“As experienced practitioners resolving uniquely challenged real estate, Back Bay Realty Group creates peace of mind for real estate owners. We help lenders by tailoring effective solutions to manage and liquidate REO properties in even the most complex situations.
Additionally, we provide concierge-level service and comprehensive long-term management solutions for investment property owners. Your property is managed with the same level of care as our company owned investment properties.
Our depth of industry experience and knowledge, combined with a seasoned team of professionals, make Back Bay Realty Group a trusted and proven resource.”
Danielle Fielder, Senior Asset Manager
Our Company focuses on two core groups of property owners:
Lenders: We specialize in helping lenders manage and liquidate REO properties in Greater California. We provide a full menu of industry leading post foreclosure services. We pride ourselves on our ability to tailor a solution specific to the lender and property’s needs.
Investment Property owners: We provide concierge-level management services and brokerage solutions for investment property owners throughout Coastal Orange County. We add the most value by focusing on owners of residential properties with 1-15 units.
We resolve most post foreclosure properties within 60-days. Back Bay Realty Group partners with an extensive group of fully vetted and licensed vendors throughout the entire state of California.
Our company leases most properties within 45 days, with little or no vacancy. We find top-notch, qualified tenants and work to retain them. Back Bay Realty Group offers all-inclusive pricing and a concierge-level of service.
Back Bay Realty Group manages a large portfolio of our own long-term investment properties throughout Greater California. Each month we purchase challenged assets and manage our own post foreclosure services including: eviction, repairs, inspections, major renovations and leasing or selling.
In addition, we also manage investment properties in Orange County on behalf of clients. We ensure all properties are professionally managed and cared for. We are experts at what works and know what you are going through. We treat every property with the same care and attention to detail as our own.
We are passionate about building long term, mutually beneficial relationships. We understand the business goals of each of our individual clients on a personal level. This allows us to provide effective solutions and positive management outcomes for all of our property owners.
THE BACK BAY WAY
POST FORECLOSURE SERVICES
Fact gathering to understand more about the lender, borrower and the REO property
Provide best practices recommendations
Provide a quote within 3 business days
Once accepted, begin the onboarding process
Eviction (if necessary), repairs, major renovations
Market the property for lease or sale
Most REO properties are sold in four months or less or leased within two months
INVESTMENT PROPERTY MANAGEMENT
Fact gathering to understand more about the property and the owner’s specific needs
Provide a quote within 2 business days
Once accepted, begin the onboarding process
If the property is not currently occupied, BBRG will market, screen and place tenants
Approximately 85% of properties are leased within 45 days
The valuation and discount criteria for non-performing assets varies depending on a number of key factors. Our promise to our clients is that our offer will be very competitive. Most note sellers provide upfront pricing guidance and this helps us construct an offer that is mutually beneficial.
How we determine the discount is based on the following:
The collateral value is one of the most important factors when determining the purchase price of a note. When the unpaid principle balance exceeds the collateral value, the maximum price we can pay for a note is equivalent to the collateral value. In contrast, when the collateral value significantly exceeds the outstanding legal balance, the note could be in jeopardy of being trapped in bankruptcy proceedings.
Every borrower’s situation is unique and the more we know about how the borrower the more effective we are at determining the best solution for them.
The number of late payments will help us determine if there’s an opportunity to help the borrower get back on track for their past due payments. Additional considerations include unpaid principle balance, payoff, interest rate, default provisions, maturity date, payment amount, etc.
Recovery and Disposition Costs
Significant costs, time and efforts are associated with the recovery and disposition of the collateral. The foreclosure process can take anywhere from 3 months to 2 years to take ownership of the collateral and can cost tens of thousands of dollars in legal expenses. Disposition costs include, repairs, renovations, remediation, property management, property insurance, property taxes, broker’s commissions and closing costs.
Liability and Risk
Every non-performing asset carries a certain level of risk and liability. Environmentally distressed collateral can carry huge liabilities and fiscal responsibility. Accordingly, our capital partners demand higher returns for higher risk projects.
FREQUENTLY ASKED QUESTIONS
WHAT ARE YOUR FEES?
- Post foreclosure property management is a flat fee of $150/month when we are the listing agent. If you decide to sell, all management fees will be credited towards sales commission.
- Investment property management fee is 6% of the monthly rent.
DO YOU CHARGE ANY ANCILLARY
No, all management fees are included. There are
NO hidden fees,
NO maintenance mark-ups, and
NO vacancy fees.
ARE THERE ANY CANCELLATION FEES?
No, you are not locked into a long-term contract.
If you decide to leave, there are no cancellation fees.
HOW FAST DO YOU LEASE PROPERTIES
Approximately 85% properties are leased in 45 days or less.
We resolve most post foreclosure properties in 60 days or less.
HOW DO YOU RESOLVE REO PROPERTIES
We have an extensive network of fully vetted vendors throughout California and partner with only trusted associates. With our experience managing post foreclosure for our own properties throughout the State, we can find the best solution for your needs and execute quickly.
WHAT TYPES OF PROPERTIES DO YOU MANAGE?
- We provide the most value to owners with single family and multi-family up to 15 units. However, we are fully equipped to manage all property types.
- We specialize in managing distressed and REO properties.
“I came to Back Bay Realty Group with an REO property I had just foreclosed on. I didn’t want to deal with the headache and battle of evicting the tenant. Their company took over and wasted no time. They began marketing the property while simultaneously starting the eviction process. After a few short months, we had multiple offers on the property, pre-market, and went forward with the quickest all cash offer.”
"Back Bay Realty Group found me an excellent tenant for my property within a few weeks. They were so prompt to have lease agreements prepared, money deposited and move-in arranged. We now have wonderful long-term tenants who take care of our property as if it was their own and every month we receive rent on time!”