All You Need to Know About Real Estate Owned (REO) Maintenance

The term ‘Real Estate Owned’ is prevalently used in the U.S. in order to describe a specific class of property that is owned by a lender which can be a bank or a government loan insurer etc. This property usually ends up with these owners after having gone through a futile sale at a foreclosure auction. Bids are placed for this property at an auction where the foreclosing beneficiary will set the bidding amount for the property. When the bidders are no longer interested, the said property automatically becomes the possession of the beneficiary.

This scenario arises most commonly with houses that are priced too high for their original market value. As soon as the beneficiary acquires the possession of the said property, it is classified as REO.

The Process

When any given property goes into distressed status, it is expected of the beneficiary to determine the amount of equity commanded by the property. The most popular method to do so is Broker’s Price Opinion (BPO) or alternatively, even an appraisal may be ordered. Based on the hence determined equity amount, it will be the decision of the bank to decide what its course of action will be. A short sale (on a home owner’s request) or a foreclosure process; are the two options. If the property fails to sell, it will become REO property.

Maintenance

Generally, bank owned REO are in poor conditions. Several repairs and maintenance procedures are required in order to make the property capable of selling. At Wolverine Real Estate Services, we provide you with high quality maintenance services that will ensure that the residential abode you are looking for is at par with comfortable living conditions.

In today’s troubled times, with a housing crisis plaguing the nation, we make sure that you do not have to face any uncomfortable situations. We provide excellent REO maintenance services that keep the value of the property in check and also improve its market worth.

We also have the best team with capable maintenance responsibilities which allows you to have a carefree time while we look after your property. Our prime focus is to keep the security and the condition of theREO in excellent condition.

We have introduced innovative ways in the industry that make the maintenance of the REOs; a smooth and effortless process. We deliver timely services and lack of punctuality is something that we greatly detest. Also, the most important factor for us is communication between contractors, buyers and sellers.

Moreover, we make sure that there are adequate amounts of checks and balances that ensure that the quality of REO property remains untarnished during the entire frame of time that it awaits buying. A wide variety of diligent cleaning services are carried out to do so and we leave no stone unturned in order to satisfy your needs.

Call us now at (800) 875-7170 now to get our services. We cater to Michigan,Florida, Ohio, Texas, California and Utah.