Real Estate Owned Property Renovation Project Overview

If homeowners default on a mortgage, they will be left with two options. Either sell the property and pay the unpaid amount to the lender or ownership will pass to the lender. Banks generally don’t hold defaulted properties on their portfolio. Such as it’s better for them to sell it “as is” at a discounted price in an auction and recoup the missed payments.

If the property isn’t sold during the auctions held by the lender it becomes a Real estate owned (REO). For landlords, investors, and flippers REOs are a great way to invest. After purchasing properties in “as is” condition, they organize REO property renovation and put it on the market for sale or for rent.

As REO renovations may be more challenging, it’s important to work with a qualified REO renovation service company. This blog post covers the advantages of REOs and what to look for in a renovation service company before hiring.

What Are The Advantages Of REOs?

Lenders often sell the REO properties at discounted prices during auctions. Such as their aim is not to make a profit out of it, but instead to sell in a short time period in order to recover loan payments that the borrowers were unable to pay on time.

Moreover, banks clear all property taxes and liens for REOs. So, the prospective buyers will not deal with outstanding property taxes and unpaid mortgages of the previous owner.

Landlords and real estate flippers get a high return on investment by purchasing REOs at discounted prices and deploying. After purchasing, landlords lease it to tenants and get a steady income. On the other hand, flippers buy REO properties, renovate, and resell them at a higher market price.

REO Property Renovation Project Overview

REO properties are put in the market for sale “as is” and may need major renovations. Generally, it’s not an issue for flippers, but it affects homebuyers who do not plan to resale and are going to live there.

Compared to other residential properties, REO renovation projects may be more challenging. Given that, you should hire qualified contractors, who have REO industry expertise, a detail-oriented approach, and high-quality standards.

Real Estate Owned Property Renovation Project Overview

REO homes usually don’t have utilities, have junk and debris that must be removed, require a pressure washing of the exterior, have a leaking roof, etc. The REO renovation service providing company should have contingency plans and a specific approach to each REO renovation project.

How To Hire an REO Renovation Service Company?

Below we present the qualities you should look for in an REO renovation service company before partnering up with them.

Matching Team for Each REO Property Renovation

The contracting company should be able to match clients up with the contractors who can best meet their needs for the timeliness, location, and services required.

We have a nationwide network of licensed contractors to complete any big or small renovation services: kitchen, bathroom, basement renovations, additions, whole house renovation, secure the property, remove debris, winterize, and conduct maintenance of the lawn and surrounding areas when necessary.

Dedicated Team of Project Managers

In REO business delays and mistakes are unacceptable. Therefore, appointing skillful and knowledgeable project managers has huge importance for the successful completion of REO renovations.

As a longtime partner to real estate brokers, investors, and mortgage lenders we possess all the resources and experience to meet our customers’ most challenging requirements for each asset and portfolio.

Real estate owned renovation

Expert REO Industry Understanding

As compared to residential properties REOs have more specific characteristics and associated complexities. The hired contractors should have expert REO industry understanding. They must create renovation strategies and perform in a way that maximizes RIO for real estate brokers and investors.

With our decades of experience and nationwide reach, we deliver unmatched quality of REO renovation services,  inspections, property preservation, and appraisals that allow our customers to better focus on their core business.

Prioritizing Efficiency and High-Quality Standards

It is important that the REO renovations comply with current legislation in the area. Therefore, all our contractors are well-trained and have up-to-date information regarding regulatory requirements. From our vendor partners, we require a high level of commitment and professionalism for customer exposure and satisfaction.

Our Field Inspection Service Vendor Speaks About Current Challenges and Opportunities

This week we conducted an interview with one of our vendors who provides field inspection services to discuss the challenges they face and how do they make sure to meet growing customer expectations. The vendor who we talked with is Mila. Her company was founded in 2015 with a mission to change the way mortgage inspections are done.

What sets you apart from other field inspection service companies?

We take pride in our work and treat all field inspectors with the respect they deserve. This creates an atmosphere of trust and positivity within our company, resulting in happier team members and satisfied clients.
What sets us apart from our competition is our personal approach to our work. We put our clients and our inspectors first. A company is only as good as its people. We strongly believe that happy employees and satisfied clients are the keys to business success.

What are the daily changes you face and how do you approach them? 

We as a company face the daily challenge of balancing client’s expectations with our team members’ personal life-work balance.

We value family and strongly believe that family should come before work. However, ensuring that day-to-day operations run smoothly while being respectful and considerate of our inspectors’ personal needs can be a challenge. We handle this by maintaining a staff of full-time and part-time field specialists who are ready to jump in and help out wherever and whenever needed.

Where do you see your business in the next five years?

We are constantly growing and expanding, opening new zones, and on-boarding new clients every month. In five years, we will be the premier mortgage field services company in the Mid-Atlantic.

What are your team’s values?

Trust, respect, and accountability are the top values in our company. We keep our employees motivated by consistently providing them with new growth opportunities. We are not afraid of change and adapt to new situations quickly by taking whatever opportunities come our way.

Field Inspection Service Vendors

What areas of training are you currently prioritizing?

We are currently refining our vendor management process.

How do you track progress in your business?

We track our progress by monitoring our sales revenue and monthly volume, both by the client and by zone. The most important metrics are sales by a client because we want to ensure that all clients are satisfied with our work.

How do you resolve conflicts with customers? 

We track customer satisfaction by ensuring that sales by a client are growing on a monthly basis. We tend to have minimal conflicts with our clients. Our general approach is it’s better to take a one-time loss to resolve a short term conflict in order to establish a long term relationship.

What are customers’ expectations and do they change?

Clients are always re-adjusting their rules and expectations. The only constant in this industry is changing. We are very adaptable in this regard, adopting new rules quickly and making sure all our field inspectors are up to date.

Our vendors are our eyes and ears in the field. At United Field Service, Inc. we value their high level of professionalism and dedication. We keep an open line of communication with each vendor partner, as we need to ensure that we are all stronger in our solid front. For more interviews and industry-related updates follow us.

U.S. Home Builder Confidence Declines In March 2020

The current uncertain economic conditions have impacted home builders’ confidence. NAHB/Wells Fargo Housing Market Index dropped 2 points to 72 in March 2020. Despite the decline, NAHB Chairman Dean Mon stated sentiment remains strong as low mortgage rates are anticipated to raise demand in the housing market with limited offers for home buyers.

For determining March’s HMI, half of the responses of home builders were received prior to March 4. 21 % of home builders who participated in the survey before March 4 report some disruption in supply due to coronavirus in other countries such as China. 33 % amongst home builders who answered the survey after March 6 indicated that this is an emerging issue.

The impact of the Coronavirus and current stock market declines are expected to reflect more in the following month’s report for NAHB/Wells Fargo Housing Market Index.

NAHB/Wells Fargo Housing Market Index is derived from monthly surveys that the National Association of Home Builders (NAHB) has been conducting since 1985. It indices single-family home sales and sales forecasts for the subsequent six months according to builder perceptions.

Survey participants are asked to evaluate present market conditions for new home sales and the next six months on a scale of “good”, “fair”, “poor” and “high to very high”, “average” or “low to very low” the traffic of prospective home buyers. Afterward, scores for each segment are used to determine the monthly HMI index.

HMI is a diffusion index and its reading ranges between 0 and 100. That means that a monthly index above 50 indicates a favorable and below 50 indicates a negative outlook on home sales.

Whole House Renovation Project Q&A

Even though the characteristics of house renovation varies depending on the size of the property, scale, and type of renovation, whole-house renovation projects are complex. It requires a great understanding of the process, a detail-oriented approach, and organizational skills.

For the successful completion of the renovation project, there are several strategically important aspects you should consider. To make the process easier for you, we introduce answers to the most common questions regarding whole house renovations.

kitchen renovation

How to Estimate the Cost of Renovation Project?

The cost of projects may differ depending on whether you are going to do remodeling or renovation. As well as the types of renovations and solutions that you are planning to integrate.

The overall cost of the whole project depends on the following factors: the current condition of the home, the scale of the renovation, quality of construction materials, solutions, and the team of hired contractors, etc. To get precise estimates before starting demolition or purchasing any materials consult with contractors.

Start by carefully evaluating your future plans connected with the property. Then make sure you can manage and oversee the process from start to finish. And finally, invest in renovations that will add value and increase the price of your property.

Renovation vs Remodeling Projects

Generally “renovation” and “remodeling” are used interchangeably to describe the same process, while professionals in the industry refer to different types of construction. Renovation projects are considered to be easier and cover altering a few details, updating the current interior without changing the functionality of the space.

Remodeling includes complex design alterations and a number of structural changes or additions that change the purpose of the space. Also consider, renovation projects may or may not require a permit from local authorities. On the other hand, permits for remodeling projects are almost always required.

How To Choose Contracting Service Company?

Whole house renovations require managerial skills and the input of professionals. With the help of experienced contractors, you can cut costs, finish on time, make sure all renovations are code compliant, and there will not be a need to redo it over and over.

To trust your house remodeling or renovation project take careful consideration of available options and pay proper attention to the qualifications of the contractors. Our contractors are ready to assist you and turn the process of building your dream house cost-effective and enjoyable. Based on your plans, budget, and expectations we will offer a unique approach and organize the renovation smoothly and professionally.

How Effective Are Sustainable Solutions?

Sustainable solutions may be expensive, and add up to renovation costs. But in the long run, it will pay off and positively affect the price of your property. In the market, the most common solutions are solar panels, living walls, and roofs, smart home systems, etc.

If you have a busy and hectic lifestyle, smart home systems will help to better organize everything and support to take care of your schedule and day to day activities. With solar panels, you will save money on your energy bills and reinvest the allocated amount on your property improvements.

Whole House Renovation Project Guide

How Long Will A Whole Home Renovation Take?

The whole home renovation is quite complex and depends on a lot of factors. Hence there is no one-size-fits-all answer to this question. Every renovation project is unique. Each project has its own characteristics and complexities.

Therefore, you need to break down the entire project, estimate each aspect, and evaluate the expected timelines of completion. If it’s your first experience of renovating and you struggle with planning, contact a local contractor for advice.

Property Preservation Companies in Arkansas

United Field Services is currently taking on property preservation vendors, as well as licensed contractors for rehab and renovation in the following counties of Arkansas state: Jefferson County, AR; Ashley County, AR; Baster County, AR.

Property Preservation Work Will Include

  • Grass cuts
  • Lock changes
  • Lockbox installation
  • Winterizations
  • Dead tree removal
  • Shrub trimming
  • Board-ups debris
  • Trash outs
  • Hazard removal
  • Mold remediation
  • Inspections


*Rehabs range from minor repairs to full renovations.

Application Process For Interested Vendors

Fill out our vendor application if you have at least 2 years of experience in the REO field services and property preservation. To obtain additional information contact us directly: info@unitedffs.com (818) 230-0300

What Should You Know Before Planning A Home Renovation

If you want to organize a home renovation smoothly and enjoy the process, instead of stressing out and overspending, you should start with planning. Clearly mapping out the whole project prior to start is considered to be one of the key success factors. Planning your home renovation will help to save time, cut costs, and avoid the most common home renovation mistakes.

In the starting stage, a few details are extremely important: cost factors, your budget, timelines, the resale value of renovations, and most importantly the team of contractors who will manage and complete it.

For those who are planning to start a renovation, United Field Services, Inc. created a simple guide consisting of all the important factors and know-how for successfully planning and organizing any type of remodeling.

Clarify Your Renovation Goals

First, clarify the objectives of the renovation: is it for your forever home or you are preparing the property for sale, and are the designed changes “needs” or “wants”?

Depending on the size of your family, the needs and preferences of each member, plus the current state of the property, the remodeling project of forever homes may vary by scope, cost, and type. Start by writing a big list, then narrow down every change you’d like to make. Balance the “needs” and “wants” to organize within a budget and in your desired timelines.

However, if you are renovating for reselling the property consult with a few local real estate agents. Their objective feedback will help you to make the property more attractive to buyers and make the selling process easier. Or do your own research and make sure renovation will add value and increase your home price.

Research and Get Informed

Whether your home renovation is planned to encompass only remodeling a kitchen, simple bathroom makeovers, or just changing the flooring, you are going to face a lot of challenges while making the final decisions. In order to turn your home into a functional and beautiful space on a budget, each aspect must be well thought of and backed on research.

To make sure that later on you will not regret the decisions made during the process, arm yourself with information. Before buying any materials or hiring contractors, thoroughly explore design inspirations, saving, and project management tips.

A few sources where you can start your research and get design ideas are architecturaldigest.com, houzz.com, etc. Apart from it, use shopping apps and tools to compare prices before purchasing anything online.

window installation

Types of Home Renovations You May Consider to Tackle

Based on the scope of the project there are 4 main types of renovations: kitchen, bathroom, basement renovations, and additions. Other than that, home renovation projects can be categorized according to their objectives and have the following directions: basic renovations, curb appeal improvements, renovations that add value, and personal “wants”.

For instance, the basics may cover a leaking roof restoration, adding functioning gutters, changing flooring, mold removal, etc. Curb appeal improvements comprise a well-maintained lawn, fresh and modern color of paint, a clean look, and new appliances, etc. Value-added renovations are kitchen renovations, adding new windows, and new siding, etc. Personal preference projects may include adding or redesigning swimming pools, playgrounds, wine cellars, and game rooms. 

Home Renovations That Increase Home value

It’s recommended to do small renovations with neutral aesthetics and focused on improving the functionality. Extensive custom upgrades may be appealing to you but not potential buyers of your property. Therefore, make sure that the return on your investment will be positive. For this reason, consult with a local real estate agent and get valuable advice from them.

For example, the projects that add considerable value and recoup the construction costs are kitchen renovations, new windows, adding storage capacity, improvements in curb appeal.

But there are remodeling projects that are tricky to evaluate in terms of the potential return on investment. For instance, conversions that may not be worth your investment include converting a bedroom into a studio or movie room, enlarging a space by removing walls, extending a room by eliminating a bedroom, big remodeling projects in the basement.

Planning Permission and Regulations For Renovations

You should prioritize completing code-compliant home renovations. Make sure your proposed changes and conversions are compliant with local regulation laws. As a result, you will not encounter any difficulties later on in the inspection process from local authorities or when selling the property. In addition, you will be guaranteed that all improvements are reliable and safe.

However, not all redesigning projects require permits. First, discuss your project with your local building authority. They will provide you the detailed information and available guidelines.

home renovation and remodeling

Create a Home Renovation Budget

Whenever you consider organizing a home renovation, create a comprehensive budget. It will help to set a spending limit, prioritize your spendings, and have a precise plan. Start the budget planning process by evaluating your financing options and the availability of financial resources. If your personal savings are not enough for financing the project you might need to apply for a construction loan, home equity loan, refinance your home loan, etc.

In the budget planning process, the next step is setting timelines, which is followed by cost evaluation.

Identify and Set Timelines

Different factors can affect the timelines of remodeling projects. Major variables are the scope of the renovation and the size of the hired contractors’ team. Also, it’s important to consider the project objectives and what you are trying to achieve by remodeling: an updated look or increased functionality. It may take three weeks to renovate a bathroom with new cabinets and fixtures, but a few months to get a heated floor or a new tile. Typically the longest projects are additions.

You should be prepared for some possible delays which are very common and take it into account while setting timelines. For example, the process of waiting for inspection reports, product/construction material delivery issues, or subcontractors may cause postponements. In addition, the weather may affect outdoor projects. Unforeseen problems may occur during the remodeling process, like rotting wood inside the walls or mold, etc.

A well-scheduled timeline will include the start date, plan for the next several weeks, including possible delays, and the end date. To set a reasonable timeline consult with general contractors by discussing all the components and details of your project.

How Much Will a Home Renovation Cost?

Home renovation costs depend on several factors: the type, scope of the project, materials, and service price of contractors you choose to work with. Consequently, the project budget may range from a few thousand dollars to six-figure digits.

You can get an estimation of the upcoming expenses by consulting with different contracting companies. Contact us directly to get price estimates from our professional crew of licensed contractors. We have extensive industry expertise and are always available to serve you nationwide.

organize home renovation

Hiring Contractors

Contractors are crucial allies in a home renovation project. Not all homeowners have the experience, time, or skills to organize home remodeling and complete it successfully. As a result, hiring a qualified remodeling contractor plays a huge role.

Firstly, to avoid scams or poorly made decisions get multiple bids from at least three credible contractors. Send project bid requests and ask for timelines from each of them. Compare their offers, expertise, team size, and reliability. Don’t be tempted to hire the lowest bid providers.

Next, sign a contract. One of the available options is a time-and-materials contract. Your payment will be based on the time spent by the contractors and on the cost of used materials. If you want to stick to a budget, a better option is to sign a fixed-price contract. In this case, you will pay a pre-agreed lump sum for the project upfront.

Handling Unexpected Problems

Unexpected problems are very common and it’s hard to complete the project without altering your initial plans. For this reason, you have to be well prepared. Be flexible to adjust your original plan, easily solve an accruing issue, and don’t let it evolve into a bigger one.

Some of the issues may arise because of the outdated plumbing systems, electrical wires, bad renovation work done by contractors, material quality or availability, etc. Therefore, construction professionals recommend setting aside an extra 10% to 15 % in cash to be able to cover additional costs caused by unforeseen problems.

In conclusion, do your research and plan every detail. Don’t hesitate to discuss your renovation plans with real estate agents, general contractors, interior designers, and architectures. Make sure that the renovation will be worth investing your time and money. Based on the project type, scope, and objectives all variables may be different. To clarify details about renovation costs and the timelines specific to your renovation project consult with professional contractors. Our experienced team is ready to assist you in your journey of planning your dream house!

Property Preservation Jobs For Vendors in New York

United Field Services is currently taking on property preservation vendors, as well as licensed contractors for rehab and renovation throughout the entire state of New York.

Working within our organization is simple, – our order management software is intuitive and straightforward. Training is offered on an ongoing basis to ensure that we’re maintaining the highest quality vendor teams.

Description

Property preservation work will include but is not limited to:

• Grass cuts
• Lock changes
• Lockbox installation
• Winterizations
• Dead tree removal
• Shrub trimming
• Board-ups debris
• Trash outs
• Hazard removal
• Mold remediation
• Inspections

Rehabs range from minor repairs to full renovations.

Property preservation vendors in New York fill out a vendor application here to get started.

Requirements

• Must have a contractor’s license for rehab and renovation work if required by the New York state.
• Must have at least 2 years of field experience in property preservation and REO field services.
• Must be able to take clear & wide-angled before, during, and after photos of work.
• Must be able to meet deadlines for work orders and work with a high volume of orders.

Your eligibility and continued membership in our vendor network are determined by the quality of work, turnaround time, honesty, proper reporting, and proper documentation updates.

Our nationwide vendor network is our eyes and ears in the field, and we require a high level of commitment and professionalism from our vendor partners as we need you to ensure that we are all stronger in our solid front for customer exposure and satisfaction.

How to Apply

Fill out a vendor application if you have at least 2 years of experience in the REO field services. If you have any questions, feel free to contacts us today: info@unitedffs.com (818) 230-0300

Property Preservation Jobs For Vendors in Oklahoma

United Field Services, Inc is one of the most assorted and experienced providers of mortgage services in the industry. Our industry-leading solutions support the entire spectrum portfolio life cycle, from REO Property Preservation, construction & rehab, to inspections and appraisals.

We are currently taking on property preservation vendors, as well as licensed contractors for rehab and renovation throughout the entire state of Oklahoma.

Fill out a vendor application to get started.

Description

Property preservation work will include but is not limited to:

Grass cuts
• Lock changes
• Lockbox installation
• Winterizations
• Dead tree removal
• Shrub trimming
• Board-ups debris
• Trash outs
• Hazard removal
• Mold remediation
• Inspections

Rehabs range from minor repairs to full renovations.

Requirements

• Must have a contractor’s license for rehab and renovation work if required by the state.
• Must have at least 2 years of field experience in property preservation and REO field services.
• Must able to take clear & wide-angled before, during, and after photos of work.
• Must be able to meet deadlines for work orders and work with a high volume of orders.

Your eligibility and continued membership in our vendor network are determined by the quality of work, turnaround time, honesty, proper reporting, and proper documentation updates.

Our nationwide vendor network is our eyes and ears in the field, and we require a high level of commitment and professionalism from our vendor partners as we need you to ensure that we are all stronger in our solid front for customer exposure and satisfaction.

Our goal is to create a mutually beneficial relationship with a wide range of vendors who are willing and able to contribute to our continued success through ongoing and thorough training and following clear guidelines and procedures. Working within our organization is simple, – our order management software is intuitive and straightforward and training is offered on an ongoing basis to ensure that we’re maintaining the highest quality vendor teams.


How to Apply

Fill out a vendor application if you have at least 2 years of experience in the REO field services and asset management industry. Or contacts us: info@unitedffs.com |  (818) 230-0300

Lawn Care and Maintenance Guide For Beginners

Maintaining a lawn is not an easy task, especially for beginners. To help you with that we have the best lawn care tips from experts to help you get your best lawn ever. These lawn care basics will guide you on how to start and where to go from there.

1. The Lawn Care Starts From Soil

Soil Testing

First, learn about the qualities of your soil. Take soil samples from your garden to test soil for essential factors such as soil pH in a lab. Include samples for spots with problems. From the lab, you can receive specific recommendations for your lawn care plan. If there are any issues, fix according to lab recommendations. 

Soil Aeration

Air pockets of soil that enable nutrients and water to reach the roots of the grass, over time get reduced. To solve this, aerate the lawn. It will help the lawn to get nutrients and water it demands to grow strong all year long. Spring is a perfect time to organize aeration.

Fertilization

The soil test results will prescribe how much fertilizers your lawn needs (usually per 1,000 square feet), based on its organic matter, structure, and other factors. Also, consider the nutritional needs of the grass that you plant. It is recommended to fertilize the lawn in its growing season every 6 weeks. Feed the lawn with compost or manure. Choose organic options over chemical fertilizers. Consult with a specialist.

2. Grass Selection

There are extensive options for grass selection, that vary in their tolerance of ranges of soil pH, fertility, moisture, and temperatures. They may also be different in their resistance to stresses caused by different factors such as wear, mowing, and insects and diseases. Experts recommend selecting region-appropriate lawn grasses.
As a result, it will require less maintenance time and resources.

3. Watering The Lawn

Plan watering frequency and timing according to the grass type and water needs. In general, the water evaporates less in the morning, so watering in the morning is recommended by experts. If the lawn is newly seeded, water more to support its establishment process.

4. Mowing

Different Grasses have a different optimal height that you should consider planning to mow. When the grass reaches its optimal high start mowing the lawn. Mowing tall grasses will cause difficulties, shock roots, and dull the blades of the mower. When it reaches one-third or more of the suggested mowing height, cut it.

Lawn Care Tips for Each Season 

Care Tips For Spring

  • Don’t mow wet grass. It will increase the chance of spreading grass diseases.
  • Fertilize. In the spring apply fertilizer as your grass begins its most active growth.
  • Aerate in a day when the soil is damp but not soaked.
  • Apply a pre-emergent herbicide to prevent weeds from taking root in the lawn.

Care Tips For Early Summer

  • Watch out for grubs. When using insecticides follow all label directions
  • In early summer grass is starting to grow fast, and there will be a need for cutting more than once a week. But mow 1/3 of the grass blade.
  • Weeds that are left after an herbicide application, remove with a garden fork.

Care Tips For Summer

  • Frequent sprinkles of water boost shallow root growth, so deep and infrequent watering is preferable.
  • Regularly clean up any leaves, branches, and debris.

Care Tips For Fall

  • During the fall season keep your lawn free of leaves and other debris.
  • Fertilize the lawn. The grass will store the nutrients in its roots in the dormant period in winter and use them for growth when springs come.

The lawn is considered one of the key important factors for the curb appeal of a property. Well maintained lawn can affect the property value and make it easier to sell. If you need help with lawn care services, contact us, and we will help to organize the lawn care process timely and smoothly

What is property preservation?

Property preservation term refers to the mortgage field service industry. It is the process of caring for REO properties.

What is REO?

Foreclosed is termed a property that has been legally repossessed and taken back the ownership by a loan lending organization from the homeowner, who took a mortgage loan for funding the home purchase and was unable to make interest and principal payments. The process is entitled as a foreclosure and consists of 6 phases, which can last up to 6 months or more.

When the ownership transfers to the bank the foreclosed property becomes an REO (Real Estate Owned). The final goal of the mortgage lending companies is to sell the property. In general foreclosed homes are getting listed in the market in as-is form. That’s why mortgage companies need REO property preservation services, aimed to maintain the foreclosed property’s condition, prevent degradation, and reserve the property from any current or possible violation.

Property preservation companies serve banks and asset management companies to provide repair, inspection, insurance claim management, maintenance, and other mortgage-related services. Mortgage Filed companies should ensure that the work required by the regulatory guidelines for each loan type is complete and that the property is in conveyance condition. If there are no regulatory guidelines for a specific type of loan, the HUD guidelines will be followed.

What Are Property Preservation Services?

Property Preservation services give a full range of field services which can be combined into custom packages, enabling clients to choose the precise package required for a specific foreclosure. The below-presented list of property management services, may not be comprehensive but it will give you a fair idea of the range of a property management company’s activities. 

REO Appraisal

An appraisal is an unbiased and accurate estimation of a price a buyer might expect to pay or a seller receive for real estate. An appraiser is responsible to make sure that the value of the property is in line with the price being paid. For foreclosed properties, it is important to consider the difference between the “fair market” value and the “quick disposition” value. Our local vendor partners are ready to serve you and handle the specificities of a foreclosure appraisal. 

REO Property Inspections

Inspectors make an in-depth examination of the utilities, Safety, additions/changes, structural components, Grounds, rooms of a foreclosed property. Beautiful wall colors and the neat first appearance of a home may be elusive for a buyer but not for a professional inspector.

There are technical knowledge and skills that certified inspectors possess about the construction of walls, ceilings, floors, roofs, and foundations that as a first time home buyer, you may not even have an idea about.  The examination of safety factors is one of the main reasons for hiring a certified inspector. There are possible safety concerns that inspectors will help you to test and uncover, such as radon, carbon monoxide, and mold. 

What is property preservation


Inspectors will detect the changes done without permission, which eventually may become the financial responsibility of the new owner. And in fact, inspection is crucial for foreclosed properties. To request professional Inspection services fill out our contact form. 

REO Property Maintenance 

Maintenance services may include securing, debris removal/trash out, winterization, mold remediation, lawn maintenance, etc.

Winterization

To avoid damages from freeze temperatures there is a need to take the necessary steps to winterize plumbing. Correctly handled winterization can save plumbing and heating systems. Otherwise, it can cause damages in systems, and flooding may occur.

Debris removal 

Any type of debris left by the previous homeowners inside or outside the house, get removed. This process also requires a professional approach, such as some debris that may be hazardous and cause health issues. 

Rehabilitation and Renovation Services

In most cases for foreclosed properties, there is a need for remodeling and renovating because of damages caused by previous occupants before the eviction. Rehab & Renovation as a category of services for REO, includes the following list of subcategories: maid and cleaning services, cabinet installation and cabinet repair, electrical, estimation services, plumbers, flooring, roofing, bath and kitchen repairs, concrete, masonry additions/repairs, and mold removal. 

United Field Services is one of the largest property preservation companies in the US which has a trusted and professional network of vendors. We have a dedicated vendor management department as we emphasize the quality of services. Our vendors and licensed contractors are provided training on client guidelines and requirements aiming to provide the best experience to our clients.