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What does a property preservation company do?
Lenders hire property preservation specialists to safeguard the home and protect and preserve the property to ensure it is in proper conveyance condition. This can include maintenance, like removing yard waste, or home improvements, like repairing damages or replacing locks to secure the home from vandals.
What is another name for property preservation?
Property preservation is also called “mortgage field services,” and getting involved with completing REO rehabs and property preservation repairs directly for national servicing companies will help your business succeed.
What are mortgage field services?
A mortgage field inspector conducts collateral inspections of mortgaged properties for financial institutions. After the property is inspected, you prepare a report for the financial company describing the state of the property—its occupancy and whether it is in disrepair, for instance.
What can a property preservation company do for You?
A property preservation company helps lenders, banks and financial institutions who have foreclosed properties to clean and maintain services on such properties on behalf of these institutions.
How to become a top property preservation vendor?
You should at least have basic liability insurance and a license to conduct business in the geographic area where you do business. Here are additional steps you can take to expand your opportunities: Seek certification by taking courses or programs with learning institutions.
Who are the major competitors in property preservation?
Know Your Major Competitors in the Industry 1 Dynamite property preservation 2 Hud property Preservation 3 Five Brothers Property Preservation 4 Carrington Property Services 5 Mortgage Contracting Services 6 Cyprexx Services 7 Field Asset Services 8 Lenders Asset Management Corporation
Do you need a license to do property preservation?
Check the state and local license requirements in your area. Not all states require licenses. Property preservation in itself doesn’t require a license, but the jobs you do might: general contractor licenses, plumbing licenses, roofing licenses, electrical licenses, etc.