Welcome to the Tompkins Property Management Real Estate Owned (REO) and Homeowner Association page.
Due to the overwhelming foreclosures in the South Florida area, we partnered with Institutional Owned Real Estate Investors, Private investors and Homeowner Association owned real estate.
In additional to our traditional property management portfolio, we manage properties for Fannie Mae (FNMA), Freddie Mac, Solutionstar Mortgage (SSTR), Sandwich (STWH), Bank of America (BOA), JPMorgan Chase (JPMC) and Carrington Properties Services, Inc., in Southeast Florida.
Many of the properties have tenants in place (TIP Program). In order to comply with the PROTECTING TENANTS at FORECLOSURE ACT (PTFA), the banks were forced to become landlords. The PTFA set strict guidelines to protect “renters in foreclosure“, the remaining tenants in place after foreclosure. Additionally, the banks found it more profitable to work with the existing delinquent owners rather than proceeding with Foreclosure Action.
The banks offer owners a lease-back option, at market rate, for up to 1 year known as the Deed in Lieu with lease-back option OR Cash for keys (Relocation Assistance). This has a positive impact for EVERYONE by keeping the home prices in check rather than flooding the South Florida real estate market. It would negatively impact their own interest and devastate the local real estate industry by flooding the market with the entire foreclosure inventory.
We also offer our property management service to condominium and homeowners associations who foreclose on nonpaying maintenance fee owners. This helped stop the bleeding for many Associations and Condominiums with huge delinquently ratios.
We work in all of Broward, Palm Beach and Dade Counties.
Our REO services consist of the following:
- Posting Notices informing Tenants of Their Rights
- Conducting Safety and Habitability Inspections
- Documenting the Property condition view written and photograph reports
- Preparing Current Rental Market Survey determine market rent
- Clean, secure, and lock property at time of taking possession
- Research and mitigation of fines and violations with municipalities and condominiums or property owners associations
- Cost estimation and bidding process with licensed and insured contractors, for needed repairs to bring into compliance and get ready for market
- Regular upkeep and maintenance
- Market properties for sale and orchestrate transaction from contract to closing
- Rent residential properties when in the best interest of the private or institutional owner.
- For commercial income producing properties we develop a specific leasing plan after rehab, to get ready to market, targeting specific brokers
- Construction and rehab supervision services
- Negotiating Cash for Keys and relocation assistance if lease is deemed “Not Bona-fide”
Please contact us if you or someone you know could benefit from our REO and Association service.
Thank you,
Trenner J Tompkins II
