No bank or lender wants to end up owning a foreclosure property. Such properties require constant upkeep and most of them require a great deal of work to get them on the market and sold at a good price. Lenders are in the business of making money off of mortgage payments, not trying to sell real estate.
That’s why it’s so important that, when you do end up with one of these properties on your rolls, that you work with the best professional company providing services for REO properties. Let’s take a look at three important REO services for your Baltimore, Washington, D.C., or Philadelphia properties and where you should go for help.
Important REO Services
Most banks and lenders don’t keep carpenters, electricians and groundskeepers on their payroll, let alone property managers. That’s why it’s vital to have a professional company on hand who can take care of important REO services.
The right REO Services company will offer things like renovations and repairs, tenant occupied services, and property preservation. These services can save you money, and help you to get your properties sold fast, and at top dollar.
Renovations and Repairs
Renovations and repairs are potentially the most essential part of selling any property, let alone a bank-owned one. Most foreclosure properties have been treated poorly and are in bad repair. A good REO renovation and repair company can offer estimates and repairs for damaged properties.
They can perform lead and asbestos abatement services. They can offer fully licensed contractors who deliver top-notch work, and can provide upgrades both inside and outdoors. The right company will do it without upfront costs, and will deliver ongoing and constant status reports while leaving you in charge of everything that happens at all times.
Ending up with an REO property that’s occupied by tenants (legal or otherwise) can be the biggest nightmare you can imagine. It becomes difficult to sell a property in these situations, or at very least (if your tenants are legal) greatly reduces your potential client base.
A good REO tenant occupied services company can offer services such as eviction services, violation abatement, leasing services, rental preparation, ongoing property management, code compliance and more. They can be essential to getting your property in shape to sell to a new manager or investor.
Property Preservation Services
Even after your property is repaired and updated, you’ll need someone to keep it in good shape, both to ensure it sells for a high value, and to avoid municipal fines that can amount to tens of thousands of dollars. Keeping your property in good condition will also discourage squatters, vandals and thieves who target buildings that look unoccupied or neglected.
Call First Freedom Preservation
If you’re in the Baltimore area, like Washington D.C. or Philadelphia, First Freedom Preservation can provide the important REO services that you need. Whether you’re in need of someone to evict squatters, to keep your property looking occupied, or to upgrade it and get it on the market fast, we’re here to help. Get in touch with us for help today.