Magnum Real Estate, hereinafter referred to as “Magnum”, was established in 1985 and has served the real estate buying and selling public of Metropolitan Chicago area since that date. Magnum’s office is located in Bartlett, Illinois. Edward Calusinski, one of the founders of the firm, has utilized internet technologies to effectively communicate with its clients, disseminate its listings to all area real estate companies and to advertise its listings locally and on the world-wide-web. Ed has recognized that, as more of the public relies the technology of this Information age to acquire all types of information, traditional “brick and mortar” real estate companies will continue to lose market share to “web” based companies.
The procedure for the sale of REO properties:
- The Bank’s asset manager contacts Magnum with REO property details.
- Magnum’s “market analysis” supervisor visits the property in question and collects data, analyzes comparable sales and current “on-market” competition. Photographs are provided to the asset manager so he or she can view first hand the condition of the property.
- Magnum will provide a recommended routine maintenance regimen.
- Magnum will provide a written estimate to make necessary repairs or rehabilitation (including photographs of the impaired areas of the home) to enhance marketability and a written estimate of cost to repair. (Please see paragraph 3 below regarding Magnum’s contracting services)
- A listing agreement is executed (which will include the commission payable at closing, repair or rehabilitation contract and maintenance agreement.
- Magnum’s “crew” will execute the repair plan.
- Magnum inspects and certifies property and issues Home Warrenty*
- Magnum employs its marketing plan.
- Magnum maintains the property.
- Magnum collects and presents all written offers and communicates them to the Bank’s asset manager. Contemporaneous with the offer presentation Magnum will provide “updated” market information to the asset manager.
- Upon execution of a Sale Contract the file is referred to the Legal Department to prepare the file for closing.