Firstrust Bank

  • Asset Management Specialist (REO)

    Location US-PA-Horsham
    Job ID
    # Positions
    Pay Status
    Hourly / Non-Exempt
  • Objective

    This position is responsible for facilitating timely disposition of company owned real estate through diligent property management and continued building of the company’s network of asset buyers and realtors. The position requires the coordinating of the efforts of the Valuation Specialist and Legal Specialist as their work pertains to Bank owned properties.


    Real Estate Owned:


    Contact with agents

    1. Discuss sales prospects, showings, and maintenance needs on a weekly basis
    2. Share feedback on showings and potential offers with management
    3. Provide initial feedback on verbal and written offers

    Sales Listings

    1. Select agents and review listing agreements to confirm the terms are acceptable
    2. Set listing price and discuss any potential charge downs needed with the Valuation Specialist
    3. Collaborate with the Valuation Specialist to evaluate listing price adjustments suggested by agents

    Property Management

    1. Maintain current payments on all utilities
    2. Contract for needed seasonal property maintenance ie snow removal or mowing
    3. Field initial requests for repairs and pass to the Valuation Specialist

    REO Closings

    1. Benchmark deadlines and relay to support staff to confirm closings are on schedule
    2. Review title work upon receipt for liens or blemishes and review with the VP as needed
    3. Review all closing documents and have them executed by management
    4. Review the final HUD and confirm net payment


    1. Maintain notes on file status
    2. Update Monthly reports and REO slides for bi-weekly meetings
    3. Circulate next steps after REO meetings with deadlines
    4. Benchmark the completion of next steps

    Managed Properties:

    1. Maintenance and Insurance Coverage
      1. Once properties become actively (to any extent) management add them to the liability policy
      2. Maintain current utility payments (when applicable)
      3. Respond to the maintenance request from tenants
    2. Leases
      1. Negotiate terms with new tenants
      2. Work with property managers to fill vacancies
      3. Contact tenants to ensure timely rental payments
      4. Apply rents to mortgage accounts upon receipt

    Knowledge - Skills & Abilities

    • 3 to 5 years experience selling REO or must be an active Realtor. 


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