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Wind damage can occur at any time. It's easy to predict that there will be high winds when there is a hurricane in the forecast, but what about the winds associated with a summer storm? Wind speeds in severe thunderstorms often reach 50-60 mph, which the National...
Every business suffers downtime, when things are slow and the money isn’t pouring in as fast as it otherwise does. For REO properties, the end of the year and the holiday season in particular are that downtime. Very few bank-owned properties hit the market during this...
When you’re a bank stuck with an REO property on your records, you’re in a quandary. You generally don’t have a lineup of reliable contractors on staff; after all, your business is to loan money, not to upkeep, manage and repair properties. Still, when you are forced...
It’s bad enough when a bank, credit union, mortgage company or other lender gets saddled with a property they never wanted. These foreclosure and abandoned properties, known as REO properties, can be a serious drain on your finances as a business. The problem gets...
Properties need ongoing upkeep and maintenance, an unfortunate (and sometimes expensive) fact of life. Unfortunately, it’s already bad enough when a bank ends up with a property they are forced to foreclose or which the previous owner simply abandoned. These REO...
No lender wants to end up owning a property. After all, you’re not in the business of managing people and repairs. You’re in the business of helping people buy. When you get left with a foreclosure or abandoned property, you often wonder what the next step is. You...
So you’re a lender — bank, credit union or mortgage company — who has just been saddled with a foreclosure, abandoned or other property, and now you don’t know what to do. Of course, you don’t want to keep it. You’re in the business of lending money so people can buy...
Sure, we’re currently at the height of summer, and winterizing your REO property is probably the last thing on your mind. Before you know it, however, the temperatures will be dropping. If you’re not ready to go, your properties can suffer damage that will cost...
When you have an REO property on the books, you want to get it repaired, restored and updated as fast as possible so you can get it sold at a profit. Of course, since lenders don’t generally keep carpenters, electricians, and other contractors on staff, getting that...
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