Roman B Tarnawsky
Real Estate Agent (Principal Broker)
Cleveland OH

Licensed since 1993, this real estate professional has specialized in Real Estate Owned (REO) properties since 1997. Initially entering the industry through Broker Price Opinions (BPOs) for Household Finance Corporation, they expanded their expertise to include various servicers and lending institutions. Despite the challenges posed by the pandemic and the dynamic nature of the regional real estate market, they remain actively engaged in the REO sector as part of their role as principal broker.

The training program for their office team is comprehensive and continually updated to align with the evolving platforms utilized by servicers and lenders. Key platforms include ResNet, Pyramid, HUDHomeStore, YardiasPTX11, HomeSteps, HomePath, and private systems like Premiere with Wells Fargo. Each platform necessitates specialized training in both operational use and REO procedures, including state-specific instructions and certifications. Additionally, the team has gained familiarity with accounting systems such as LPS, ensuring a well-rounded understanding of the industry.

Operating within the regulatory framework of Ohio, the team has developed expertise in foreclosure processes, tenant rights, title issues, and local Point of Sale (POS) inspections, which are often required for title transfers in Northeast Ohio. Navigating the complexities of selling REO properties "as is," particularly in relation to existing building or health code violations, presents unique challenges.

The team comprises the principal broker, an assistant, Carol Gedeon, and office manager, Katie McCrae. They also maintain a secondary office location at 3599 E Lake Rd, Sheffield Lake, Lorain County, Ohio. Over their career, the team has successfully closed more than 2,300 transactions, primarily in the REO sector, and operates within a larger brokerage that includes 26 agents regularly engaged in this market.

A robust network of vendors supports their property management needs, covering utilities, vendor invoices, and cash-for-keys arrangements. The evolution of technology has significantly enhanced their operations, with the adoption of laptops, digital cameras, smartphones, and various applications to efficiently access property data.

To safeguard against potential data loss, the brokerage has implemented cloud backup solutions for all information, alongside digital signing platforms such as Dotloop and DocuSign, ensuring secure communication of sensitive information.

As a member of the Akron/Cleveland Area Board of Realtors, they have access to the MLS Now Multiple Listing Service, which encompasses 32 counties in the Greater Cleveland area. This service provides links to county websites and tax information through Realist.com. Membership in the National Association of Realtors further allows access to RPR.com, which has recently enhanced its property data capabilities. The team also utilizes platforms like Zillow, Trulia, Best Places, and City-Data for comprehensive property research, including census data and crime statistics.

In an effort to engage with the community, they have recently resumed monthly luncheons for buyers, investors, and vendors, focusing on education regarding residential and commercial real estate transactions, including REO properties.

Regarding unique properties, it is essential to recognize the significant impact of Point of Sale inspections mandated by local municipalities. Recent judicial rulings have altered the requirements for these inspections, but sellers should be aware that buyers may need to escrow funds for properties sold "as is." In certain municipalities, violations may not be transferable and must be rectified by the seller at their expense. The team prioritizes transparency by promptly informing sellers of local application fees and regulations to minimize liability and exposure.

The pandemic has also resulted in staffing adjustments within municipal, county, and state institutions, leading to delays in clerical processes such as deed recording and inspection appointments. While improvements are underway, these delays continue to present challenges.