When you’re saddled with a bank-owned or REO property, it can quickly turn into a nightmare. You never wanted to own the home to begin with—you loaned money to a borrower in good faith that they’d pay it, and they failed to live up to their end of the bargain. This left you with no choice but to foreclose, and sit on a property that’s draining money.
Many owners of REO properties wonder when the time is to bring in an outside service to preserve and maintain their property. Discover a number of signs that it might be time to invest in property preservation services, to save you money, get your properties in shape, and get them off your books.
Your Property Needs Repairs
Selling a property means that it has to be in good shape and good condition. If your property is in need of repairs, and you don’t have the professional electricians, carpenters or masons on your rolls to take care of it, a third party service is your best bet.
You’re Facing Urban Blight
It’s really hard to sell a property if the yard is overgrown, the garden overrun with weeds, and the paint peeling and flaking from the windows. Urban blight is a major problem in our cities, and REO properties are particularly prone to the problem. Once blight takes hold, it can be very hard to overcome and remove. A preservation company can keep the blight at bay.
You’ve Got Squatter Issues
Squatters can be among the biggest nightmares a bank-owned property holder can face. They put untold stress on the property itself, they drain resources, and they do damage. Why wouldn’t they? They have no ties to the property and neither the resources, the responsibility, nor the care to upkeep it as they should. The right property management service can work to get rid of squatters and keep them out, or even to stop them from appearing in the first place.
You’re Not Sure about the Property Condition
Do you have a property on your books that has just been sitting there and nobody’s even sure how it’s doing? It could be falling apart, and you’d never know. Hiring a preservation service can ensure that you get regular property condition reports so that you always know the state of your property and any repairs needed.
You’re Facing Municipal Fines
Many municipalities will in fact issue heavy fines to the owners of vacant properties who don’t perform proper upkeep. These fines can range into the tens of thousands of dollars, which is something you definitely don’t need with a property that’s already a financial drain. Property services can prevent those fines by keeping it in great shape.
FFP Property Preservation Services
First Freedom Preservation offers a complete range of property preservation services to keep your REO properties clean, in great repair, and ready to sell. We offer condition reports, occupancy services, automobile removal, housekeeping, maintenance and repair services, violation abatement, code compliance and more. If you’re in need of property preservation services on your bank owned property, call us today.
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