With the current real estate market crisis, more houses have entered foreclosure than ever before. Once a property owner realizes that the house will no longer belong to him and there is nothing that he can do to stop the foreclosure process, he may act in a negative manner. Although this dynamic is unfortunate, it creates a great opportunity. Now is one of the best times to own a property preservation business. A property preservation business is a business that secures a property on behalf of a bank to protect real estate owned property. A property preservation business provides a vital service and has many advantages and responsibilities.
Why Banks Hire Property Preservation Businesses
Banks are busy financial institutes and may not have the time to see to the many details that are needed to sell a house that is in foreclosure. Since banks and other lenders now have entire communities of houses that have been abandoned or foreclosed, they need a professional property preservation business to secure the property and begin to prepare it for sale.
Property preservation businesses are responsible for a variety of tasks. Some of the responsibilities are listed here.
Securing the Property
Locks must often be installed and other locks must be changed. A lock box may also be installed so realtors can show the home to potential buyers while maintaining the security of the property. Windows may also need to be boarded up. Any swimming pools or other water features are also secured according to the local guidelines.
Removal of Debris
Personal property that is abandoned at the property may be stored in a storage facility for a limited time. Other forms of debris, such as hazardous materials, trash and abandoned vehicles are removed in a legal manner, compliant with local codes.
Pipes are winterized so that they do not freeze over the winter. Plumbing systems are often drained and anti-freeze is added to the fixtures in the home. Some pipes may be removed to prevent freezing and the water is shut off.
Maintaining the Lawn
Property preservation businesses may also maintain the lawn, mow the yard and remove snow as necessary.
The pool may need to be drained and cleaned. It may be covered, or it could be refilled and treated with chemicals, as needed.
In House Cleaning
Depending on the condition of the house, a property preservation business representative may need to clean the inside of the house to ensure a sanitary environment.
Conveyance Condition and HUD Compliance
Many loans feature a certain standard that a property must be in before listing it for sale. Properties that are operated by HUD must also meet specific condition guidelines. The property preservation business will ensure that these conditions are met.
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