It’s a basic fact that almost no bank or lender wants to take possession of a property. They’re in the business of helping people buy properties, not owning them. When a bank has to foreclose on a mortgage or otherwise take possession of a home, they’re stuck with the expense and time of managing and maintaining it, as well as trying to sell it to recoup some of their loss.
An REO Services company is a great way to tackle this, but many bank-owned property holders fall prey to some common myths that stop them from taking this important step. Discover the truth behind these five common misconceptions about REO services in Baltimore, and why hiring an REO management company is a good idea.
REO Management is Too Expensive
Many people think that the service will charge a premium for its services. The truth is, the return on investment for such a service is very high. They can help you to find the best tenants if you’re renting. They can take care of repairs and upgrades to get you the best sale value. They can keep the property clear of debris and blight to save you tens of thousands of dollars in fines. The truth is, it’s a cost saver in the long run.
The Service Isn’t Necessary
Many banks make the mistake of thinking they can just handle the property management. The problem is, they don’t make a habit of keeping landscapers, carpenters, electricians, and landlords on staff to do everything that’s needed. Your business is lending money, not property management.
The Service Will Take Control
This is one of the biggest myths. A property management service will not take your control of your property away. You will still have total control over the services provided and how the property is managed from top to bottom. You set the goals and rules, and the property managers will see to it they’re followed.
It Will Create Complications
Many owners of bank-owned properties think that bringing in a third-party service will create major complications in handling the property. They view it as too many cooks in the kitchen. The truth is that REO Services actually simplify matters by allowing you to focus on lending and resale while they take care of the complexities.
It’s Easy to Do it Yourself
Tied into the necessity of the service, many lenders think property management is easy. Think, though: who are you going to have handle the repairs that are needed? The yard maintenance and landscaping? The legal contracts needed? The sale of the property, and any emergencies that come up? An REO services company has all of the necessary expertise to handle every aspect of the property sales and maintenance you need.
REO Services Baltimore
If you’re in need of REO Services in Baltimore, there’s only one place to turn, and that’s First Freedom Preservation. We provide full-service REO renovations, repairs, security, preservation, management, and turn your property into a profit. Give us a call today for more information or to start getting the very best REO Services in Baltimore.