Property preservation services deal with the task of preserving a property possessed by a mortgage lender or a banking company, or an REO property. REO stands for Real Estate Owned; these are the holdings which have become the bank’s property after foreclosures, when the owner cannot make their mortgage payments. These properties would have failed to draw any bid during a foreclosure auction (if an auction did take place) and had a market value less than the debt owed to the bank. Such properties will usually be in a bad condition due to lacking maintenance by the owner or tenant, which is why the lenders require these services.
Property preservation becomes difficult if the property is occupied. As a result
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Since an REO property is a nonperforming asset for the bank, they would like to sell it, so they would like for it to be in a reasonable (even if not top) condition. This is why they accept the help of REO property preservation companies. The teams commonly remove debris and waste in and around the property, execute janitorial services, board up the windows (to keep the property protected from vandals), and re-key and secure all entries. The services also include landscaping and improving the grounds or outdoors of the property to a decent state. They also do the planning for winter (winterization) if required.
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Recently, perhaps because of the economic situation
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The companies also prepare the holdings before sale. This preparation may include lawn pruning, cleaning the home inside out, and inspecting and repairing plumbing, HVAC, electrical furnishing etc. Usually banking companies prefer to sell these homes in an as is condition; but if they want to do renovate or remodelling to increase the houses equity or to keep a deal from falling through
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