REO Department
Broker Package
Engaged by Citi Residential Lending
Table of Contents
I. II. III. Introduction ............................................. Page 2 Instructions .............................................. Page 3 Forms ...................................................... Page 6
Introduction
Citi Residential Lending strives to sell its REO properties promptly at fair market prices. In the marketing effort, the properties must be cleaned, maintained, and sometimes repaired. Citi Residential Lending is committed to employing professional real estate agents to manage and exclusively market its REO properties. We do not sell direct and do not publish a list of REO properties. This package of materials gives basic instructions to real estate agents directly engaged by Citi Residential Lending and provides the forms that are required by Citi Residential Lending. Please direct your questions to the Citi Residential Lending Asset Manager that engaged you. We look forward to working with you.
Broker Package – Engaged by Citi Residential Lending Revised 12/11/2008 DIN # SD-00800-2
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Instructions
Complete and return the Agent/Broker Questionnaire immediately to Citi Residential Lending to be established as an approved Agent. When a property is assigned, you will receive the property address and loan number, along with the names and contact numbers of an Citi Residential Lending Asset Manager and Assistant Asset Manager. Follow the steps listed below. All correspondence and forms must contain the loan number of the property. 1. Complete the Occupancy Information Sheet on the Citi Residential Lending website within 72 hours. 2. If occupied, you will determine whether occupants are leaving. If they are not vacating, you are authorized to negotiate for possession. Citi Residential Lending offers Cash for Keys in order to eliminate lengthy eviction procedures and fees, reduce trash-out costs and to begin marketing the property as quickly as possible. Please contact the Citi Residential Lending Eviction Coordinator at (714) 634-2474, extension 33259 to discuss a Cash for Keys offer. If occupants agree to Cash for Keys, fax the executed Surrender of Possession Agreement as quickly as possible. It generally takes 7-10 working days to get the check processed and sent back to you. You may release the check to the vacated occupants only when you have inspected the property and confirmed that it is vacant, free of trash and free of damage. If occupants do not agree to Cash for Keys, or if they break the Cash for Keys agreement, you must immediately notify Citi Residential Lending. Monitor the property weekly and advise when the property becomes vacant. If vacant and unsecured, engage a locksmith in the area to change the locks and secure the property. Install a lockbox that is standard for your area. Please use a combination lockbox with code CRI or CRLI. If vacant and secured, the locks may have already been changed by our property preservation company. They code all their door locks 67767 and they code padlocks A389. If these do not work, contact Field Asset Services at (800) 468-1743. If damage is discovered that appears to be caused by vandalism, theft, fire, wind or water, please complete the Property Damage Report and fax it, or submit in on the website, to Citi Residential Lending within 24 hours of discovery so that an insurance claim can be filed. All items of real property removed or damaged by the previous owners or any other persons are considered stolen and/or vandalized. Contact your local police/fire department to file a report and instruct them to mail the report with the REO number directly to Citi Residential Lending upon completion. Please note that while the Property Damage Report should be faxed or submitted by website to Citi Residential Lending immediately, the police/fire report can follow at a later date. You can expect to be contacted by a claims specialist that will be representing Citi Residential Lending, so please assist the specialist in their efforts.
Broker Package – Engaged by Citi Residential Lending Revised 12/11/2008 DIN # SD-00800-2
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3. Turn utilities on for cleaning and show purposes. If possible, have utilities listed in the broker’s name and submit paid invoices to Citi Residential Lending for reimbursement (see step 5 below). If necessary, invoices can be mailed to Citi Residential Lending. Our Federal Tax I.D. number is 260591420. Our mailing address is: Citi Residential Lending Mortgage, Loan # P.O. Box 11000 Santa Ana, CA 92711 4. Citi Residential Lending has engaged the services of Field Asset Services (FAS), a property preservation company, to complete board-up, trash out, initial janitorial cleaning, lawn and pool services and to obtain rehabilitation bids. The FAS contact number is (800) 468-1743, ext. 249. You will receive a telephone call from FAS once the property is vacant. If the property is in a Homeowners Association or consists of rental units, please contact Citi Residential Lending for further direction. 5. Agent Reimbursements—submit the Payment Request Form to Citi Residential Lending and attach the vendor’s original invoice with a copy of your check paying the vendor. Include a form W-9 with your first reimbursement so that you can be set up in the accounting system. Citi Residential Lending cannot reimburse invoices without a completed form W-9. Direct Payments to Vendors—submit original invoices to Citi Residential Lending with your signature indicating the bill is ready to be processed. First bills from new vendors must have a completed form W-9 attached. Important: You must include the REO number and loan number on all invoices. Mounted photos are required for all invoices over $500. 6. Within ten (10) days of vacancy, complete and submit via the website fill-in forms the following information to the Asset Manager. Information you cannot provide by website should be faxed to the Asset Manager. If you cannot, please contact (800) 430-7680. Inspection Report Property Damage Report Broker's Price Opinion (BPO) with pictures of interior, exterior and comparables mounted on paper. Personal property inventory (if value exceeds $300) Termite report Standard state/federal disclosures Exclusive Authorization and Right to Sell Agreement—sign the agreement but do not date, modify or insert commission amount REO FAS Submittal Checklist
Please be certain that your package is complete prior to submitting it. Citi Residential Lending will return the listing agreement when completed.
Broker Package – Engaged by Citi Residential Lending Revised 12/11/2008 DIN # SD-00800-2 Page 4 of 6
7. Submit offers and counteroffers to the asset manager via the website at http://oms.citiresidentiallend.com and collect the paperwork information including: REO Offer Summary Form as shown on the website Original Purchase agreement (utilizing your standard form) and Standard Counteroffer (auto-generated on Citi Residential Lending’s website). Pre-qualification / Pre-approval letter from buyer’s lender Proof of funds for any cash involved in the offer
If you need help with the website, please call 1-800-309-7680. Upon final acceptance of an offer by Citi Residential Lending, please fax all originals to the Asset Manager for signature. Include signed original offer, signed Citi Residential Lending Standard Counteroffer, signed Lead Paint Disclosure, and any other required standardized forms for your area. 8. All outstanding bills must be submitted within 30 days after the property closing. The only exception will be final utility bills. It will be the responsibility of the agent to pay invoices submitted after 30 days of closing, which Citi Residential Lending will not reimburse. Close out utilities effective on the day of closing. Please contact FAS at (800) 468-1743, ext. 249 or fax (512) 467-1639 to cancel any ongoing maintenance services, such as lawn or pool services, one week prior to the sale of the property.
Broker Package – Engaged by Citi Residential Lending Revised 12/11/2008 DIN # SD-00800-2
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Citi Residential Lending Forms List
Agent/Broker Questionnaire Occupancy Information Sheet * Surrender of Possession Agreement Property Damage Report * Payment Request Form Property Repair Bid Form Inspection Report Broker Price Opinion * BPO Photo Sheet W-9 Exclusive Authorization and Right to Sell Agreement REO FAS Submittal Checklist REO Offer Summary * Standard Counteroffer * *For use if unable to access the OMS website
Broker Package – Engaged by Citi Residential Lending Revised 12/11/2008 DIN # SD-00800-2
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