PNC Realty Services -
FAQs
PNC’s Commission Policy
Commission Guidelines on OREO Properties. All commissions are payable only upon a closing of the applicable transaction prior to the expiration of the registration period, and shall be in accordance with the following: Six percent (6%) on that portion of the purchase price which is less than (or equal to) $500,000. Three percent (3%) on that portion of the purchase price which is in excess of $500,000 but less than (or equal to) $5,000,000. Two percent (2%) on that portion of the purchase price which is in excess of $5,000,000 but less than (or equal to) $10,000,000. One percent (1%) on that portion of the purchase price which is above $10,000,000. The maximum commission paid on any one transaction, or to any one broker, will not exceed $500,000.
Commission Guidelines On Bank Facilities: Any Facility Sales To Other Financial Institutions May Include A Purchaser's Premium Of At Least 20%. All commissions are payable only upon a closing of the applicable transaction prior to the expiration of the registration period, and shall be in accordance with the following: Five percent (5%) on that portion of the purchase which is less than (or equal to) $300,000. Four percent (4%) on that portion of the purchase which is in excess of $300,000 but less than (or equal to) $500,000. Three percent (3%) on that portion of the purchase price which is in excess of $500,000 but less than (or equal to) $5,000,000. Two percent (2%) on that portion of the purchase price which is in excess of $5,000,000 but less than (or equal to) $10,000,000. One percent (1%) on that portion of the purchase price which is above $10,000,000. The maximum commission paid on any one transaction, or to any one broker, will not exceed $500,000.
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What does REO
stand for?
REO stands for Real Estate Owned. Sometimes you’ll see the
letter O preceding the acronym; the O stands for Other, specifically referring
to foreclosures.
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I’m interested in a
house that was subject to a recent foreclosure but I don’t see it on the
website.
You may not see the home in question for two reasons. First,
PNC Bank might not have held a mortgage or may not have been the successful
bidder at the sheriff sale; in which case, PNC would not have gained control of
the property. Second, the property may still be in the process of a formal
interdepartmental transfer.
The most important step is to determine whether PNC Bank or one of its
subsidiary companies is the owner of the property. The best way to accomplish
this is to call the Sheriff’s Office for the county in which the property is
located. If the Sheriff's Office has confirmed ownership, please be patient
and check the site again in a day or so as the property is most likely in the
process of an interdepartmental transfer.
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I would like to tour the
property. How would I go about doing this?
Simply go to the individual property record, click on the
Property Contact icon, and make arrangements through the person listed. Site
visits to commercial properties and bank branches are generally arranged one
week in advance, residential may vary.
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I am a real
estate broker and I would like to list a property for PNC Realty Services.
Do you hire third-party brokers and if so, whom should I
contact?
In terms of commercial properties and bank facilities, while
the majority of our properties have open listings we do list properties from
time to time with third party brokers. If you are interested, please send a
letter stating your request to PNC Realty Services, Two PNC Plaza, 19th Floor,
620 Liberty Avenue, Pittsburgh, PA 15222. Please note we can only address
requests if there is a specific property stated in the letter.
If you are a residential
broker, please note that all of the properties are listed with exclusive brokers
who are usually assigned prior to the foreclosure. If you are interested in
being included on our list of preferred brokers, please send a letter of
qualifications, including references and marketing materials for recent
listings, to Realty Service’s attention at the address above.
The PNC Financial Services Group, Inc. announced on October 24, 2008 to acquire National City Corporation. With this announcement we expect our OREO portfolio to increase in the coming months. If you are a real estate agent wishing to handle PNC's OREO properties, please make sure you are listed on the REO Network website at www.reonetwork.com. When looking for agents/brokers in areas we do not have established agents, we frequently make use of this site. PNC does not own or maintain this website and registering here does not guarantee that you will be assigned PNC property listings.
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The property
status on the website states “Under Agreement”. Does this mean that the
property is sold?
PNC continues to market properties and accept backup offers
until sales contracts have been fully executed.
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What is PNC’s
procedure in terms of sales?
When a person has an interest in a particular property, he
or she should submit a letter to the contact specified on the site stating his
or her interest. All letters should include the amount offered, lease terms (if
applicable), expected closing date and any contingencies. Upon acceptance of an
offer, the prospective purchaser will receive PNC’s standard Letter of Intent.
Please note that only PNC’s standard form will be accepted. A nonrefundable
deposit must be paid at the expiration of any due diligence period in
conjunction with the execution of PNC’s standard Agreement of Sale.
For residential properties, any offers should be submitted through
the listing agent who will be able to answer any questions regarding the sale
process.
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What is
the Printable Catalogue?
The printable catalogue is a snapshot listing of all of PNC
Realty Services’ properties available for sale or lease. The catalogue contains
basic information about the property, including property name, address,
description, and contact information, and is updated weekly.
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I’m unable to access the
Printable Catalogue. What should I do?
You need to have access to Adobe Acrobat Reader in order to
view the catalogue. If you click on the link and nothing comes up, chances are
you don’t have Acrobat loaded on your computer. Click on the icon below to
download the software for free.
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