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Preventing REO Property Damage in Cold Weather

Keeping your ROE property in proper shape during the winter months requires regular attention and care. When someone is occupied, these things occur naturally by virtue of the people living there. When no one is inside, however, you need to manage it properly to prepare it for the ravages of cold and precipitation.

Risks to these properties are many, from swelling wood to pipe damage and more. It’s vital to winterize your property to make sure you don’t end up with thousands of dollars in repair bills from cold weather damage. Discover some important tips for winterizing property to prevent REO property damage in cold weather, and keeping the structure solid for a quick sale.

Minimize Property Damage

There are a number of things you can do, to minimize property damage from snow, cold and ice. These include calling in a plumber, draining hoses, closing up the house securely, keeping the gutters clear, keeping the yard clean and clear, keeping it warm and checking in regularly.

Call a Plumber

Calling a plumber to look over the pipes in the winter is a good idea. This can identify any potential threats and allow you to address them before the pipes burst. A burst water pipe is one of the greatest threats to any home, with water damaging everything it touches. A plumber can spot those pipes in the greatest danger and help you to address it, either with replacements or insulation.

Drain and Remove Hoses

If there are hoses outside, drain and remove them. They can cause the water to back up and freeze, which again leads to burst pipes in the home. This is essential to keeping the home safe.

Keep the House and Yard Clean

Keep the entire home and yard clean. Remove anything that might be leaning against the walls. Trim the trees and bushes, keep the yard in good repair, and make sure that the gutters are clean and clear. All of these efforts are essential to preventing damage from debris in the home.

Keep the House Warm

The key to keeping the pipes in good shape is not allowing the house to get cold to begin with. This means sealing it up against the cold—the doors and windows should all be tightly closed with all drafts eliminated. In addition, if you have gas service to the house, run the furnace. You don’t need to keep it a toasty room temperature, but keep it running above freezing, between 45 and 50 degrees throughout the house. This is plenty warm to keep you from cold damage, while still saving you money on utilities.

Check in Regularly

Checking in regularly, at least several times a week, is essential to making sure everything is still the way it needs to be. It will allow you to walk through and spot any problems, as well as making it appear that someone lives in the place.

If you don’t have the resources for winterizing property to protect it against property damage, an REO property management company is a great option. Services like First Freedom Preservation will upkeep your property and make sure it’s safe through the winter, as well as preparing it for a quick sale. Check out our services and get in touch today!

The post Preventing REO Property Damage in Cold Weather appeared first on First Freedom Preservation.

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How to Reduce Risk in REO Property Management

Even as the real estate market stabilizes and continues to improve, there are still a ton of vacant properties sitting empty in cities across the nation. Too many of these are bank-owned or REO properties. Such properties present a great deal of risk to the companies that own them, from fines by local municipalities and governments to damage that can make the property less likely to sell.

Managing these risks is essential to preventing loss, and to increasing your chances of selling the home fast, and at a good cost. Learn how to reduce risk in REO property management, including how a management and services firm can be your best option for value and a quick sale.

Major Risks in REO Property Management

Some of the biggest risks in REO property management are related to the costs you incur from being unable to insure a vacant property. This means that if windows get broken, retaining walls collapse, or there’s issues from any other condition, you’ll have to pay for them out of pocket.

Such damage can come from weather, from squatters that move in, from other environmental conditions, or simply from decay that comes from disuse. It’s essential to manage these risks to keep the property an investment rather than a resource drain.

Protect the Home

The best way to protect the home from risks of squatters or vandals is to make it appear lived in. Make sure that the yard and landscaping are always kept immaculate. Cut the grass, trim the hedges and trees, keep the edging done well. Plant flowers in the flower bed. Consider leaving the electricity on and install a timer to keep the lights on and off at specific hours. Allow a neighbor to park in the driveway temporarily.

This will discourage vandals and squatters from creating damage that will cost thousands of dollars to repair.

Keep Up with Repairs and Maintenance

Every property requires ongoing maintenance. Those properties that aren’t lived in tend to deteriorate much faster than those that are in use. This means you need to regularly check up with it to be sure the wiring is still good, the pipes solid, the structure sound. Check for pest infestations, make sure pipes don’t freeze in the winter, and keep the home in overall good condition.

Performing upgrades on old aspects of the house via some basic remodeling is never a bad idea. It may cost a bit up front, but it’ll add to the overall value and structural integrity.

Hire a Property Management Service

The best way to handle REO property management and reduce risks is to hire a property management service. Such a service, like First Freedom Preservation, can come in and stay on top of all the issues your property might face. They will deal with issues like vandals and squatters, take care of landscaping and maintenance, and will provide regular reports and a portal where you can always track your payments, finances, and property needs. If you’d like to explore this option for managing risk on our property, call FFP today.

The post How to Reduce Risk in REO Property Management appeared first on First Freedom Preservation.

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5 Benefits of Working with an REO Services Company

When holding a property, your sights are usually set on a sale – but the road to selling can often pose a number of challenges to navigate. Is the property up to code? Is it a tenant occupied property? Does it have the curb appeal to grab a buyer’s interest? What repairs need to be completed? The list can go on and on. Without an REO Services Company, this list can easily become overwhelming, costly, and difficult to manage. An REO Services Company takes the bulk of this responsibility and works efficiently towards a sale. Keep reading to learn more about how working with an REO services company can save you time, money, stress and ultimately help you work towards a faster sale.

Reduction of Holding Timeline

REO service companies know how to enhance marketability. They understand the need to move a property, and they have the skills and resources to make that process as efficient as possible. With services like lawn maintenance and damage repairs, an REO services company can dramatically improve a property’s appeal, ultimately leading to a faster sale.

Mitigation of Risk

In addition to assistance with moving the property, an REO services company can also help to mitigate your risk while holding it. They have a thorough knowledge of regulations, government programs, and the unique challenges that go along with an REO transaction. They can assist in areas like eviction management and code compliance which can often lead to unnecessary expenses if overlooked.

Separation of Responsibilities

Working with an REO services company allows agents to focus on the marketing of a property without being pulled away by the many demands an REO property can pose. The division of work ensures that all of the property maintenance and restoration needs are carried out by professionals in the most efficient manner possible. Their work will support the work of the agent, increase marketability, and streamline the path to a sale.

Expertise

When trying to move a property, the list of tasks can seem endless. An REO service company will help to identify the property’s needs, prioritize the tasks, and work through the list efficiently. From winterization and debris removal to lawn maintenance and eviction services, an REO services company has the experience and expertise to help check all the items off your list.

Every property is different, and an REO services company can help identify what needs to be done and the most effective way to carry it out.

Support

Some properties require more work than others, unexpected problems can easily arise, and quick solutions are often needed. These issues can become time-consuming, costly, and increase your holding timeline if not handled properly. When working with an REO services company, these questions land in the hands of experts who have the skills and experience to address them right away. An REO service company understands the demands and relieves a bulk of the burden that this type of property can pose.

A good REO Servicing Company can be invaluable in moving a property. You’ll increase your chances of a sale, keep your risk low, efficiently address problems, and avoid many of the distractions that arise from the maintenance of a property. The road to a sale doesn’t have to be difficult – an REO Services Company can help you navigate property maintenance and preservation every step of the way.

The post 5 Benefits of Working with an REO Services Company appeared first on First Freedom Preservation.

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REO Brokers — Stay Productive During End-of-Year Downtime

Every business suffers downtime, when things are slow and the money isn’t pouring in as fast as it otherwise does. For REO properties, the end of the year and the holiday season in particular are that downtime. Very few bank-owned properties hit the market during this time, for a variety of reasons. For banks, that’s something of a good thing — no bank wants to build a portfolio of foreclosure properties.

For brokers and agents, however, REO properties may be your bread and butter, and when there aren’t enough on the market, this can be a difficult time of year. What it is not, however, is a time to rest on your laurels and hope for things to get better. The end-of-year downtime is something you should expect, and for which you should plan. Consider some options for what you can do to maintain REO downtime productivity and prepare for the busy season once more.

Downtime for REO Agents

There comes a time when every business is slow. For REO brokers and agents, this time is predictable, as it happens every holiday season at the end of the year. The reason for this is that there’s not a high inventory of properties because most banks put a moratorium on foreclosures and evictions over the holidays.

Downtime can be very costly for any business. In fact, while the costs can vary greatly from business to business, slow periods can result in losses in the hundreds of thousands of dollars. Businesses can only tolerate a certain amount of this loss before it causes serious damage. On the up side, you should know to expect the annual winter downtime in the REO industry, and this can allow you to prepare and be more productive.

When you expect downtime, you can create benchmarks and objectives regarding the time that you’ll need to restore operations, as well as the maximum amount of loss you can afford in that time. Remember, though, it’s not all about dollars, it’s about clients and business relationships. One bad experience can cost you a customer, and that can be far more damaging than the money you lose.

Why the Holidays Represent Downtime

The reasons for this are many, but the most obvious of them is that it’s the holidays, and it’s just unethical to put people out of their homes during this time of year.

This year, Freddie Mac and Fannie Mae announced publicly that starting on December 17 through January 2, 2019, there would be a moratorium on eviction lockouts that applies to all foreclosed and occupied homes owned by the lenders. While foreclosure activities will continue, occupants will not be evicted from their homes, giving them a cushion during which they can attempt to find other options.

Not only is it an ethical issue, there’s the issue of the weather. Finding a home during the coldest months of the year is difficult in the best of situations, and when someone finds themselves without a place to stay, the effects can be devastating.

These two companies, the two largest government-sponsored enterprises or GSEs, have a tradition of doing this every year to help provide families with some level of certainty through the holiday season. This serves to help borrowers who are struggling and to give them a chance to reach out to their servicers to get help avoiding eviction. No bank wants to end up owning a home, and most would much rather work with borrowers to see their mortgage brought up to date.

Still, while the holidays are good for families who are behind on their bills, it creates a circumstance where REO agents don’t have the opportunity to build their property portfolio.

What Does “REO Downtime Productivity” Mean?

During downtime, the most successful agents view downtime as an opportunity rather than a time for concern or a time to sit and wait.

You need to maintain and potentially even increase your productivity during downtime. This means selling properties, not spinning your wheels and chasing down others to make sure they are doing their job. It means that you need to spend your time doing the things you need to do, rather than wasting it looking after others.

Every real estate agent, for example, has to do weekly or bi-weekly inspections on each asset they represent. It’s important to ensure that everyone involved with maintaining these properties, from groundskeepers to carpenters, are doing what they are supposed to do. As a broker, you shouldn’t be doing their jobs for them or chasing them down to get the jobs done.

The Challenges of Slow Times

The biggest challenge an REO broker faces during slow periods is to how to stay afloat when your inventory is down. After all, you rely on having a solid range of properties in your portfolio to put on the market, sell and from which to make a profit. You have bills to pay, operations to run, expenses and overhead to pay, but during slow times, far fewer products to sell.

This isn’t an issue that’s unique to the REO world, but when you are slow, you face the challenge of losing contractors. That can perhaps be the most devastating effect of these times. After all, you can attempt to plan for a low income period. But when you’re slow, the people with whom you conduct business aren’t going to be as dedicated. As contractors, they too need to go where the money is.

This means that if you don’t have work to give them, they have to seek business elsewhere. In the end, that means when business picks up again, they might not be as available for you as they have been in the past. You thus run the risk of losing business relationships with needed contractors as time moves on.

What an REO Broker Should Do During Slow Times

There’s nothing you can do about a slow inventory season. It happens. What matters is what you do during that season. Maintaining REO downtime productivity can mean other things besides gaining assets. Naturally, your first goal should be to maintain and sell the properties you do have in your portfolio. This means staying on top of the upgrades, fixes and updates that need to be done to get those properties off the market fast.

Make sure your contractors are staying on top of the necessary interior work, including a fresh coat of paint, upgrading the kitchen and bathroom, installing new lighting fixtures and installing new flooring. Outside, get on top of the curb appeal. Make sure that it’s ready for the spring and properly winterized against the cold weather.

Winterizing is Vital

One of the biggest risks for REO agents during this time of year is cold weather. It can result in frozen pipes and other issues that can create real structural damage to homes, which can cost in the thousands to repair. That’s why winterizing the home is such an important part of your REO downtime productivity. Make sure that the plumbing is properly insulated and do not shut off utilities. Keep the interior temperature at the home at 55 to 58 degrees to keep pipes from freezing up.

Make sure all appliances are unplugged to be sure they’re free from the risk of short circuits that can cause electrical fires. Eliminate debris lying against the house that can cause damage to the exterior walls during the winter deep freeze, and consider weather stripping around your windows and doors.

Winter security is also vital. Squatters will actively look for places to get out of the cold, and thieves looking to steal copper are a big risk to vacant properties. Besides locking the place up securely, consider having an alarm installed, and put timers on the lights so that they go on and off in different rooms at different times. This makes the place look lived-in, which is a deterrent to unwanted visitors.

Keep Up With Your Marketing

With a slowdown in revenue, many REO agents choose to reduce their marketing budgets. This can be a mistake. The slowest times for income are the best times to advertise. This enables you to get in front of potential clients exactly when you need to. If you think about it, when you’re pulling in the most money, that’s the time you’re least in need of advertising.

Marketing during these slow seasons can be a great way to spend what limited income you have. It keeps your name out there and helps you build and solidify your brand, right when you need it the most.

Quick Tips for Brokers to Stay Productive During Downtime

A number of things can be done to stay productive during downtime, and many don’t take that long at all.

Set up your current properties for automatic showing requests through the MLS.

Make sure all keys are returned to their lockboxes.

Set up and maintain your email lists, and send offer packages to listing offices.

Check your email several times per day

Work with your lender contacts to shore up financing options for your clients

Engage in corporate training through Realcomp, Shareholder associations and other professional societies.

Do Your Homework for the Coming Year

The real estate market is volatile — that’s about as much of an understatement as a person can make. It also means that, as an REO agent, you need to stay on top of the housing and mortgage trends for the coming year. There’s no better time to do this than during the slow periods. This year, it looks like some of the trends for the 2018 market are likely to continue into 2019.

Mortgage rates appear to be going down again, which could be good news for buyers, and good news for you as a broker looking to sell your properties. Due to the rising rates in 2018, home sales, both pending and final, were down every month as potential buyers chose to wait and see what happened with the market. Consumer demand, however, is up, and that means it’s a good time to prepare for sales.

Both the National Association of Realtors and the National Association of Home Builders expect mortgage rates this coming year to come in at just over 5%, higher than the lowest point from several years ago, but still low enough to encourage home buyers. The Mortgage Bankers Association, Freddie Mac and Fannie Mae agree, though Fannie Mae is predicting a friendlier rate of just under 5%.

Grow and Improve Your Business Practices

This time of year is the ideal time to really brush up on the areas where you could have performed better. No business, anywhere, is perfect in its dealings, and the ideal time to do some business-based self-reflection is not when you’re slammed with business, but when you’re not busy and you have time to perform these self-audits.

Consider during this time how you can better serve both your clients and your employees. Revisit last year’s projects to see where you may have come up short and strategize to avoid such shortfalls in the future. Consider how you can improve your relations with your contractors. Examine your overall business practices and think of ways you can improve your team’s performance. Implement metrics to measure your success. This will enable you to hit the ground running next year.

Get Out in the Field

Getting out in the field is also a vital thing to do this time of year. You should be doing research on potential new clients. Look into hedge funds, asset managers and even new banks and lenders that you can service by adding them to your client portfolio. Submit applications to those that look like they would be a good fit.

Meet with municipalities in your area, including inspectors and code enforcers, so you’re always up to date on the regulations and statutes you’ll need to obey in regard to your REO properties. Failing to meet current codes and laws can cost hundreds of thousands of dollars in fines as municipalities work to fight urban blight.

That’s why, at this time of year, it’s important to get up to speed on local codes. Being informed allows you to address problems before they arise and avoid potential fines and problems in the future.

Recruit and Secure Vendors

This is also the perfect time of year to meet your vendors and shore up your relationships. Make sure you keep that line of communication open. As we said earlier, when work is slow they will need to find other sources of income. Your ability to keep those communication lines open can be the difference between winning them back when new work arises and losing their business altogether.

In short: be proactive this time of year. It’s the time that you need to spend the most effort on maintaining your relationships. It’s the time to conduct research on the best property preservation and construction companies and determine what to look for in a property preservation and restoration expert. Learn thefactors you need to consider to find the right REO services company: experience, history of working with banks, ability to work within your needs, and ability to work within your budget.

Find an REO Services Company

Taking the steps to stay productive during downtime is really upon you, the broker. While an REO services company can’t help you evaluate your business practices or shore up your relationships, they can be very useful in your future productivity. With the services of an experienced REO management company, you won’t have to chase down contractors to make sure people are doing their jobs during your inspections.

In addition, the right management firm can help you sell those properties you still have in your portfolio. They can also provide a great way to ensure that you have the services you need when the time comes to build your business once more. REO services can help you to add properties to your portfolio as well. They will provide real-time updates and budget monitoring for every stage of the sale process. They provide tenant-occupied services to deal with evictions when the time comes. They also provide the peace of mind that your preservation and upgrade services will be handled properly.

In fact, there are many benefits to working with REO management services. They can enhance the marketability of your property and reduce holding time. They can help you to mitigate the risks associated with maintaining properties. They help allow you to focus on marketing and selling the property without worrying about doing everyone else’s job at the same time. They accomplish all of this with expertise and experience, using licensed contractors and offering the best in support at every level.

Finding the right REO services company and establishing and maintaining a relationship with them can be the most important thing you do to stay productive during downtime with your REO brokerage.

First Freedom Preservation

First Freedom Preservation is an experienced Maryland-based REO services company that is here to make your portfolio more profitable across the board. We operate in Maryland, New Jersey, Pennsylvania, Delaware and Washington D.C. As a company, we have over 15 years of experience in the industry, and individually we bring decades of combined experience in the property preservation and management industry to the table. We work with only the very best professional contractors in the business.

We offer complete renovation and repair services, including upgrades both interior and exterior, damaged property estimates and repairs, curb appeal enhancement, lead paint abatement and needed updates, all with the very best craftsmanship delivered by full-time, licensed contractors. Maintain control of your properties every step of the way, while we take care of making your property marketable and get it in shape for you to sell fast and at top dollar.

From debris hazard and removal to winterization, lock box installation, code compliance — even quality assurance inspections and tenant occupied services — we can handle any job. We’ll do it within your budget, and it all starts with a thorough inspection of the property and breakdown of the services you need.

For more information on how we can help you take your property management to the next level, learn more about who we are and see what our customers have to say. Then, contact us for a bid today!

The post REO Brokers — Stay Productive During End-of-Year Downtime appeared first on First Freedom Preservation.

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The First Freedom Difference

When you’re a bank stuck with an REO property on your records, you’re in a quandary. You generally don’t have a lineup of reliable contractors on staff; after all, your business is to loan money, not to upkeep, manage and repair properties. Still, when you are forced to foreclose on a property or otherwise take possession of an abandoned one, you will be responsible for keeping the property in good repair, dealing with any tenants there, and presumably, getting it ready for sale.

Spending tons of time searching for and vetting contractors can not only be a hassle, it can be a serious drain on your finances and funding. After all, the time you spend vetting contractors is time that could be spent being more productive elsewhere. That’s why many lenders turn to qualified and experienced REO services companies.

With all the different options on the market today, it’s important to find a company that really stands out and that can make a difference in your property management needs. Let’s take a look at the First Freedom difference, what sets First Freedom Preservation apart as REO service experts and why we can remove the stress of managing your properties, while also saving you money.

REO Property Experts

With mortgage rates sliding, many lenders are concerned about another housing crisis in the future. As this threat looms, they are looking for reliable REO services experts to help deal with the properties they want to get off the market quickly. They want services that can get the job done fast and efficiently, while staying in budget and delivering outstanding quality workmanship at all levels. That’s where our services come in, and that’s what sets us apart from other services.

At First Freedom, we are REO Property experts that offer REO services not only to remove the stress from your property management, but to actually make your overall portfolio more profitable. We can help you keep your properties maintained, stay in compliance with local ordinances, make necessary improvements and deal with tenants and squatters, while delivering ultimate transparency and the highest quality work from contractors who genuinely care about the craftsmanship they put forth.

We offer a full range of property maintenance, management and preservation services that cover all aspects of getting your REO property ready to get on the market and get sold at a high dollar value, fast. Our REO property experts are also tied to our company. We don’t use a gigantic network of random contractors. Our contractors are either direct employees, or are closely associated with our company so we closely vet them for their expertise and monitor every job, every step of the way. Everyone you work with in our company will be an expert in what they do.

A Background in Property Management and Upgrades

When a bank is forced to take possession of a property due to foreclosure or abandonment, they have a right and a responsibility to protect that property. They have to protect their collateral, which means not only securing the property, but keeping it in good repair. This can include everything from cutting grass to protecting pipes, ensuring there are no environmental hazards, engaging in roof maintenance and repair, keeping debris like fallen trees to a minimum and more.

First Freedom takes care of this problem for the bank. When FFP takes over management of a property, they do everything necessary to make it ready for resale. This background in property management and renovations truly sets us apart from other companies and establishes us as experts in our field. First Freedom Preservation began in 2008, but our expertise in property management, construction, renovations and management go back much further.

FFP owners Noah and Al enjoyed long careers in commercial construction, property management, residential construction and the management of rental properties before they came together to begin First Freedom. This extensive background and experience gives them a unique perspective on the problems faced by banks and lenders forced to foreclose on properties. It also helps First Freedom Preservation to offer a uniquely complete range of products and services to cover all aspects of your property management and upgrades.

When you work with First Freedom for your REO property services, you’ll never get a faceless lineup of random contractors. You’ll have a direct point of contact, a product manager who is seasoned and knowledgeable in the factors that go into property management and restoration, a point of contact who keeps in touch the whole time and who offers a complete photo record of every step of the process. You’ll get all these benefits, combined with unparalleled experience and a cohesive organization to provide quality control and craftsmanship you won’t see anywhere else.

Construction and Sales Readiness

When the real estate bubble burst in 2008, banks found themselves with record numbers of abandoned or foreclosed properties. For the first few years, they would sell off these properties to flippers and investors, often taking a loss so they wouldn’t have the properties on their roll. Quickly, however, lenders realized that they could actually handle the upgrade and resale process themselves, potentially making a profit in the process.

By 2012, First Freedom entered the construction end of the game. By handling upgrades and repairs themselves, banks can recoup more of their losses. Naturally, doing this means hiring renovation and construction companies like First Freedom Preservation. First Freedom is a leader in property restoration and construction with contractors in five different states, with more states coming.

Renovation of a property can consist of anything from a quick re-carpeting and paint job to a full-gut rehabilitation. Anything that’s needed at a property, First Freedom is capable of handling. One thing that places this company ahead of the pack is that we are truly a one-stop shop, capable of dealing with any issues that might be needed. The tremendous advantage of working with FFP is that there’s no need to hire twenty different contracting companies to handle multiple jobs.

The First Freedom process means not just getting a property off the roll, but profiting from the property as well. We are here to turn your REO property into an investment that will actually generate income for your company. While on average, you can expect to spend anywhere from $50,000 to $200,000 on a rehab through our company, the results we deliver can make you a great deal more in profit. That’s because of the First Freedom difference. An investment in our services is an investment in your property and your profit.

Our REO property experts will work within your specific budget and ensure that all the necessary repairs and upgrades are made to deliver you first-class service and quality results you won’t believe. Our only goal at First Freedom is to deliver you construction and rehab services that get your property ready for sale, get it off the market fast and turn your unexpected expense in REO management into a genuine profit.

Established Processes

Another advantage offered by First Freedom are established, proven processes. Many property rehab companies dealt with by major banks are nothing more than middlemen. A bank will hire them, and they’ll simply farm out the work using any of thousands of different contractors who are little more than names and numbers in a spreadsheet. While there may not be a complete lack of quality control, certainly there’s less ability to keep an eye on the quality of work delivered when a sizable company deals with so many other companies.

At First Freedom, we do the work ourselves. We have a small network of very specific contractors with whom we work exclusively, and our people are always directly on site, directly involved with every job. The project managers we use are our staff.

Our contractors use the highest quality sources for equipment and materials and deliver the highest level of quality control and craftsmanship. They don’t just run down to the nearest big box store for discount fixtures. They give you true value for your money.

What are two notable differences that set First Freedom apart? We control every step of the process, and we live by the motto, “Quality, Collaboration, On Time.”

Trust and Transparency

We achieve our motto through absolute trust and transparency. Every step of a job is photo documented, so you’ll be able to see all the work as it progresses. Even if it’s just changing a lightbulb, there’s a photo of the process. We work hand-in-hand with our clients to ensure that we’re delivering exactly the work they want and to see the project through to the end. We will work closely with your broker to ensure any issues are resolved to your satisfaction.

We understand that timeliness is crucial to the success of your endeavors. To that end, our project managers will go to great lengths to ensure that your job always remains on schedule, while also delivering the quality of work you expect and deserve.

When you work with First Freedom as your REO services experts, there will be no up-front costs, and you won’t be hit with constant surprise charges. We don’t believe in unpleasant surprises while working on a property. If something does arise, you can be assured we’ll work with you every step of the way to mitigate the issue while still staying on budget and delivering top quality results.

Core Values to Improve Communities

While we don’t work with homeowners, instead focusing on helping banks get REO properties in shape for sale, we are committed to supporting first-time homeowners. The repairs and upgrades we make are designed to offer first-time home buyers a house that is move-in ready and will provide long-term comfort and quality.

For example, we have our own in-house kitchen designer. First Freedom doesn’t buy cheap materials and cabinetry to save a buck. Rather, our designer will take detailed measurements of every aspect of a kitchen and create a customized layout to deliver first time-homeowners the kitchen of their dreams, right out of the gate. The end result will be smart, efficient, practical, usable and beautiful.

We also work to improve communities and to elevate the quality of life by supporting small businesses and helping our contractors to succeed. We advise them on best practices in the industry and even act as a back end office for them. We’ll handle their shopping, order their supplies and help them to build their business. We set these companies and their employees up for success.

Rather than simply farming out work to thousands of other contractors, we work hand-in-hand with both our clients and our contractors to create first-time homeowner friendly homes that will deliver profit for banks and high-quality living for home buyers. In the process, we help to grow small businesses to support the economy of the areas we serve.

A Hands-On Approach

We talk a great deal about the pride we take in our hands-on approach to service. We don’t use a network of thousands of contractors that we can’t possibly vet or assure the quality of their work. Rather, everyone we work with is either a direct employee or an exclusive contractor with whom we have a close and long-term relationship. Our project managers work closely with our contractors every step of the way to ensure that they stick to timelines, while still delivering quality work. When our contractors are on site, so are our direct employees, overseeing every level of every job.

We maintain complete control over every job, every step of the way, and we keep in constant contact with you, our clients, to be sure that you’re satisfied. We make sure that problems are corrected as they arise instead of covering them up like some contractors do, or instead of moving past them with the thought that they can be taken care of later. We take pride in making things right the first time around on every job, and we offer a complete record of the work done for your additional peace of mind.

Building Relationships

We have a trusted network of repeat commercial clients with whom we work on a regular basis. Our success is defined by the number of lenders who come back to us time and again for more work. We build relationships with our clients that last for years over many different projects. We accomplish this through our attention to detail right from the start.

While we work on the project, you’ll get detailed communications with reports issued once per week that go over everything we’ve done, where the project is in the timeline and what has yet to be completed. We can also offer access to our cloud-based online portal so that you can log in for 24/7 access to all aspects of the job.

First Freedom Preservation uses dedicated asset repair coordinators, or ARCs, to work with you the whole way. They are available during work hours five days per week, and we even offer after-hours emergency lines should the unexpected arise. Our goal is to give you not only a great quality restoration, but absolute peace of mind.

Our Bid Process: Based on Thorough Inspection

When a bank looks for REO property experts to work on a property, multiple companies will bid. In fact, most lenders are required to accept several bids before deciding on a contractor. With First Freedom, our bid process is apples and oranges to that of other REO services companies.

FFP offers a level of complete honesty, thoroughness and transparency in bidding that isn’t seen elsewhere. There will never be a lowball bid followed by surprise increases after the job starts. Instead of by-the-numbers bids, our people will visit the property in advance to conduct a thorough inspection and will deliver complete, itemized information with each bid. We value transparency above all else.

For example, a bank may ask for a bid based on ten elements. We will deliver those ten elements, but we will also itemize other aspects of the property that should be updated, upgraded or repaired, and we’ll explain why. We will perform a thorough inspection, paying special attention to the specific items you request, but pointing out things like broken locks or cracked windows that you may have missed.

Other companies will look at the requested items and issue bids based on comps in the area; they may never even visit the site before work begins. They’ll simply look at what their network of subcontractors generally charge, or potentially ask a subcontractor to deliver an estimate, clean it up to make it look professional and deliver it as a blind bid.

A bid from FFP, on the other hand, is only made when our people have seen and inspected the property. We measure everything, look at the details of doors, locks, windows, insulation, roofing, landscaping and more to make a record of all the work that might need to be done. That way, we can deliver real information based on an actual assessment of needs.

This level of detail can be helpful moving forward as well. If a client calls back with additional questions after the initial bid, the information is readily available because we’ve gone to the property and inspected it thoroughly. We can provide detailed answers right away, down to the roof measurements. We can also easily add additional services to your contract if you request them, based on our initial inspection. We are willing to spend money that we won’t recover on the bid process so that we give you the most honest, up-front and useful information possible.

While other REO services companies will give you the equivalent of a beat-up, old used car for a bid, we are the REO service experts that will deliver a brand new luxury car option. We don’t hide charges behind low initial bids. When you work with us, you get honesty, transparency and our best efforts, from our initial bid through the final walkthrough and beyond.

Making Your Budget Shine

We also understand that everyone works within a budget. To that end, instead of pushing you to spend more money, we will work side by side as a partner to make your budget shine. Different clients have different specs and requirements, and we will always work within those guidelines. We can provide spec sheets if you’re not sure what you’ll need to spend. These sheets will break down the entire process and show you everything you’ll get from the upgrades. You’ll never have any questions about what the final product will include.

A Growing Business

Just like the contractors with whom we work, FFP is a growing business. Our success has allowed us to become licensed to work in five states, with more on the way! Currently we are certified to work in Maryland, Delaware, New Jersey, Pennsylvania and the District of Columbia. We expect to complete our licensure in Virginia very soon, so keep checking back!

A Range of Complete REO Property Management Services

While the First Freedom difference is noticeable in the repairs and upgrades we offer, we are also notable for offering complete REO services in terms of managing and maintaining properties as well. Our job for you doesn’t end when we finish the repairs. We also help to keep your property in shape so you can get it sold fast and at a great price.

We will offer complete services to make sure that you’re in compliance with all local ordinances to avoid blight. Many lenders are shocked to discover that they can be subject to tens of thousands of dollars in fines simply by not maintaining the exterior of a property. We’ll take care of cutting the grass, trimming the hedges, handling the landscaping and removing debris like fallen trees and excess materials.

We will also help to deal with issues like squatters — we can make the property look lived in to be a deterrent to illegal tenants moving in. We can provide a level of security, and we can even work with local authorities to help remove these illegal tenants before they do more harm to the home. We handle legal tenant services as well as eviction services.

We even offer an ongoing blog full of informational and educational articles to help you stay on top of the game. The information we provide will keep you competitive and help you make the right calls to get your property sold fast.

The First Freedom Difference

At First Freedom Preservation, we have only one goal, and that’s to be your complete, one-stop shop solution for all your REO services needs. We are the REO property experts that can get the job done, from maintenance and beautification to essential repairs and upgrades. We’ll get your property ready for sale and off the market. That’s the First Freedom Difference — no matter what the job, we live by the motto, “Quality, collaboration, on time.”

For more information about what we can do for you or to get a bid on your property, reach out to us today!

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Why Use REO Eviction Services

It’s bad enough when a bank, credit union, mortgage company or other lender gets saddled with a property they never wanted. These foreclosure and abandoned properties, known as REO properties, can be a serious drain on your finances as a business. The problem gets even worse when you discover that tenants live in the building.

In some cases, these tenants are there quite legitimately, in which case you’ll need to manage their lease agreements and keep the building up to code, honoring your responsibilities towards them. In other cases, the tenants aren’t living up to their responsibilities or are there illegally. Evicting them can present a real challenge. Let’s look at how specialized REO eviction services and tenant management can help you keep peace of mind and keep your property in sellable shape.

What Are REO Eviction Services

REO Eviction services, quite simply, are provided by a company that is expert in removing tenants who are no longer legally permitted to occupy a premises. It’s very simple to have your attorney draft an eviction notice and file the paperwork to have it served. Actually enforcing the notice and getting the tenants out is another issue entirely. Many REO property owners are stunned at just how hard it is to force people to leave a place once they set up there.

Eviction Services Companies Know the Law

As a lender, you likely have attorneys in your corner that you count on for many tasks. Eviction services, however, can vary widely from state to state and often require specialized knowledge to use in your favor. You have to follow them by the letter of the law, and an REO Eviction company knows how to make sure it happens.

Dealing With Volatile Situations

Evictions can turn very bad, very fast. Tenants who may be going through tough times or simply get angry and bitter can do damage to the property and can even get violent toward the landlord. An eviction services company knows how to shield you from the potential dangers of removing tenants.

Delivering You Peace of Mind

When all this is put together, it means a much easier time getting rid of squatters or tenants who violate the conditions of their lease. It puts someone in charge of clearing your property who has experience with the laws involved and who can handle the job efficiently and quickly. It means that you’ve got peace of mind in knowing you’ve been shielded from the difficulties and dangers of evicting tenants and that the process will go as smoothly as possible.

Where to Find Tenant Eviction Services

For many years, First Freedom Preservation has provided tenant management and tenant eviction services to the entire DC/Maryland area. We’re ready to step in and help you to make sure that your properties are free from illegal residents and that they’re in great shape, so they can sell quickly and at a high market value. Learn about our services, and get in touch with us for more information or to get started today.

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Roof Maintenance

Properties need ongoing upkeep and maintenance, an unfortunate (and sometimes expensive) fact of life. Unfortunately, it’s already bad enough when a bank ends up with a property they are forced to foreclose or which the previous owner simply abandoned. These REO properties can create a serious financial drain if they’re not properly handled.

One of the most expensive aspects of property upkeep and management is dealing with roofing issues. Different kinds of roofs last for different amounts of time, but all can cost thousands to replace when they go bad. That’s why you need an REO services company that can provide outstanding roof maintenance and repair when the time comes, and keep your property’s marketability high.

REO Roof Maintenance and Repair

The biggest aspect of REO roof maintenance and repair is knowing when damage can be repaired or when a full replacement must be undertaken. Not every roofing issue requires thousands upon thousands of dollars invested in replacing the entire top of the building. Sometimes, an issue can be addressed with a basic repair.

If you don’t know how to approach the issue, however, you can either spend far more money than necessary, or you can end up with shoddy results that won’t hold up. It’s important to have a contractor and service in place that can assess the situation, provide a complete and thorough estimate of costs and take care of the problem without placing an undue burden of stress on you.

Why Having an REO Services Company Matters

Most banks and lenders aren’t in the business of property management. They don’t tend to keep roofers on call, on staff or even on retainer. However, owning REO properties is an unfortunate fact of life in today’s real estate climate. Rather than spend all the time and stress of researching contractors and paying tons of money out of pocket, it’s often best to have an experienced REO services company in your corner.

Whether it’s just replacing a few shingles, replacing an entire roof or upgrading to an entirely new kind of roof, be it asphalt, slate, or metal, the right REO services company will be able to diagnose the problem properly, tell you what it will cost to fix and get the job done right the first time around. All of this will happen with constant communication and the ability for you to monitor your budget in real time. In short, it comes with peace of mind.

First Freedom Preservation

If you’re stuck with an REO property that is in need of roofing updates, you need an inspection done to check for issues or any other aspect of property upkeep and repairs, First Freedom Preservation is here to help. We are experienced experts at what we do, and that’s complete REO services and management. From replacing a few shingles to upgrading to an entirely new kind of roof, we can handle all aspects of REO roof maintenance and repair, and you pay nothing up front. For more information, check out our services and get in touch with us to get started today!

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Should You Have a Property Manager?

No lender wants to end up owning a property. After all, you’re not in the business of managing people and repairs. You’re in the business of helping people buy. When you get left with a foreclosure or abandoned property, you often wonder what the next step is. You don’t have the resources to take care of what needs to be done to turn that financial hole into a profit, or at least get the money back that you lost on the transaction.

It gets even more difficult if the property requires ongoing upkeep, such as a business unit or a residential rental property that currently has tenants living there. Some lenders try to manage these properties themselves, only to discover complexities in handling the process for which they were unprepared. Learn how having a property manager in an experienced REO services company can help take care of the frustration and get the property sold.

REO Property Management

The right REO Property management and REO services company can take the stress out of having tenants and managing your property. They will have years of experience in managing tenant-occupied spaces, whether residential or business and can fulfill all your obligations to the tenants, while also upgrade and improve the property overall.

The right company can perform services like lead paint abatement, make sure the building is up to code, handle abatement of violations, and provide inspection and reports of the property’s condition. Any issues with the property can be repaired and the property brought back up to spec and code to enhance its marketability.

Tenant Occupied Services

Dealing with tenants is an essential part of property management. Your REO company will handle leasing services, prepare the property to be rented out, and deal with issues related to the current tenants. This means renewal of leases or eviction of poor tenants who are in violation. It can also mean taking care of squatters who illegally occupy a property that you own.

These tenant services can be the trickiest part of managing an REO property. A broad variety of details, complexities and complications can arise, and the legalities of tenant management are very specific. It’s easy to issue an eviction notice, for example — enforcing it is something else entirely. The right tenant occupation services company can take care of these and other problems to ensure that your property stays legal, in good shape and ready to sell.

Expert REO Services

First Freedom Preservation is a different kind of REO services and property management company. Not only do we provide full-service care for your properties, but we provide the best craftsmen and live, real-time updates the whole time we’re working with you. We give all-inclusive bids with no hidden costs, and our budget portal allows you to track where every cent goes. You’ll pay nothing up front, and in return, you’ll get total peace of mind.

From updates, repairs and upgrades to tenant management and eviction services, we can help. For more information on how our REO property management services can help you, get in touch with us today.

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What to Do with Your REO Property

So you’re a lender — bank, credit union or mortgage company — who has just been saddled with a foreclosure, abandoned or other property, and now you don’t know what to do. Of course, you don’t want to keep it. You’re in the business of lending money so people can buy properties, not manage properties yourself.

Unfortunately, these properties can be a drain on your finances and are often left in terrible condition. You probably don’t keep contractors like carpenters and electricians on staff or retainer. So, what do you do to get it off your rolls quickly? Let’s check out what to do with an REO property so that you can avoid your foreclosure turning into a financial drain.

What to Do With an REO Property

Unless you’re looking to get into the property management or real estate investment game, what to do with an REO property is to get it off the books. You need to turn what has become a financial sink into a profit, or at least try to break even with it.

Unfortunately, that means dealing with existing tenants (and possibly squatters), cleaning up the property, performing any necessary repairs and getting it sold fast. Finding the right help to get all these things done can be a challenge.

Dealing With Tenants and Squatters

Tenant management services can be very complex, and very few holders of REO properties have the resources to handle these issues. Sending an eviction notice might seem like a simple prospect, but actually enforcing that notice can be difficult. In addition, if existing tenants have a lease that they have not violated, the situation can get very complex indeed.

You need a service that has all of the resources to handle tenants in your building, to manage their leases, to serve and enforce eviction notices and to get rid of squatters effectively. The right REO services experts can take care of that for you, while keeping you informed every step of the way.

Upkeep, Upgrades and Repairs

Selling a home in this day and age almost always requires repairs, upkeep and upgrades. This is especially true if you plan to try to sell it quickly at a good price. Again, REO service companies have all the contractors on hand to take care of these issues. They can take care of structural damage issues. They can upgrade kitchens, bathrooms and other interior spaces. They can replace fixtures and make the house look ultra-modern, so it sells at a great value.

Selling the Property Fast

Not only does an REO company help you deal with upgrades and repairs, and get rid of unwelcome tenants (or manage those legally present), they can get your property sold fast. They know how to create outstanding curb appeal and how to landscape, and they have contacts with buyers, real estate companies and investors.

If you’re curious about what to do with an REO property and you need help taking the next step, First Freedom Preservation can help. Check out our services, and give us a call for more information today.

The post What to Do with Your REO Property appeared first First Freedom Preservation.

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Early Start to Prep for Winterization

Sure, we’re currently at the height of summer, and winterizing your REO property is probably the last thing on your mind. Before you know it, however, the temperatures will be dropping. If you’re not ready to go, your properties can suffer damage that will cost thousands of dollars to fix—the exact opposite of what you’re trying to do.

In the end, it’s never too early to start preparing for the Annapolis, Frederick and Hagerstown winters, but you need the help of someone who knows exactly what to do, and when. Learn some important tips about winterizing REO property, and where to go to find a service that can get it done right the first time.

Winterizing REO Property

No bank wants to deal with the hassles of owning properties. You want the process of upkeep, repair, and winterizing REO property to go fast and smooth. You can take preventative steps, however, by dealing with plumbing, appliances, cleaning up outside and taking security measures.

Plumbing and Utilities

The first step is to ensure that the plumbing and utilities are taken care of. When the winter cold hits, anything in your pipes can expand, causing leaks and bursts that can do thousands of dollars of damage to a home. It can even result in major structural damage. Make sure you shut off the main water supply, open all the taps and keep the pipes free and clear.

Many vacant homes already have their utilities shut off, but it may not be a bad idea to at least leave the heat on. Turn it down, but keep it around 55 to 58 degrees, which will also help to keep the pipes from freezing up in the winter.

Appliances

Unplug all your appliances and be sure they’re free from the risk of electrical fires from faulty switches, pest infestations, power surges and storm damage. For some REO properties, this may not be an issue. Keep in mind, however, if you have appliances, unplugging them is a solid safety tip.

Clean up the Outside

Clean up the outside of your property. This means removing debris from around the house, trimming back the hedges and weeds, and removing the garden hose from any external spigots. The key is to remove anything that could cause damage to the home during freezes. You might also consider putting weather stripping around doors and windows inside, to further insulate the house against the cold.

Take Security Measures

During the winter months, squatters are out in full force, looking for a place to stay. Thieves looking for copper to steal are another major danger. Taking security measures means far more than just locking the place up securely. Consider having an alarm system installed. It’s also a good idea to install timers so the lights go on and off at various intervals in the evening. This will make it look like the home is lived-in, and thus less of an attraction to unsavory types.

Hire an REO Services Company

The best way to get peace of mind and ensure your property is properly winterized ahead of time is to work with an established, reliable and trustworthy Annapolis, Hagerstown and Frederick property management company like First Freedom Preservation. We provide complete property management services to make sure your property is safe, secure, and ready to rent or sell at all times. Give us a call for more information today.

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How to Identify Quality Craftsmen for Your Renovations

When you have an REO property on the books, you want to get it repaired, restored and updated as fast as possible so you can get it sold at a profit. Of course, since lenders don’t generally keep carpenters, electricians, and other contractors on staff, getting that done can be a challenge. Usually, just contacting the first repair service you find is a bad idea.

The trick is, how can you find high quality craftsmen to take care of the updates, upgrades and repairs needed to take that vacant property from blight to profit? Learn how to identify a good contractor to provide quality renovations for REO properties and where to find one you can count on to get your Frederick, Hagerstown or Annapolis property in shape and sold.

How to Get Quality Renovations for REO Properties

Home improvement projects can be stressful, especially if you don’t make the right choice in aid contractor. The wrong contractor can provide shoddy work, hide mistakes, cut corners, and even drop off the face of the earth, leaving you high and dry. The right contractor, on the other hand, will get the job done right the first time, efficiently, and with constant and open communication.

Check References

The first step in finding the best quality renovations for REO properties is to check the background and references of the companies you’re considering. Do your research and make a list of companies and contractors that offer the services you’re looking for, then check into their history.

Look them up on the Better Business Bureau to see what their rating is and whether they have any unresolved complaints. Look over their website for testimonials, and ask them if they can provide a list of references. If they can’t, that’s a red flag.

Check for Licensure and Memberships

Most contractors are required to be licensed and bonded in order to legally practice in many areas. Check to be sure the paperwork and licensing are in order before you even ask for a bid. Also, look into membership into any professional societies and organizations. Such memberships can often speak to a reputation for quality service.

Look for a Variety of Services

For private individuals, it’s all well and good to hire separate craftsmen for electrical work, carpentry, property cleanup and other services. When you’re trying to get an REO property updated and upgraded, however, you don’t have the time or resources to track a dozen different contractors. You need a service that can provide all the quality skills and results you need up front.

Ask about Communication

Communication is essential. You want a service who’s going to manage your work, while leaving you in complete control, and providing ongoing status reports and updates. Make sure that the service you choose will have a solid centralized method of keeping in constant contact.

Call First Freedom Preservation

If you’re in the Hagerstown, Frederick or Annapolis regions and you’d like quality renovations for REO properties, First Freedom Preservation can help. We have decades of experience doing what we do, and provide a full range of services including exterior and interior upgrades and restoration. Give us a call for more information today.

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How to Remove Hazards from Your REO

One of the biggest issues faced by REO property holders in Aberdeen, Frederick and Hagerstown is debris and hazards. Many foreclosure properties have suffered untold damage, either from neglect or the deliberate acts of those who used to own the property. This can create a lot of hazards in the form of debris and unsafe construction.

Unfortunately, banks and lenders who end up with these properties don’t always have the resources to properly clear dangers and get the place in shape to sell. Learn about REO property hazard removal, REO property debris removal, and how a solid REO services company can help you get that property fixed up and sold.

REO Property Debris Removal

There’s a deceptively large amount of tools, equipment and skills necessary to properly complete REO property debris removal. What at first looks like a relatively small job can blow up in ways you never expect. You’ll need basic tools like shovels, brooms, dustpans, rakes and a shop vac. You’ll also, however, need dumpsters, sledgehammers, electric reciprocating saws, circular saws, even gas generators and the skills to use these tools.

Debris can take the form of garbage left in the house or yard, but it can also take the form of crumbling walls and ceilings and structural damage that needs to be demolished before it can be repaired. This kind of work requires specialized skills that most REO property holders don’t have.

REO Property Hazard Removal

Part and parcel of the debris removal process is REO property hazard removal, mitigation and abatement. When you’re repairing, updating and cleaning up an abandoned or foreclosed property, it’s not uncommon to find wiring that isn’t up to code, asbestos tiling, lead in paint or any number of other dangers that need to be dealt with before the property can be put on the market once more.

Again, dealing with lead and asbestos abatement, getting wiring and construction up to code, and other means of addressing dangers requires special skills that very few banks possess. In general, a bank doesn’t keep property managers and contractors on their payroll. This means when it comes time to sell these properties, either they take a major hit on profit, or the property simply becomes a drain on finances, sitting unsold.

REO Property Services

The sheer range of skills, knowledge and equipment necessary to deal with these issues is why it’s so important for lenders to keep a relationship with a reliable and expert REO property services company. First Freedom Preservation provides all of the REO property debris removal, REO property hazard removal, and other property management, upkeep and repair services you need.

From dealing with cleanup and restoration of damaged properties to tenant management, eviction, and landscaping services, FFP is here to provide all the skills and tools you need to turn a vacant property into a profit. Learn about what we do, and get in touch with us today for more information or to schedule an appointment to evaluate your REO property in Annapolis, Frederick or Hagerstown.

The post How to Remove Hazards from Your REO appeared first on First Freedom Preservation.

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5 Inside Repairs or Renovations Necessary for Sale

Getting an REO property sold can be a challenge. The goal is to get it off the books of the lender that owns it quickly, as no bank wants to be in the business of property ownership or management. Unfortunately, many of these homes were foreclosure properties, which meant that not only did the homeowner not pay their mortgage, they probably couldn’t afford the necessary repairs as well. Consider REO interior upgrades as an option for moving your property quickly.

It’s important to understand, however, that some repairs are more necessary than others, to get those homes sold quickly and at a high dollar value. Let’s look at five inside repairs, renovations and the REO upgrades that are necessary for sale which will provide the best return on your investment. Additionally, we’ll talk about where to find an REO service to take care of your Frederick, Annapolis or Hagerstown properties.

REO Interior Upgrades

Fixing up the exterior of the home is, of course, vital to a fast sale. Curb appeal is everything, so cleaning up the yard and garden, trimming hedges, removing weeds, and a coat of paint outside is essential. REO interior upgrades, however, are just as important. Once people are in the door the house has to look just as good inside as out.

A Coat of Paint

A coat of paint goes a long way towards making your property sale-able, and it’s a very easy and inexpensive repair to do. When you re-paint, go with light colors or neutral colors. The idea is to remove any elements of style imparted by the previous owners, and present a blank canvas that the buyers can turn into their own space.

Kitchen Updates

The kitchen is one of the two rooms in the house with the biggest return on investment for upgrades. People want new appliances, tons of room, and great storage. You don’t need to completely overhaul the kitchen—be cost-conscious. Add some extra shelving or cabinets to increase storage. Change the countertops and update the lighting fixtures. Appliances do not need to be top-of-the-line, but they should be newer and functional.

Bathroom Updates

The other important room for ROI in your REO property is the bathroom. Make sure it’s clean, the paint is fresh, the tiles in good repair, and everything working. New guts and seating on the toilet cost under $50, and you can even put in a whole new toilet, sink, lighting and tub fixtures for a few hundred dollars each.

Lighting Updates

We’ve talked about lighting in the kitchen and bathroom, but really, lighting is important throughout the house. Update all the fixtures and maximize lit areas to minimize deep shadows. There are tons of inexpensive options available to make a home look bright, warm and inviting just by adding a bit of extra light.

Flooring

Hardwood floors are very popular these days, and many homes have them underneath the old carpet. Tearing up the carpet and refinishing those floors can be a bit costly, but it’s also a great way to add return on your investment. If the floors are beyond an easy finish, there are laminate options that replicate the look for less of a cost.

Hiring an REO Management Company

When the time comes for you to perform REO interior upgrades in Annapolis, Frederick and Hagerstown, First Freedom Preservation is here to help. We provide a full range of REO management services including lawn and interior upgrades to get your property repaired and sold quickly. Get in touch for more information today.

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Meeting Code Requirements

Building codes can seem onerous when all you want to do is get your Baltimore, Philadelphia or Washington, D.C., REO property off the market and into the hands of a buyer. However, it’s vital that you understand and respect these requirements, as they are a legal requirement and you can run into major problems with selling your property, or even be fined if you don’t live up to the letter of the law.

Unfortunately, REO property owners don’t always have the resources to make these necessary repairs and upgrades, and it can be tough to know where to turn for the knowledge and services you need. Learn about complying with building codes, avoiding REO code violations, and how an REO services company can keep you above board and help sell that home.

REO Code Violations

REO code violations are really no different than any other building code issues; there are certain standards to which every building is held, and your construction, repairs and upgrades have to live up to those standards. While it may seem like a pain at times, in truth, the codes are in place to ensure that buildings are safe to inhabit for those who live there.

Understanding Building Codes

The first thing to understand is that building codes vary wildly from state to state and even city to city. Every area has its own codes, and you’ll need to understand these codes before you even start your work. There are town codes, city codes, state codes, and other local codes, and your individual job could see more than one applicable code.

It’s up to your contractor to meet these codes, but hiring the right contractor means not having to worry about the problems that go along with violations. In general, if more than one code requirement applies to a given job, the most stringent codes should be applied.

Older Constructions

It’s also important to note that older constructions often are not up to codes. They don’t necessarily have to be brought to current codes to be sold as is. That being said, if you make any changes or improvements, these upgrades have to be up to current codes. That means, for example, that if your front stairs were original, but out of current code, and you decide to replace them, the new stairs must be brought up to code.

In general, building inspectors are also going to look at the spirit of the law over the letter. That is, they’ll observe issues that are demonstrably hazardous over older construction that doesn’t pose an imminent danger. Still, it’s important to have a service that knows how to approach these issues and deal with inspectors.

REO Services Company

This is why it’s important for those companies that own REO properties in Baltimore, Washington, D.C., and Philadelphia to hire a reliable and respected REO services company like First Freedom Preservation. For decades we’ve dealt with repairs and upgrades to foreclosure properties, and we can help you to avoid REO code violations. Give us a call for more information today!

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Curb Appeal: What It Is and Why It Matters

For most lenders who come into possession of real-estate-owned properties, their first and immediate goal is almost always to sell said properties fast. If you’re one of these property owners, obviously you want to get as much for the property as possible, while also getting it off of your rolls as quickly as possible.

This means creating outstanding curb appeal for your building. The right curb appeal can make the difference in a fast sale for top dollar, and a property that languishes on the market (and is a burden on your books) for months or even years. Learn about curb appeal, what it is, why it matters to your Washington, D.C., Baltimore or Philadelphia property, and how an REO repairs and upgrades service can get you the price you want and get that property off the market fast.

What Is Curb Appeal?

Curb appeal, in a very real way, is like a book cover. Despite the old saying, people do indeed pick up books because they have engaging covers—that’s the point of the cover, after all. The same goes for your property. People looking to buy a home, whether to live in it or flip it, are looking for something that requires as little work as possible.

If the property looks completely dilapidated, many potential buyers will simply pass on by. They assume the property needs too much work and isn’t worth the time and investment. Even if the place is great inside, they might never see it because it doesn’t look good outside. That’s curb appeal—what your building looks like to passers-by.

The Elements of Curb Appeal

Curb appeal has a number of different elements to which you’ll need to pay attention. The first of these is the building itself. It’s important that the home looks its very best. This means power washing, fixing the roof, doors and windows, and giving it a fresh coat of paint. Make it look like a new house from the outside, and people will be more likely to give it a look inside.

The second, and equally important, aspect of curb appeal is landscaping and yard maintenance. Most people won’t even see the building if the yard doesn’t look good. This means removing debris from around the house, keeping the grass neatly trimmed and edged and any walking paths free from obstructions and clean. It also means beautifying the yard. Trim the shrubs and plant flowers to make the place look as idyllic as possible.

Why Curb Appeal Matters

Curb appeal doesn’t just matter for selling your house fast. It’s also essential to upkeep and avoiding fines. Many municipalities will fine the owners of properties which contribute to blight, so beautification is essential in this regard. Second, keeping the property up means keeping squatters, vandals and thieves out, since it will look like the place is lived in.

REO Repairs and Upgrades Service

The best way to create outstanding curb appeal for your property is to work with an REO repairs and upgrades service. The right service can get your property looking just like new, which will draw in the best buyers, and fast.

If you’re in the Baltimore, Philadelphia or Washington, D.C., area and you want the best REO repairs and upgrades, First Freedom Preservation can help. Give us a call for more information today!

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Selling My REO

When a bank ends up with an REO property on the books, their first concern is almost always to get it turned around and sold. Most banks and lenders are more than willing to work with property owners to avoid foreclosure and ownership of a property. This is because banks aren’t in the business of property management, property repairs, or real estate sales. Lenders are in the business of lending money to others in those businesses.

In order to get those properties sold fast, banks and other companies have to approach the circumstances properly. Learn the steps you need to take to sell an REO in Baltimore, Philadelphia or Washington, DC, and how a property management and REO services company can help.

Selling an REO Property

Selling an REO property is different from standard real estate. In the very best case scenario, there’s little to be done and the property can go on the market quickly. More often than not, however, this just isn’t the case. Most of these properties have suffered a lot of damage and require major repairs and upgrades to be sale-able.

Some might have become the residence of squatters that can be hard to get rid of, or legal tenants that need to be evicted or otherwise dealt with. It’s also important to upkeep the property while it’s on the market—keep the grass cut, debris from around the home, make it look lived in. Otherwise you could wind up with tens of thousands in fines, and vandals or thieves could target the building.

Upkeep and Repairs

The right SEO company has resources that you as a lender don’t have. They have trusted and reliable contractors who can come in and handle any repairs and upgrades that are needed, with first-class workmanship. They will be able to handle tenant issues like evicting squatters and property management of properties that have current legal tenants.

Getting Your Property Sold

The right REO services firm can also help with the process of selling your REO property. They will upkeep it the entire time, doing the necessary landscaping and keeping you apprised of the progress the entire time.

Most REO properties sell to investors. While investors don’t pay as much as traditional buyers, they may well pay enough to net you a profit, while at the same time not requiring you to do as much in the way of upgrades or repairs.

If, however, you’ve already done all the updating, a traditional buyer might be the way to go. Your REO services company will be able to advise you on the best approach to take with your property, to get it sold for the highest value at the fastest speed possible.

First Preservation REO Services

First Freedom Preservation is the premier REO services company in the Washington, DC, Baltimore and Philadelphia area. Whatever your needs might be, we can help you get your property in shape, and help you navigate the waters of selling an REO property. Give us a call for more information on what we have to offer today!

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3 Important REO Services

No bank or lender wants to end up owning a foreclosure property. Such properties require constant upkeep and most of them require a great deal of work to get them on the market and sold at a good price. Lenders are in the business of making money off of mortgage payments, not trying to sell real estate.

That’s why it’s so important that, when you do end up with one of these properties on your rolls, that you work with the best professional company providing services for REO properties. Let’s take a look at three important REO services for your Baltimore, Washington, D.C., or Philadelphia properties and where you should go for help.

Important REO Services

Most banks and lenders don’t keep carpenters, electricians and groundskeepers on their payroll, let alone property managers. That’s why it’s vital to have a professional company on hand who can take care of important REO services.

The right REO Services company will offer things like renovations and repairs, tenant occupied services, and property preservation. These services can save you money, and help you to get your properties sold fast, and at top dollar.

Renovations and Repairs

Renovations and repairs are potentially the most essential part of selling any property, let alone a bank-owned one. Most foreclosure properties have been treated poorly and are in bad repair. A good REO renovation and repair company can offer estimates and repairs for damaged properties.

They can perform lead and asbestos abatement services. They can offer fully licensed contractors who deliver top-notch work, and can provide upgrades both inside and outdoors. The right company will do it without upfront costs, and will deliver ongoing and constant status reports while leaving you in charge of everything that happens at all times.

Tenant-Occupied Services

Ending up with an REO property that’s occupied by tenants (legal or otherwise) can be the biggest nightmare you can imagine. It becomes difficult to sell a property in these situations, or at very least (if your tenants are legal) greatly reduces your potential client base.

A good REO tenant occupied services company can offer services such as eviction services, violation abatement, leasing services, rental preparation, ongoing property management, code compliance and more. They can be essential to getting your property in shape to sell to a new manager or investor.

Property Preservation Services

Even after your property is repaired and updated, you’ll need someone to keep it in good shape, both to ensure it sells for a high value, and to avoid municipal fines that can amount to tens of thousands of dollars. Keeping your property in good condition will also discourage squatters, vandals and thieves who target buildings that look unoccupied or neglected.

Call First Freedom Preservation

If you’re in the Baltimore area, like Washington D.C. or Philadelphia, First Freedom Preservation can provide the important REO services that you need. Whether you’re in need of someone to evict squatters, to keep your property looking occupied, or to upgrade it and get it on the market fast, we’re here to help. Get in touch with us for help today.

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