Real Estate Owned properties, or REO for short, is where the bank is the deed holder to a property. The property could be commercial or residential and it is usually the banks that hires the contractor to preserve the property so that it may be sold or rented.
What is REO?
Real Estate Owned properties, or REO for short, is where the bank is the deed holder to a property. The property could be commercial or residential and it is usually the banks that hires the contractor to preserve the property so that it may be sold or rented.
What Are Property Preservation Services?
Property Preservation contractors offer an array of services including but not limited to carpentry, painting, roofing, flooring, lawn maintenance and landscaping. Safety measures are also taken to ensure the property's security.
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 the plumbing. Correctly handled winterization can safeguard the 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 property owners inside or outside will get removed. This process also requires a professional approach, such as the removal of 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.
