How Mortgage Servicers Can Sell REO Properties Faster

REO properties sit when the right buyers don't see them, or when the buyers who do can't close. The usual causes:

1. A thin first audience. The property goes live and waits for buyers to find it.
2. The wrong buyers. A heavy rehab sent to owner-occupants, or a small-town house sent to a national list.
3. Buyers who can't close. No proof of funds, or financing that doesn't fit the property.
4. Slow follow-up. A buyer asks a question and hears nothing back.

Every extra week means another week of holding the property.

Vihara starts with the buyers it already knows. When a property comes in:

1. Known buyers hear first. We start with the buyer leads already in our own marketing database.
2. Each property gets its own enquiry form and ads in the markets where its buyers are.
3. Every enquiry is followed up, by a call, then email and text.
4. Buyers are matched by how they pay. We ask buyers how they plan to pay, so each property goes to buyers who can close it.

Vihara is built on five generations of selling property, including more than 125 years of government and defense disposals.

Ask four questions:

1. Who sees the property on day one? Ask how many buyers, and who they are.
2. How are buyers qualified? Proof of funds, how they'll pay, past purchases.
3. How are enquiries answered? By whom, how fast, and on which channels.
4. What do you report back? Interest, registrations and outcomes, property by property.

Yes. Many of the properties on Vihara today are outside the big metros, in places like Ogdensburg, NY, Sonora and Twain Harte, CA, and Lathrup Village, MI. These homes need local buyers, so we market to the buyers who live and invest in each property's own area.