Below are the duties each participant performs in the transaction for their fee.

Click HERE to download the document

BK Global’s Duties – 2%

  1. Researching real estate assets to determine if it makes sense to pursue the sale
  2. Review and score assets for salability
  3. Run title and lien searches to identify creditors for resolution and title issues
  4. Conduct resolutions under the trustee’s direction (If applicable)
  5. Assign assets to our local listing broker via our portal
  6. Send local listing broker property-specific referral agreement
  7. Provide occupancy and access if available
  8. Contact servicer for of any property preservation needs
  9. Contact secured creditors to notify of the upcoming sale with servicer requirements
  10. Prepare the broker’s declaration for signature by broker and trustee (If applicable)
  11. Prepare draft court pleadings for the trustee (If applicable)
  12. Obtain employment and authorization to sell from the trustee (If applicable)
  13. Review the local listing broker’s BPO and Property Condition Report
  14. Review photos
  15. Assist the trustee or agent in establishing market value
  16. Negotiate with Servicer for the acceptable sales price
  17. Establish a carve-out or cash for keys with Servicer
  18. Implement an online marketing campaign
  19. Notify local listing broker when trustee or homeowner has signed listing agreement
  20. Monitor marketing progress and authorize bi-weekly price reductions as needed
  21. Conduct an online sale using our online offer management platform
  22. Assist trustee or homeowner in reviewing all offers
  23. Review, recommend acceptance, rejection, counter-offer, or initiate multi-offer round
  24. Notify trustee or homeowner of the offer(s)
  25. Recommend a course of action
  26. Obtain a trustee or homeowner signature on the highest and best offer
  27. Fulfillment team to work with servicer(s) to obtain consent on sale terms
  28. Initiate value dispute if required
  29. Submit servicer and court approvals to buyer’s agent and initiate due diligence period
  30. Prepare draft court motion and order pleadings to sell for the trustee (If applicable)
  31. Cure any title defects
  32. Manage contract requirements, inspections, and coordinating closings
  33. Assisting the trustee in the collection of required information for court filing (If applicable)
  34. Closeout any pre-closing contingencies
  35. Prepare HUD-1/CD with title/escrow company
  36. Close the transaction
  37. Ensure the estate or homeowner has received the appropriate funds where applicable

Local Listing Broker Duties – 2%

  1. Preview property
  2. If needed meet locksmith for re-key (paid by BK Global or servicer)
  3. Take photos, prepare a BPO and property condition report
  4. List property on local MLS and place a sign in the yard
  5. Enable access via lockbox or by appointment with occupant
  6. Provide feedback on showings
  7. Reduce price as required by BK Global

Selling Brokers Duties – 2%

  1. Show property to prospective buyers
  2. Write up a purchase offer
  3. Submit offer online
  4. Assist buyers with contract requirements such as inspections, appraisals, and HOA applications
  5. Finalize any counter-offers
  6. Attend closing

If you are a real estate agent or broker and have not yet completed the Bankruptcy Specialist Certification Course, click here to get started.