This service is designed to assist banks with the disposal of OREO properties outside of their normal market areas.  We realize that OREO properties within your market areas are often best handled by agents or brokers with which the bank has other relationships.  However, Crossroads Credit and Portfolio Management LLC will often fare far better than the bank in disposing of these assets. Our brokers and agents are required to provide Crossroads with detailed monthly reporting and must provide results to remain on our provider listing.

Securing and Condition Report

Once the Bank owns the asset, Crossroads personnel or our assignee will meet a locksmith on site to gain entry, rekey, and perform a property inspection report.  This report will provide the condition of the property, pictures, and bids for trash out in addition to other needed improvements. In the event t repairs are needed to maximize the banks return, we will obtain at least three written estimates for the Bank’s review and approval. 

Market Evaluation Report

We will research the market to determine the best method of liquidating the asset. This report will include the pertinent information gathered by Crossroads to enable the Bank to make an informed decision. When feasible, recommendations for cosmetics and repairs necessary to enhance values or marketability will be provided.  

Engaging Vendors

Once the method of liquidation is determined, Crossroads will act on behalf of the Bank to engage contractors, real estate brokers, property managers and auction companies.  Competitive bids will be provided for expenditures to be approved by the Bank as well as pictures of the property through each phase of the process.