Understanding Occupancy Checks

If you decide to engage in the REO business, one of the things you need to do is the occupancy check. This is among the first things that the REO agent has to do. The book, REO Boom has provided a guide for the execution of the occupancy check and preparation of its report.


The main objective of an occupancy check is to verify if there are people still living in the property to be listed. Some cases are easier than the others. There are instances where an agent can easily learn if the property is occupied through a drive by. A car parked in the driveway or a family inside the house is an indicator that the property is occupied.

However, there are also instances when it is difficult to determine if there are still people in the property. The occupancy check may sound easy but this is what most agents dread. There are several things to consider as well. Consider the possible things that could happen if there are still people in the house. How would they react if they see you?

Are they hostile? Not knowing what awaits you in the newly acquired bank owned property can be scary. What will you do if they turn out to be unwelcoming and aggressive? You can use some of these tips to help you: 1. Normally, banks will require you to check the property within 24 hours upon receipt of the assignment. In some cases, you can do a drive by check. However, you will have to enter the house most of the time.


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