R.E.O. Servicing Information

Asset Management

Our asset management program is designed to satisfy the needs of our Institutional clients, focusing on management and disposition of apartment buildings, office buildings, shopping centers, taxpayers, (See About WRA) 1-4 family homes, co-ops, and condominiums (See Residential Brokerage). We recognize banks are in the business of lending, not asset management. With this in mind, we have developed an asset management and disposition program that outsources the burden of day to day property management from the bank's mortgage department to us.

Please review our list of Current and Former Institutional Clients.

The services we provide include, but are not limited to the following:

Full service management:

  • Billing and collection of rent on applicable units.
  • Hiring contractors and overseeing repairs.
  • Review and payment of all appropriate invoices.
  • Frequent property inspections.
  • Working closely with attorneys on evictions.
  • Determining occupancy status and assisting in occupants vacating premise of 1-4 family homes, cooperatives, and condominium associations.

Pre and Post Foreclosure Broker Price Opinions:

  • Including description of property, interior/exterior photos, comparable properties sold and available, current value and recommendations for marketing.
  • Tracking recent sales in neighborhood as well as identifying available comparable properties.
  • Review and analyze financial and operating statements.

Additional Services:

  • Appraisals, residential and commercial
  • Drive-by delinquency inspections
  • Board-up services
  • Providing monthly status reports tailored to client's needs.

Residential Brokerage

Our residential brokerage division mainly accepts assignments from Financial Institutions who are liquidating 1-4 family homes, co-ops, condominiums and mortgages. As we handle sales throughout the 5 boroughs of New York, Long Island, lower New York State, and northern New Jersey we have developed and maintained an extensive brokerage network used to fully cooperate in disseminating all available properties. Our program has been successful in liquidating several hundred properties for our Institutional clients. We are sensitive to the unique needs of all our clients and can tailor our systems to any specific financial reporting requirements.

For more information on WRA Properties, Inc.'s R.E.O. Services, call Maryann Murphy, Vice President, at (718) 224-9500 x140 or contact us.

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