Broker Procedure Acknowledgement Form
I have received and read the Meridian Asset Services Procedure Manual.
I agree to adhere to all of the terms and conditions listed for the following services:
REO Sales and Marketing
I am forwarding the following documentation along with this acknowledgment:
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Current copy of the Declaration page from my Errors & Omissions or Professional
Liability Insurance Policy
Current copy of my state real estate license
Resume
W-9
List of Zip Codes that I service within a reasonable proximity to my office
E-mail address
I understand that failure to adhere to the terms and conditions listed in the Broker Procedures
may result in termination of my services or hold me or my company liable for damages.
Meridian reserves the right to cancel services at any time for any reason.
Listing agents must disclose personal or familial relationships with any and all
vendors. To safeguard against integrity concerns and the perception of
impropriety, Meridian Asset Services does not permit agents hiring specialized
contractors, home improvement, lawn services, inspectors, trash removal or any
vendor where a personal or familial relationship exists without prior approval.
Violation of this agreement is grounds for immediate termination, and if evidence of
fraud is found, broker/agent may be prosecuted and enjoined in any potential legal
action.
I acknowledge receipt, acceptance and understanding of the following information:
Signature
Date
Print Name
Email Address
Completed forms may be emailed to:
[email protected]
780 94th Avenue North, St. Petersburg, FL 33702, 727-497-4650
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Meridian Broker Procedure Manual
Contents
REO Sales & Marketing Timeline .................................................................. 3
Verification of Occupancy .............................................................................. 4
Vacant Property Procedures............................................................................ 5
Initial Services & Repair Procedures .............................................................. 6
Occupied Property Procedures ....................................................................... 7
Cash-For-Keys Procedures ............................................................................. 8
Agent Guidelines and Responsibilities ........................................................... 9
BPO Guidelines ........................................................................................... 9
Utilities ........................................................................................................ 9
Winterization ............................................................................................... 9
Initial Cleanup/Preparing the Property for Sale .......................................... 9
Exterior................................................................................................... 10
Interior .................................................................................................... 10
Listing the Property for Sale ..................................................................... 10
Repairs ....................................................................................................... 11
Offers ......................................................................................................... 12
Accepted Offers ..................................................................................... 12
Closing ....................................................................................................... 12
Submitting Bills ......................................................................................... 12
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REO Sales & Marketing Timeline
As a Meridian agent you are acting as a representative of our company. Agent performance will
be closely monitored for professionalism, ethical practices and adherence to expected REO
property management and disposition time-frames. Agent selection is based upon performance
and cooperation in working with affiliates.
Please refer to the referral email from your Asset Management (AM) Team to verify services that
are approved to be performed on each property – the timeline below is a basic scenario/example
of the “typical” timeline for services and the process and authorization of work may vary by client
and is subject to change.
Please work to exceed the timeline expectations below so that the AM team can meet or
exceed their own timelines, and Meridian can meet or exceed their client’s expectations.
Agent Task
Timeline
Referral Acceptance
Day 1
Occupancy status confirmation (must be complete in 24 hrs
regardless of weekends/holidays)
Day 1
Personal Property Evaluation (must include photos)
Day 3
“Coming Soon” sign up at property (once vacant)
Day 3
Lockbox (rekey to 76763, code of MAS or 7924)
Day 3
Utilities On in Agent’s Name
Day 5
Initial Premarketing Forms (sent by AS) returned to MAS
Day 5
BPO (Ext. if occupied, Int. if vacant)
Day 5
Trashout (if ordered/authorized by AM Team)
Day 7
Initial Services as requested by your AM Team complete
Day 10
Repair Bids, if requested by AM Team
Day 10
MLS Copy, Signed Listing Agreement, Marketing Photo and
Description (*upon receipt of approved listing terms from AM
Team)
Day 21*
Weekly Inspections (See email from AS for requirements)
Every Week
Status Report on Marketing and Pricing
Every Two Weeks
Interior BPO’s subsequent to Initial BPO
Every 60 Days
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Verification of Occupancy
The Real Estate Agent must communicate the occupancy status (complete online task and
communicate by e-mail) to Meridian within 24 HOURS after the property assignment regardless
of weekends or holidays.
Suggested Methods to Determine Occupancy
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Visit The Premises
Agent should leave their business card on the front door if it
appears there is no one home.
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Contact The Local Utility Company
Inquire if the utilities have been disconnected. If they are
connected, the name on the account should be acquired.
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Contact U.S. Postal Service
Verify if change of address has been initiated.
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Visit Neighboring Properties
Visit the neighbors on both sides of the property to inquire
about any activity at the property.
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Contact the HOA (if applicable)
Upload the “Property, Tax, HOA & Utilities” form through Meridian’s
Agent Portal.
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Property Registration
Within three days of property assignment, the Agent is responsible for
registering properties with local municipalities following specifically
mandated guidelines* for vacant, non owner occupied and occupied
properties.
The agent should confirm with the local housing authority any procedural
requirements and specifically required forms for the area before
submission, this will expedite the process.
*Property registration guidelines are located on our Agent portal in CAM
at www.mdr-esources.com.
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Vacant Property Procedures
To prepare the vacant property for marketing, please ensure the following steps are completed.
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Vacancy Notification: Notify Meridian of the vacancy status within 24 HOURS.
Please put up a “Coming Soon!” sign if the property is vacant (both of occupants
and personal property).
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Coordinate agent access for 2nd BPO: Meridian will order a second opinion
BPO upon notification of vacancy. The BPO source company’s agent will contact
you for access to the property. In the event you have not been contacted within
three days, it is your responsibility to notify Meridian.
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Contact your Asset Specialist Regarding Personal Property on the
Premises: In the event personal property is found on the premises, do not re-key
or remove items. Contact your Meridian asset manager immediately for further
instructions.
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Secure The Premises: All locks must be re-keyed by a licensed, bonded
locksmith, and the premises secured within 48 HOURS of vacancy. Please use
a lockbox code of MAS or 7924. Kwick Set Code 76763.
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Have the Property Winterized (as applicable): Detailed MAS winterization
guidelines and checklist are found on the Agent portal. In general for northern
cold weather states, winterization should be completed no later than September
30th and southern states no later than November 30th. Completing winterization
by these deadlines is critical. If you have questions regarding our winterization
instructions or are unable to access them via our website, contact your asset
manager immediately.
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Complete the Broker’s Price Opinion (BPO): Complete the Broker’s Price
Opinion (BPO) online through the REO system within five (5) days of vacancy.
Please include a minimum of 30 photos detailing the interior and exterior of the
subject property, and one photo of each comparable. Digital photos should be
uploaded via the REO system.
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Complete the “Initial Condition and Inspection” form: This form can be found
on the Agent portal.
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Initial Services & Repair Procedures
In certain market areas, Meridian has developed a network of contractors who are able to provide
initial services. Initial services include trash out, lawn service, providing repair bids and
inspections as well as pool service and snow removal, where applicable. Depending on the
market area, you may or may not be asked to perform the following services. Please check
for specific instructions in the Agent portal and contact your Asset Specialist if you have any
questions.
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Initial Services Bids. All properties require a bid for the completion of initial
services. Initial services include trash out, interior cleaning, lawn service, pool
service, snow removal and boarding if applicable. The Initial Services Bid form is
located within CAM’s Vendor Portal on the Forms tab. If total initial services
exceed $1,000, a 2nd bid will be required. (Depending on the market area, you
may or may not be asked to perform these services.)
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Order Bids and Inspections: Two (2) complete contractor’s bid for repair is
required on all files. We may also require a roof, pest, and HVAC inspection and
additional rehab bids. Check the Agent portal or with your Asset Specialist to
determine what bids are required. (Depending on the market area, you may or
may not be asked to perform these services.)
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Occupied Property Procedures
A timely eviction is critical in saving money and valuable marketing time. It is important that you
open dialog with the occupants to understand their needs and concerns and convey the specifics
to your asset manager.
Important Note: Some of our clients have contracted with third parties to manage the eviction
process. If this is the case, Meridian will notify you and you will hear from the third party
regarding Eviction& Cash-For-Keys procedures.
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Complete a Drive-By BPO
If the property is occupied, a drive-by BPO, which includes exterior photos of subject
and street scenes, must be emailed to your Asset Specialist within 24 hours of
determining occupancy.
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Obtain Occupant Information
Open dialogue with the occupant(s) to obtain the following information:
1. Names of all Occupant(s)
2. Confirmation of Occupants are borrower or tenant
3. The time-frame Occupant(s) plan to vacate the premises
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Coordinate Cash-For-Keys When Possible
(Detailed procedures are outlined on the next page)
Inform the occupant that Meridian has initiated an eviction preceding, which will
continue until property is vacant. Discuss relocation assistance and point out that,
should cash for keys agreement be reached, the eviction action will continue until the
actual cash for keys settlement at the time the property is vacated.
Marketing an Occupied Property
In some instances Meridian may consider selling occupied properties. If you feel that your current
assignment might be a good candidate to market occupied, discuss the situation with your asset
manager and get their prior approval. If we are considering marketing occupied, always request
permission from the occupants to view the interior. Offer a $100.00 incentive for their cooperation
in allowing you to inspect the property and complete your BPO. Inform the occupants that a
second broker price opinion will be ordered as well.
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Cash-For-Keys Procedures
To encourage occupants to vacate, a “relocation assistance” cash-for-keys offer must be
extended within 3 days of determining the property is occupied. Unless the occupant is a tenant;
we will need their prior lease and will review prior to offering CFK.
1.
Have the Occupant(s) Sign the “Cash For Keys Release Agreement”
Meridian’s “Cash For keys Release Agreement” must be completed and executed by you
and the occupant(s). In addition, a W-9 must be completed and signed by the
occupant(s).
2.
Request Cash-For-Keys Check Issuance
Once the “Cash for Keys Release Agreement” and W-9 is signed by the occupant(s),
please e-mail the signed documents immediately to your Eviction Coordinator. Meridian
will generate a check made payable to the occupant, and send it by overnight delivery to
you.
Day of – Cash for Keys (CFK) Requirements
In order for the occupant(s) to receive the cash for keys relocation assistance check, the
following minimum requirements must be met the day the property is to be vacated: The
check should only be released to the occupant(s) after you have confirmed the following
conditions are satisfied.
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General Property Condition
The property must be in “broom cleaned” condition upon vacancy, and all personal
property and trash should be removed. Exterior trash and debris must be removed
and the lawn mowed as well (weather permitting).
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Fixtures and Appliances
All attached fixtures and installed appliances will remain as installed. All permanent
landscaping features (items not “potted”) must also be left unharmed.
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Release of Keys
All keys, garage door openers, community keys, gate openers and cards, must be
given to the Meridian agent.
If the above conditions have been met, the Cash for Keys Acknowledgement must be
signed by both you and the occupant(s) before the occupant(s) are given the check.
3.
Photograph the Interior/Exterior of The Property
Photograph the interior and exterior of the property once the cash for keys settlement
with the occupant(s) is complete and the premises have been vacated. Please provide
these photographs immediately to the Eviction Coordinator.
4.
Rekey the Property
A Locksmith should accompany you to the property on the day of the scheduled cash for
keys. Upon delivery of the cash for keys check, ensure all locks are re-keyed and the
property is secured.
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Agent Guidelines and Responsibilities
BPO Guidelines
The BPO should be completed on the REO system and all of the sections must be completed
with detailed information or the BPO will be considered incomplete. Please note the following:
o
o
o
o
o
The prior sales price of the subject, along with the approximate rental income the
property will produce should be completed.
Comments on the Sales and Listing comparisons MUST be completed. If three
comparisons are not available, then the reason for the lack of comparisons should be
noted.
All comments sections on the neighborhood should be completed.
MAS requires the agent to give his/her recommendation of the repairs that should be
completed, along with his/her best estimate of the cost of those repairs. Do not
steer the repair amounts to justify selling the property on an “As-Is” basis.
ALL of the comments sections MUST be completed.
Please submit a minimum of 30 photos that give MAS a clear vision of the condition of the
property. You should include photos of each room, all appliances, roof, and any damage to the
property. The photos must be of the interior and exterior of the property, along with appropriate
examples of street scenes which may affect the value. In addition, you must also submit photos
of the comparable properties that you have included in your BPO – both Listed and Sold.
Utilities
In general, water, sewer, and electric should be turned on in the agent’s name ASAP. If there are
conditional/vocational concerns, please contact your MAS Asset Specialist to verify which utilities
should be turned on. Unless it poses a risk, electric should always be turned on. Utilities should
be terminated as of the closing date of property.
The “Vendor Reimbursement Form” should be submitted monthly for the expenses incurred;
please see the “Submitting Bills” section of this document for further details.
Winterization
At the onset of winter weather, all properties should be winterized following Meridian winterization
guideline unless otherwise directed. Any problems detected in the plumbing system should be
made known to asset manager immediately; failure to comply could result in the broker being
held responsible for any damage. Winterization guidelines and checklist are found on the Agent
portal at www.mdr-esources.com.
Initial Cleanup/Preparing the Property for Sale
Once bids have been approved by the Meridian Asset Management team for the trashout or initial
clean up of the property, agent should immediately authorize the contractor of the approved bid.
The work should be completed according to MAS instructions and as bid by the contractor.
Expense amounts for the trashout should conform to MAS Authorized Expenses (please see prior
section). The contractor’s responsibility is to submit both before and after photos of the work.
Invoices will not be approved for payment without before and after photos.
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No property will be listed by MAS until photos are submitted to indicate the property has been
prepared for sale as directed by your Asset Manager.
Exterior
All exterior trash and debris is removed, lawns are mowed, always rake; blow clippings off drive
and porch, edge driveway and walkways.
Interior
Whether the property has been repaired or is being sold as is, the following criteria must
be met. An Initial Sales Clean bid should have been provided as part of Initial Services
Bid. Please contact your Asset Specialist if the following has not been completed:
1.
2.
3.
4.
5.
6.
7.
8.
9.
Vacuum
Clean flooring
Window coverings have been removed if worn/old/dusty/smelly.
Install air fresheners in strategic areas throughout the home (“neutral” odors, please – citrus,
vanilla, etc.)
Toilets, tubs and showers should be cleaned.
All appliances should be cleaned inside and out. Clean or replace drip pans at range.
Wipe down all counter tops, clean out all cabinets and drawers.
Replace missing light bulbs. All lighting fixtures should be operational.
Flyers, newspapers, advertising materials and mail should be removed.
Property must be inspected weekly by the agent. A light cleaning and “refresh” of the property
should be completed every 30 days:
1.
2.
3.
4.
5.
6.
Vacuum floors and window sills; remove all dead bugs, cobwebs…
Clean flooring.
Clean toilets.
Wipe down countertops.
Install new air fresheners.
Flyers, newspapers, advertising materials and mail should be routinely removed.
Listing the Property for Sale
Prior to listing the property for sale, the following actions must have been completed:
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Property value reconciled
Sales strategy set
Property trashed out and readied for sale
Please note that MAS will list the property before authorized repairs have been completed.
The Broker should ensure a sign is posted in the yard or front window as appropriate. In addition,
a lock box should be installed to facilitate access to the property by cooperating brokers,
contractors, real estate agents and MAS representatives. A complete listing should be entered in
the MLS; the listing must be entered within one business day of the notification of the listing, or
the listing may be assigned to another Broker. Once the property is listed, a copy of the MLS
print out should be emailed or ML link sent to the Asset Manager.
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Broker advertising and flyers should not include references to “REO” or “Bank Owned
Property” or “Foreclosure” unless approved by Asset Manager.
Periodic Inspection during the Listing Period
Due to the increase in city violations and fines, we are requesting our agents provide weekly
photos of the properties they manage for us. The photos, of the front yard, back yard, side yards,
the pool if applicable and one of the interior looking in through the front door should be uploaded
into documents as one PDF file and be noted as “Weekly Inspection photos.” These photos will
serve as confirmation that our properties are being maintained, as well as alert us to any possible
city violations that may be avoided.
The photo(s) should show that the yard is being well-maintained and that the property is being
actively marketed by evidence of the marketing sign either in the yard or in the window. If the
property is a condo, the photo(s) should be of the lockbox and the marketing sign.
Repairs
MAS advocates repairing properties. Repairing provides the following benefits to our clients:
1) Provides the client with a positive return on its repair investment
2) Assists in marketing the property in a shorter timeframe
3) Reduces the risk of liability due to safety issues
MAS will require that the repairs bring the property to the standards required by FHA/VA or
Market Condition, as applicable.
If asked to provide bids, Agents should obtain bids from licensed and insured contractors only. A
copy of the license and insurance information should be submitted with each bid. Please submit
the number of bids required depending on the dollar amount of work. Meridian has developed
repair specifications for all properties; please review these specifications prior to obtaining any
bids for these items.
Once a bid has been approved, whether utilizing an agent supplied contractor or a Meridian
contractor, the agent is required to monitor and manage the repair process. The agent should
keep in regular contact with the contractor to determine the progress of the repairs and the
expected completion date. The agent will inspect the contractor’s progress weekly and e-mail a
progress report to the asset manager.
Once the repairs are completed, the agent should go to the property and take photos of
completed work, independent of the contractor. If there is any work that is not done properly,
agent should document the deficiency with photos and submit along with an explanation of
deficiency the Asset Manager. Until these deficiencies have been corrected, the contractor
not be paid for his work.
the
the
the
will
The Agent must sign off on the repairs completed. The “Repair Inspection” form is located on the
Agent portal at www.mdr-esources.com. Please complete and upload along with PDF’d photos.
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Offers
MAS will consider an unlimited number of offers from potential buyers of the property. When an
agent receives an offer, they must submit it to MAS within one business day via the REO system.
The Asset Manager will counter all offers within 24 hours; offers that are being negotiated should
be accompanied by some type of bank qualification letter. A minimum deposit of $500 is required
for all assets valued at less than $50,000; a $1,000 deposit is required for all assets greater than
$50,000.
Accepted Offers
After full execution, a clear copy of the following documents should be uploaded on the REO
system.
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Purchase contract
MAS Addendum, signed by the Buyer, Listing Broker and Selling Broker
Copy of the Earnest Money check- must be certified funds or proof of wire
Buyer’s verification of funds or proof of financing
Corporate documents if buyer is a corporation
Receipt by MAS of this documentation must occur within two business days of acceptance of the
offer. Within one business day of receipt of a complete contract, the Asset Manager shall have
the contract executed and returned, along with the closing instructions, to both the Broker and the
closing agent.
Closing
Upon receipt of the executed contract, the Broker should make contact with the local Closing
Office to insure the closing can occur as scheduled. During the contract period, the Broker shall
check at least weekly with the Closer and the Selling Broker to insure the transaction is
progressing. The Broker should notify the Asset Manager immediately after the inspection date
and the finance date that the Buyer has not notified the Seller of any issues. The Broker shall
also immediately inform the Asset Manager of any potential problems that could delay the
closing. The Broker shall also continue to make weekly inspections of the property and submit
the reports to MAS.
The Broker shall review the HUD-1 statement prepared by the Closing entity to ensure accuracy
prior to the HUD-1 being submitted to MAS for signature. The Broker shall attend the closing to
ensure that the transaction closes and funds in a timely manner.
Within 15 days of the Closing, the Broker must submit to MAS final utility bills, together with a
copy of evidence that the Broker has paid for the utility bills. See Reimbursement Manual.
Submitting Bills
Each Broker must submit monthly expenses incurred in managing each property on behalf of
MAS. Please refer to the Expense Reimbursement Policy available on the Agent portal at
www.mdr-esources.com for detailed procedures on this process.
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All expenses should be submitted within 15 days from date of service.
1. Expenses within approved limits as outlined in the table below are pre-authorized and agents
do not need to request further authorization.
Pre - Authorized Expense Limits
Expense limits are pre-approved for the following initial services:
Re-key locks
Re-secure (board up windows, etc.)
Trash out cleanup, etc
Yard care
Emergency maintenance
Up to $150
Up to $200
Up to $400
Up to $150
Up to $500
2. Expenses for services may not be combined with any other service. Each expense limit applies
only to the service it is designated for.
3. Reimbursement requests for these expenses may be submitted by following the standard
reimbursement request procedure.
4. "Before" and "After" photos are required on all properties where a trash out and/or repairs have
been performed regardless of cost. Reimbursement will not be issued without photos.
5. Agents will need to tender payment to any third-party vendors who perform these services
before requesting reimbursement.
6. Expenses exceeding the limits will require additional bids and/or approval. The number of bids
is dependent on the estimated amount of the expense.
Estimated Expense
Amount
Under $1,000
$1,001 - $10,000
$10,001 and over
# of Bids
1
2
3
7. For completed repairs, a “Conditional Waiver and Lien Release” signed by the Contractor
performing the work must be provided. This Lien Release must be for the amount of the work
contracted. If more than one contractor worked on the property, a Lien Release should be
obtained from each contractor requesting payment. No payment will be tendered until the Lien
Release has been received by MAS.
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