Property preservation is about preparing foreclosed properties for sale. This can also include properties that have undergone default and properties that are in bank-owned status. Homeowners who are faced with having to give up their homes are unhappy, and usually the properties are not cared for therefore the homes are left in deplorable conditions.
When properties are left in terrible conditions the banks that own these homes must reconditioned the properties and place them on the market for sale. And this is where property preservation companies come into play. A good property preservation company, such as Maxim Enterprises would be contacted by the banks to get their property in tip-top shape.
The services offered by property preservation companies typically include services in eight separate areas: Securing the property, Removing debris, Winterization, Lawn maintenance, Janitorial, Maintaining the pool, Removal of snow and Photographs.
Securing the property has to deal with making sure the locks are changed out, and usually a lockbox will be installed along with an assign code. Keys are secured in the lockbox to provide access into the home for third parties. Windows, side doors and front and back doors are boarded up as part of securing the property as well, and swimming pool areas can also be secured.
The removal of debris involves the removal of any personal property, debris, hazard material and car removal. Personal property will more than likely be stored in a storage facility up to 90 days depending on the lender’s requirements. Debris is disposed of based on the insurer/client/lender instructions, and since lenders usually charge based on how much debris is collected the debris is counted in cubic yards. Also hazard material must be removed, and it’s removed according to the client/insurer/lender instructions. Another removal that can be necessary is car removal, and this is of course based on the lender/client/insurer instructions as well.
Another service that property preservation companies do is winterization. Winterization is all about preparing a property for winter, which basically involves the sealing and draining of pipes to prevent water from freezing. If the sealing and draining isn’t done properly the pipes could burst. Also the electricity and gas should be shut off for the water heater and boiler. In fact all heating and plumbing systems should definitely be drained.
The lawn care must be kept up, as well as general janitorial duties around the property. Maintaining the pool should be done by draining the pool, cleaning it and refilling it with fresh water. Snow removal is removed usually by the orders of the insurer/client/lender. And lastly before and after photographs should be taken of all services, and submitted to the insurer/client/lender. Usually the photos aren’t required until all of the services have been completed by the property preservation company, such as Maxim Enterprises.
Property preservation companies are becoming more and more important, and because of the increase of foreclosures due to the economy – property preservation services appear to be a service that will always be in demand.
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