"EXPERIENCE DOESN'T COST MORE... IT MAKES MORE"!

JILL  BERNI Home & Loan Broker    Sacramento - Placer - El Dorado  

Objective

To successfully capitalize on my 30 years of Banker and Broker experience, merging with my Management staff , to process Non-Performing Assets. Utilizing my REO, Asset Management, Foreclosure, Mortgage and Retail Marketing resources. And to quickly and efficiently Process, Market, Finance and Sell even the most problematic Properties, at or above Valuation..

How we Sell Houses:

By properly grooming the condition of the properties in our charge, for the most appropriate Consumer, Investor, or Corporation.  We heavily Direct Market Neighborhoods, and Advertise for Buyers, through the Mortgage Component of our Corporation. Advantage: We always have Buyers in different stages of PreQualification, this proves to be the most successful way to out-market the Competition. We have on going relationships with 575 past Clients, 1100 full-time buyers Agents, and the MLS. The Relocation Division, generates opportunities for Buy/Sell Relationships Nationwide. (inbound and outbound). 

Evolving Experience

REO Sales and Marketing, Default Services, Asset Preservation, Asset Management, Certified REO Specialist, Cohen-Brown Asset Management, Mortgage Brokering, Sales Management, Rehab Renovation, Property Management, Marketing (both wholesale and retail), Investor Relations,  Branch Management, Underwriting etc. . Our Sales Team has originated over  $1B in Real Estate and Mortgage Transactions, since 1979.

Resources

 Management Team:  

Douglas Demetre,  40 years Sales and Marketing Experience.

Ronald Gianonni,   Customer Relations & Property Management since 1965.

Edward L. Berni,   27 Years of Sales Coordination, Wholesale and Retail

Staff:      

Eric Ryan,  Onsite Inspections and Evaluations, Landscaping and Construction, Public Relations.    

Caren Demetre, Managing Administrator, Transaction Coordinator, QualityAssurance. 

Larry Gaddis,   Mortgage Division, Information Technology, Customer Database Management.

References

Melissa Fox, Negotiation Specialist, Home Loan Services – 800 622 5035 x14850

Loeta Holt-Thornton, REO Recovery, Wells Fargo - 414-214-5127

Rob Smith, Loss Mitigation, Wachovia Bank - 888-308-3964 

Professional Organizations

National Association of Mortgage Bankers   Placer County BOR Women's CouncilSacramento Multiple Listing ServiceBay Area Real Estate Internet ServicesNorthern California IDXCalifornia Chamber of Commerce

Licenses and Certificates

Transactual Analysis Certificate, Sacramento State College - 1975Infrastructure Tasks, Roles and Responsibilities, First Interstate Bank - 1979Best Practice Identification and Implementation,  Cohen Brown Consulting - 1986Advanced Underwriting Guidelines,  Home Federal Savings – 1987 Non Performing Asset Mitigation, Cohen Brown Consulting – 1988Wholesale University, Chase Manhattan Bank – 1988-89California Real Estate License,  1989Mike Ferry Management Training,  2000-04

California Real Estate Brokers License,  2002-Present

Computer literate since 1989. All aspects of Office programs

OAKTREE REO Asset Management  

Experienced leadership, incomparable technology and a proactive approach to REO management sets OAKTREE Real Estate Services apart from other asset management companies. OAKTREE  manages and grades the performance of all Brokers, Agents, and Sub-Contractors to assure optimum performance on values and marketing.

OAKTREE believes that in today's market, micro management and flexibility in repairs of REO Assets is required to obtain the best possible sales results. Lowering sales prices is NOT always the answer.

Pre Foreclosure (if applicable)

• Agent will visit the REO up to (4) weeks prior to sale
• Automated vendor assignment
• Provide exterior BPO
• If vacant, secure and provide interior BPO

Eviction

• Negotiate "Cash For Keys"
• Start eviction notice immediately
• Occupancy monitored weekly

Post Foreclosure Evaluation

• Obtain two (2) BPO's (1 from listing agent, 1 from independent source)
• Review comparables on BPO's using Automated Evaluation System

Property Preservation

• Property Secured
• Interior property cleaned
• Exterior property debris removed and yard maintained
• Winterize as required
• Insurance management and processing performed

Marketing Plan

• Written recommendation of marketing strategy provided
• "As Is" verses "Repaired" analysis provided
• Recommended repairs with estimates provided

Marketing and Selling REO

• Adhere to OAKTREE Performance Standards
• Agent contacted weekly for update on traffic
• Marketing plan reviewed every thirty (30) days with supporting documentation
• Monthly status report provided

Offers

• Offers responded within one (1) day
• Mandatory minimum two (2) counter offers
• Mandatory buyer pre-qualifications
• Back up offers accepted

Closings

• Title worked reviewed and cleared within first thirty (30) days of receiving REO
• Curative work performed by national title company
• Network of over 100 attorneys and escrow companies
• Mandatory 30 day closing with penalties enforced
• Settlement statements reviewed and approved against contract terms
• Transfer documents and process thoroughly managed
• Closing entities contacted every week to ensure closing completion

Billing

• All billing is performed per the client's needs

Reporting

• Reports customized to meet client's needs and specifications

 Relocation Services, Real Estate Agents, Real Estate Financing, Country Club Communities, Gated Communities

OakTree Asset Management Team - JILL BERNI Managing Broker

Servicing Management, June 2006.

There are some critical factors to be considered when servicing a real estate owned (REO) property. This holds true whether the servicing is done by an internal REO department or an outside party. Protocol cannot be written for every scenario that arises, and the ability to trust the instincts of your asset manager or vendor partner is crucial.

It is particularly surprising that many lenders wait to involve their REO personnel until after the foreclosure sale. Waiting to initiate the REO process leads to a potential decrease in the property value and other unwanted scenarios. Consider that delays in initiating field management work increase the likelihood of deterioration and vandalism. It also lengthens the time to market the property, which adds to lenders’ holding costs.

To address this challenge, it is recommended that lenders assign the asset to REO specialists prior to the foreclosure sale. Making sure that you have a watchful eye on the property while in the pre-foreclosure stage is of utmost importance. By obtaining occupancy information and market values as the foreclosure date approaches, you can more effectively establish foreclosure sale bids.

By initiating the REO process when the sale date is scheduled - or at some other pre-foreclosure point - and engaging the broker handling the management and disposition, one can achieve three key improvements. First, an improved valuation can be achieved on vacant properties by having the broker perform an interior broker price opinion (BPO). A substantial factor in the loss severity deals with the surprise factor inherent in using drive-by BPOs for foreclosure sale bids. We have all seen a house that looks acceptable from the street, but soon discovered that a nightmare awaited within.

A second benefit to earlier involvement pertains to securing and preserving the asset. A property’s condition will not improve when it is left alone. Rather, it will almost invariably deteriorate. Whether the property is located in a high-crime area where theft of systems and appliances is common or in an area that serves as the hangout spot for neighborhood kids, REOs tend to decline in condition and value when unsecured and unmanaged. Simply put, earlier involvement preserves value.

A third key benefit deals with the initial timeline in the REO life cycle. Time is money: The sooner a property is ready for market, the sooner it can sell. By initiating the asset manager or REO vendor prior to foreclosure, all involved parties can hit the ground running upon completion of the foreclosure process. The broker can complete the BPO, plan for trash-out and lawn maintenance, and pre-market the REO earlier in the process.

Valuation issues
To maximize the benefits of outsourcing, lenders should give vendors the responsibility of obtaining valuation products, auditing them and recommending market and list price values. Many lenders don’t have any logical methodology for establishing market and list price values. Very often, market values are established by taking the average of all BPOs or appraisals obtained, and adding some arbitrary spread over the average to generate a list price. The involvement of trained valuation personnel boosts quality control and helps minimize problems relating to incorrect market and list price values.

As volume dictates, either the vendor or the servicer can establish a valuation desk or department. Some servicers hire staff appraisers to review the valuations, while others have the vendor perform the function, subject to their final review and approval.

To illustrate this, an audit of more than 2,000 closings for the REO department of a national lending institution assessed the accuracy of appraisals by comparing the values to the ultimate REO sales price. Appraisal values were within 10% of the REO sales price just 32% of the time.

The reasons for this included the use of retail (non-REO) comparables. Using such comparables results in the need for greater condition adjustments to determine value and, therefore, it is more prone to error.

Another issue is the rehabilitation factor. While an appraiser may accurately calculate the cost to rehabilitate, he often does not factor that the buyer needs to have a spread or return on the rehabilitation funds. Otherwise, the buyer would choose to buy a property in good condition and avoid the cost and time of the rehabilitation process.

There is also validity in how buyers perceive an REO property, and appraisals can overlook this factor. Appraisals rely heavily on facts and figures to establish a value. BPOs do the same, but they also take the “emotions” of a buyer regarding the property’s condition into consideration.

The need for accurate REO valuation continues during REO marketing. Once the property is listed for an initial period of 30 to 45 days maximum without a contract or the desired activity, the asset manager or vendor needs to have dialogue with the REO broker relative to market conditions and value. Is it the broker’s opinion that the property is priced too high? Have similar properties sold or gone under contract? Having such conversations, along with obtaining a new BPO, is critical. And just as with the initial valuation, trained eyes should review the BPO and supporting information to determine what adjustments are required.

Benchmark performance
Establishing and utilizing a method for tracking REO servicing performance is important in both internal and outsourced REO servicing operations. It is critical to establish benchmarks on which performance can be judged.

The life cycle of an REO asset has seven main stages:

• Pre-foreclosure. The foreclosure sale has been scheduled.

• Acquisition. The sale has occurred, and the lender was the high bidder.

• Possession. The foreclosure sale has been confirmed, and the REO property is vacant.

• Eviction. The foreclosure sale has been confirmed, and eviction is initiated on occupants and personal property.

• Listing. The REO property is offered for sale.

• Pending. An offer has been accepted, and a contract has been signed by both the buyer and seller.

• Closed. Title to the property has been conveyed, and the purchase has been funded.

Each of the seven stages has a specific timeline range that is commonly accepted in the industry, although some variance can and does exist between counties.

The timelines are as follows:

• Pre-foreclosure. Thirty days from the foreclosure to the scheduled sale date - varies by jurisdiction.

• Acquisition. Fourteen days from the date of the foreclosure sale to confirmation of the sale.

• Possession. Two to three days is standard, from sale confirmation to a secured property, unless an eviction is required.

• Eviction. As few as 21 days - varies by jurisdiction.

• Listing. Sixty to 90 days.

• Pending. Thirty to 45 days, depending on the type of financing and the jurisdiction.

• Closed. One day.

The total timeline range from the scheduling of the foreclosure sale to a closed REO property is 137 to 204 days. Tracking the timelines of each stage has two benefits. Used as an asset management tool, it ensures that an REO property is proceeding in an efficient manner, or highlights the area of delay. Exception management policies that address causes of delays are becoming more widely used. The second benefit is that the timelines become a way in which to judge performance.

       679 Loma Verde Ct. El Dorado Hills, Ca. 95762             866 933 0555            JillBerni@sbcglobal.net

SERVICE AREA  

(NORTHERN CALIFORNIA)

EL DORADO COUNTY, PLACER COUNTY.

 El Dorado County,

Garden Valley (95633),

Rescue (95672),

Shingle Springs / Cameron Park (95682),

Coloma (95613),

Placerville (95667,)

El Dorado Hills (95762),

Cool (95614),

Pilot Hill (95664),

El Dorado (95623),

Diamond Springs (95619),

Lotus (95651),

 Placer County,

Penryn (95663),

Rocklin (95677),

Granite Bay (95746),

Roseville (95661),

Lincoln (95645)

Roseville (95747),

Lincoln (95648),

Roseville (95678),

Loomis (95650),

Newcastle (95658).

 Sacramento County,

Carmichael (95608),

North Sacramento Natomas Del Paso Heights (95838),

Sacramento Elder Creek Fruitridge (95820),

Citrus Heights (95621),

North Sacramento Natomas Del Paso Heights (95833),

Sacramento Elder Creek Fruitridge (95824),

Sacramento Downtown Midtown (95816),

North Sacramento Natomas Del Paso Heights (95835),

Sacramento Florin & Vicinity (95829),

North Sacramento Natomas Del Paso Heights (95834),

North Sacramento Natomas Del Paso Heights (95836),

Sacramento Florin & Vicinity (95830),

East Sacramento & Vicinity (95817),

Orangevale (95662),

SACRAMENTO COUNTY

Sacramento Florin & Vicinity (95828),

East Sacramento & Vicinity (95819),

Ranch Cordova Gold River (95670),

Sacramento Foothill Farms (95842),

Elk Grove (95758),

Rancho Cordova (95742),

Sacramento Franklin Freeport Vicinity (95823),

Elk Grove (95757),

Rancho Murieta (95683),

Sacramento Franklin Freeport Vicinity (95832),

Elk Grove (95624),

Represa (95671),

Sacramento International Airport & Vicinity (95837),

Elverta (95626),

Rio Linda (95673),

Sacramento Land Park Curtis Park (95818),

Fair Oaks (95628),

North Highlands& Vicinity (95660),

Sacramento Rosemont College Greens Mayhew (95827),

Folsom & Vicinity (95630),

Sacramento Antelope (95843),

Sacramento Rosemont College Greens Mayhew (95826),

Galt (95632),

Sacramento Arden Arcade Creek Vicinity (95821),

Sacramento So Land Park Greenhaven (95831),

Herald (95638),

Sacramento Arden Arcade Creek Vicinity (95841),

Sacramento South Land Park Greenhaven (95822),

Sacramento Downtown Midtown (95814),

Sacramento Arden Arcade Creek Vicinity (95864),

Sacramento Arden-Arcade Creek Vicinity (95815),

Mather (95655),

Sacramento Arden Arcade Creek Vicinity (95825),

Wilton (95693).

Jill Berni - Celebrating 30 Years of Customer Service

BROKER/OWNER

916  834-2822

916  933-4454 -fax

WWW.GOTOOAKTREE.COM