Every homeowner dreads the idea of a bank foreclosing on their home, but the truth is, banks don’t want to do it anymore than homeowners want it to happen. On average, a foreclosure can cost a bank up to $50,000, putting them on the hook for a great deal of money. Even worse, they’re saddled with a property they have to upkeep or face fines and penalties from local municipalities.
It’s in a bank’s best interest to sell off an REO as soon as they can, and that’s where having the right team becomes important. Discover how the right team can turn a foreclosure mess into a paradise, and why you need to secure solid, experienced and reliable REO services for your foreclosure.
REO Services Add Profit to Your Portfolio
The right REO services can add profit to your portfolio and turn a mess of foreclosure loss into success in sales. They can help to maintain your property, make necessary renovations and repairs, keep you in regulatory compliance, and even deal with renters. This allows you to sell the property faster and at a higher profit while managing risk.
Renovation, Repair and Upgrade Work
Few banks keep carpenters, electricians and plumbers on staff to upgrade and repair foreclosed properties. An REO property management firm, on the other hand, has the best skilled labor on hand and ready to go. They can perform any repairs, upgrades or renovations required to get the maximum value out of the property.
Of course, maintaining the property is just as important as repairing and upgrading it. The right team can make sure you avoid penalties and fines from state and local municipal governments from letting the property decay. They will closely monitor the property for upkeep needs, issue condition reports, verify occupation, upkeep the lawn and curb appeal, perform housekeeping, keep buildings up to code and more.
If you have a foreclosed rental property with current tenants, a full-service team will have the knowledge and tools to manage those tenants as well, performing a complete range of services from lead paint abatement to leasing services, property management, rental preparation, ongoing occupancy status reports, eviction services, and property enhancement to increase market viability.
What You Get from an REO Services Team
The right REO services team can provide a broad range of duties to take the stress and expense off of the hands of the bank. These include removal of debris, managing hazards, storage and moving services, installation of lock boxes, changing door locks, violation abatement services, and inspections for quality assurance purposes.
The expenses a bank will incur to secure the services of an REO team will be well offset by the sheer benefits delivered. Having a centralized resource for reliable property management, repair, improvement and upkeep can make a huge difference between a nightmare of financial loss, and a paradise of profit.
If you are sitting on a bank or real-estate owned property and you need help from a qualified REO services team, contact First Freedom Preservation for a bid today!