ORE Financial services, LLC

Analysis: Preparation

Click Title Tab

If you are in "View" mode and your intent is to update this tab, please click the "Edit" button located at the bottom of the page.

The section “Pre-Seizure Title Information” should be updated:

• Title Report: Unless otherwise noted, please select "Preliminary" if empty

• Condition Report Title Notes: This information is obtained from the Title Summary, Title Report, or Owners & Encumbrances Report. It will depend on the Title vendor. The information should include the following:

  • Address

  • Vesting Information (i.e. Owners)

  • Voluntary Liens (i.e Encumbrances)

  • Involuntary Liens (i.e Encumbrances)

  • Judgments

  • Parcel Identification

  • Tax information (Amount / Paid or Unpaid)

  • Notes

Submit Updates

The “Title Information”, “Background Information”, “Title Clearing Company”, and “Closing Title Company” sections will be updated during the disposition phase.

Click Liens Tab

This section allows for and should used to add liens.  The released field should default to "N".  If the lien has been paid prior to pre-seizure, please change to "Y".

Submit Updates

Click Acquisition Tab

The following fields must be updated/verified:

• GPS Coordinates

• No. of Properties

• Acres: If entered, it updates "Lot (Sq.Ft.)"

• Lot (Sq.Ft.): If entered, it updates "Acres"

• Building Area { If the property type = "Land", this is blank }

• # of Beds  { If the property type = "Land", this is blank }

• # of Baths { If the property type = "Land", this is blank }

• Years Built { If the property type = "Land", this is blank }

• Property Subtype: Typically this will default to "1 - Single Family Residence" ; please update. 

Submit Updates

At this point, ORE is ready to prepare the budget. 

Analysis: Budget

Click Budget Tab

If you are in "View" mode and your intent is to update this tab, please click the "Edit" button. It should be located at the bottom of the page.

 Sections:

• Administrative Information: please review section

• Budget Period: please review section

• Budget Value: please review section

• Budget:

  • Initially, this section should be empty

  • After reviewing each of the previous section, populate the budget by clicking the button "Populate Budget"

  • Each sub-section (income, Operation Expenses, and Resolution Expenses) of the budget is reviewed for completeness and accuracy. It may require updates and additions.

  • Update/Enter the "Budget Preparation Date”

Submit Updates

Analysis: Net Equity

The Net Equity provides the basis by which we recommend or do not recommend seizure of the property to the potential custodian. The eventual disposition of the property should yield the following to recommend for seizure:

• 20% of the apprised value, or

• $30,000

No property with a net equity of $30,000 should be targeted for seizure. If the custodian wishes to seize the property below the Net Equity guidelines, the following should be adhered by the USAO:

• AFMLS and AFMS must be notified; and

• approval from a supervisory-level official at the USAO must be obtained in writing and an explanation of the reason must be noted in the case file [Asset Forfeiture Policy Manual(2016), Chap.13, Sec.I.B2]

Click Net Equity Tab

If you are in "View" mode and your intent is to update this tab, please click the "Edit" button. It should be located at the bottom of the page.

• Please update the Asset Description with an appropriate narrative (e.g. Property has a pool, etc.**Add additional Ex or circumstances***)

• Submit updates. If not submitted, the information that was just updated will not be populated as you continue.

• Click "Populate Net Equity Summary"

• Please check that all the appropriate fields are populated

• Submit updates

• Click "Export Condition Report to PDF"

• Click "Export Net Equity Worksheet to Excel"

• Open and Save Net Equity worksheet as a PDF file

• Zip all files

• Upload zip file to Six Part File (Six Part File/Budget & Cases/Cases)

• Under STO Tab, mark Pre-Seizure Analysis CLIN as complete

The information should be reviewed by another Analyst or Manager.

• Send Pre-Seizure Analysis (CLIN = 456987 - Pre-Seizure Analysis) to Custodian via {file tab application}.  By doing so, the "Sent Date" under the STO tab will be updated by the system

• Under STO Tab, please mark (CLIN = 570806 - Legal & Title Services) as sent. This information was included with the Pre-Seizure Analysis.

• Under STO Tab, please mark (Valuation CLIN) as sent. This information was included with the Pre-seizure Analysis.