REO/DISTRESSED ASSET WARRANTY SERVICE




While the number of foreclosures & distressed assets continue to rise, lenders (along with any representative/agency acting on their behalf) are operating in uncharted waters without understanding the full impact of their liability exposure.


Current economic conditions have forced lenders into the role of developer/builder/seller subject to many of the liability exposures of a builder/developer, as evidenced by recent court rulings, stating it is the party who ‘places the real estate into commerce’ that has the legal exposure in terms of implied warranty laws & contingent liability risks, not just the original builder/developer. Many lenders have sought to discourage future construction defect claims by using “As Is” sales contracts; however, these agreements are not legally effective when tested in court.


The most common legal theories for construction defect liability are negligence and breach of implied or statutory warranty; California’s current Statute of Limitations for construction defect claims are ten (10) years.


BETTERBBUILDINGSOLUTIONS has responded by developing “turn-key” 3rd Party REO Warranty Service solutions, delivering THE best overall results for the management & disposition of REO assets.


Customized to provide ANY Pre- &/or Post-Sale Service solution a situation requires, the following are just some examples of the solutions provided by BBS 3rd Party REO Warranty Service.


PRE-SALE SERVICE Solutions:


        1. Postal inspection completion coordination necessary for mail delivery.

        2. Buyers’ ‘Primary Point of Contact’, providing seamless service, less confusion & improved resource focus - relieving the Marketing Team of calls, questions, concerns unrelated to the sales process - with the BBS “one voice, one message” policy.

        3. Buyer Pre-Closing Inspections and PUNCH administration, coordination and documentation through completion and Buyer sign-off, in accordance with purchase contract provisions & Sales & COE scheduling requirements

        4. Buyer INTRODUCTION correspondence; designated-project Buyer/Homeowner webpage development & maintenance with links to helpful information to affect an efficient Buyer transition and educate new homeowners on warranty policies and procedures – again, in accordance with the purchase contract provisions.(Click Here to see webpage example.)

        5. Service contracts’ RFP development, distribution & submission for approval with performance supervision after contract execution.

        6. Project common area maintenance, repair & operations, pre-approved, as needed, pre-HOA management selection and/or HOA Turnover.

POST-SALE WARRANTY MANAGEMENT SERVICE Solutions (In addition to providing the high level of service as BBS 3rd Party Customer & Warranty Service solutions for new construction):


        1. Incorporating BBS “One voice, one message” policy, ensuring consistent compliance with purchase contract provisions regarding service requests, etc.


        2. Warranty request validation, scheduling, follow-up and documentation through satisfactory repair completion.


        3. Licensed, qualified contractors available at “courtesy discount” rates.


        4. Constant education & reinforcement regarding Homeowner Maintenance tasks and responsibilities.



Contact us today for more information on this & all of the BBS Pre- & Post-Sale Service solutions.


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