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Property Preservation / REO

  

 

 

 

PROPERTY PRESERVATION

At Property Shield we treat your asset like it is ours. All property maintenance and preservation is completed according to applicable and current specifications. We supply complete written and photographic documentation of all work performed.

Property Shield's professional staff is familiar with the proper procedures for securing, winterizing, and maintaining property. We continuously monitor HUD and VA regulations for changes, additions, and deletions, and maintain a database of all local and regional standards. We provide a running total of expenditures and a detailed list of all maintenance performed. We stand behind our work, maintaining comprehensive insurance, including errors and omissions coverage, for additional protection.

With regard to conventional loans, there is no pre-determined set of preservation guidelines as is available for government loans. Freddie Mac and Fannie Mae specifications provide some assistance, but are general in nature. Therefore, Property Shield typically follows HUD specific guidelines for conventional loans.

 
  • Trash outs / Debris removal
  • Winterizations
  • Locksmith Svs
  • Repairs
  • Securing / Board - ups
  • Lawn & Snow
  • Pools
  • Animal Removal
  • Vehicle Removal
  • Sales Clean
  • Schedule Clean
  • Estimates and Second Bids
  • Utility Restoration
  • Tree Removal
  • Water Mitigation
  • Repairs & Maintenance
  • Personal Property Storage
  • Keys for Cash
  • Prepare to Convey
  • Mold Abatement

 

 

 
     
   

Allow Access
By request, we will arrange to have an independent contractor allow access for an individual(s) to a property secured with a HUD master key, or the key code specified by the regulatory specification for the loan type. For properties not previously secured, a lock change will be required or the keys to the property will need to be provided. We will allow the individual(s) access to the property for the length of time requested, then ensure the windows and doors are locked prior to departing the premises.

Board Broken Only
Under this order type only the broken windows at a property will be secured by boarding, regardless of the area regulatory requirements for the loan type. This order also authorizes the field representative to board any broken windows at the property without prior approval. Photographs of the broken windows, and completed boarding, will be provided.

Board or Screen to Area Specifications
Under this order type, any broken windows found at the property will be boarded or screened according to the area regulatory requirements for the loan type. When regulatory guidelines are not applicable for the loan type, or unless otherwise instructed, the HUD specifications will be followed. PLEASE NOTE: Some area regulations may require boarding and/or screening of all windows, regardless of their condition.

Debris Removal
This property preservation request authorizes removeal of interior, exterior or hazardous debris at the property as authorized by client request or the regulatory specifications for the loan type. For loan types with no applicable regulatory specifications, the HUD specifications, and HUD reimbursable fee schedule, will be followed. If the debris, for any loan type, cannot be removed for the published reimbursable fee, an estimate will be provided.

Eviction Scheduling and Completion
Property Shield will make the necessary arrangements with the local law enforcement officials, moving companies (where required by local or state law) and securing crew to complete the eviction. Our field representatives will perform and complete the eviction according to the regulatory specifications for the loan type, unless otherwise instructed by the local law enforcement official on site, or local/state statute. Please note: There is a minimum fee for the dispatch of personnel for all scheduled evictions. Contact us for details.

Lawn Maintenance
Property Shield will perform the necessary lawn maintenance to maintain the property's appearance, prevent further degradation to the grounds and relieve the property of any existing or potential violation of local ordinance. As with any property preservation order, the HUD specifications, and the HUD pricing schedule will be followed for all loans with no applicable regulatory guidelines, unless otherwise instructed. The standard completion objective is no greater than 10 business days, the national completion average being 5 days or less.
Property Shield also provides an automatic grass cut program, where we will maintain the grounds at the property according to the applicable regulatory guidelines for the loan type. We will continue maintaining the grounds at the property until instructed to remove the property from the program, or maintenance is no longer required, as specified by the regulatory specifications for the loan type and/or client profile.

Lock Change Only
Under this order, Property Shield will change the lock(s) at the property to the key code according to the regulatory requirements for the loan type, unless otherwise instructed. For loan types with no applicable regulatory guidelines, the HUD guidelines, and fee schedule, will be followed. NO ADDITIONAL PROPERTY PRESERVATION WILL BE COMPLETED UNDER THIS ORDER, UNLESS SPECIFICALLY REQUESTED.

Minimum Securing to Specifications
This order authorizes Property Shield to perform all necessary property preservation according to the applicable regulatory guidelines for the loan type or client profile. For loan types with no applicable regulatory guidelines, the HUD guidelines and fee schedule will be followed. Services typically include changing entry lock or keyway, locking all windows and doors, winterizing to the applicable specification and maintaining the grounds when in season.

Property Shield also provides an automatic securing program driven by the first time the property is reported vacant, as well as the client specific profile

Padlock Pool Gate to HUD Specification
Upon request, Property Shield will secure the pool/hot tub gate according to the HUD specifications for the area the property is located. This service may also be provided on any securing order, when required by the regulatory guidelines for the loan type.

Prepare to Convey
After the foreclosure sale is held or the redemption expires for the property, MCS will ensure all necessary work required by the regulatory guidelines for the loan type is complete, and the property is in conveyance condition. If any work is needed to bring the property into conveyance condition, and can be completed for the loan type's published regulatory fee schedule, the work will be completed under this order. If the work cannot be completed for the published fee, an estimate will be provided to bring the property into conveyance condition.

Reglaze Broken Glass
Under this order, Property Shield will replace the glass in the broken windows and doors to secure the property. The applicable published regulatory fee schedule for the loan type will be followed. If no regulatory guideline exist for the loan type, there is no published fee in the guidelines for the local area or the work cannot be completed for the applicable regulatory published fee, an estimate will be provided to complete the reglazing. If boarding and reglazing of the broken windows are ordered on the same property, which windows are to be boarded, and which are to be reglazed will need to be specified.

Resecure as Required
This order authorizes Property Shield to return and secure an unsecured property that was previously secured. The property will be secured according to the regulatory specifications for the loan type, unless otherwise instructed.

Secure Pool to Area Specification
Property Shield will secure the pool or hot tub at the property according to the regulatory requirements for the loan type. This could include decking, screening, pumping water out of the pool, chemical treatment and padlocking the pool gate if required. If no regulatory guidelines are applicable for the loan type, the HUD guidelines, and pricing schedule, will be followed. As with any property preservation work, if the work cannot be completed for the published price, an estimate will be provided to complete the securing.

Winterization to Specification
This order authorizes Property Shield to winterize the plumbing at the property, to prevent freeze damage, according to the regulatory requirements for the loan type. If there are no applicable regulatory guidelines for the loan type, the HUD guidelines, and pricing schedule, will be followed. If the work cannot be completed for the applicable published price, an estimate will be provided to complete the winterization.

Broker Price Opinion
This valuation provides the broker's opinion of value based on the broker's knowledge of the area, market trends, comparable sales and listings in the area. This opinion provides a more accurate valuation than a value inspection, but is not an appraisal. If a precise valuation is required, an appraisal may be necessary. *Broker on staff

Police Report
Upon request, Property Shield will contact the appropriate law enforcement officials to obtain the official documentation for cases of theft, vandalism or any other event at the property warranting a police report.

Auto Secure
Property Shield also provides an automatic securing program driven by the first time the property is reported vacant, as well as the client specific profile.

Auto Lawn Maintenance
Property Shield provides an automatic grass cut program, where we will maintain the grounds at the property according to the applicable regulatory guidelines for the loan type. We will continue maintaining the grounds at the property until instructed to remove the property from the program, or maintenance is no longer required, as specified by the regulatory specifications for the loan type and/or client profile.

HUD Mailer Program
This program sends a mailer to the property along with the inspection request. The program allows the client to obtain reimbursement from HUD on the inspection request if the mailer is not returned within 5 days.

Weekly & Biweekly Inspections
Property Shield can automatically generate loans to be sent out on a weekly or biweekly inspection cycle. This allows the client to stay in compliance with HUD regulations without having to request an inspection every week.

Rush Service
Property Shield offers rush timeframes on all inspection and property preservation work requests. Inspection requests will be completed within 72 hours of the client request. Property Preservation requests will prioritized as requested.

Pre-order Prepare to Convey
Property Shield offers clients the ability to pre-order the conveyance of a property for a specific day. Property Shield will complete the conveyance cleaning of the day specified by the client. In the event the conveyance work can not be completed for allowable, an estimate will be provided to complete the required to convey the property to HUD.





 
 

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