
Due to increased demand for foreclosure and pre-foreclosure services from mortgage lenders, banks, servicing companies, GSE’s, as well as from established REO, and short sale real estate agents, LGK Properties have set up this new Jacksonville office to cater mostly for the south eastern States of Florida, Georgia, Alabama, Tennessee, South Carolina, and North Carolina. “InFloridaalone, we have increased our short sale management services by 40% from same time last year thus the need to have a local office so we can better service our clients. Our property preservation, drive by, interior BPO (Broker Price Opinion), and trash out request have also increased tremendously” says John Gachanja, a Client Specialist at LGK Properties.
LGK Properties foreclosure services are designed with the communities in mind. “We are a critical link between the banks, real estate agents, and homeowners, and serve a crucial role in the effort to stabilize communities. Our property preservation services ensure that vacant REO homes remain safe and habitable, and that further physical deterioration occurs.” adds John.
LGK Properties works with local community contractors to perform all property preservation work, and only hires local real estate agents to market and close on these REO or short sale properties. “Hence, our partners do not only have an interest in the communities they serve, but also have a deep understanding of the market. This knowledge is essential for our mortgage lenders clients as it allows them to make educated judgement about their default assets.” says John
Through borrower outreach programs, LGK Properties helps banks reach out to at- risk homeowners before they default on their mortgage and risk losing their homes to foreclosure. One way they do this is by educating homeowners about their alternatives, including short sale, deed in lieu, or loan modification. For those properties that ultimately end up in foreclosure and become FTV (first time vacant) , LGK Properties works with banks and real estate agents to quickly put prepare them sales ready, and can either market the property for sale or for rent, depending on the bank strategy adopted.
To keep the home in habitable and safe condition while keeping up the neighbourhood curb appeal to preserve property values, LGK Properties through their extensive network of real estate agents and home improvement vendors provide vacant home monitoring, grass cuts, interior and exterior repairs services, among many other property preservation works. LGK Properties also works with dedicated and experienced real estate agents who can quickly manage the listing and sale of an REO or short sale home netting the highest possible ROI (Return on investment) for the Lender.
About LGK Properties
LGK Properties is a full service asset management company offering REO (Real Estate Owned) property preservation, management, field service inspections, short sale management, and property listing, sales and marketing. LGK Properties is headquartered inElk Grove, Illinois and have recently opened another office in Jacksonville,FL.
