I run a property preservation company in Fort Lauderdale, Florida , we work almost exclusively for REO Realtors. When we are asked to go have a look at a property and do a bid for clean/repair/rehab work, we always thoroughly photo document everything during our walk through. Then we generate a line item bid for every item needed - trashout, sales clean, lawn, pool, paint, repairs, etc.
I know it is always a disappointment to the Realtor when the seller bank or asset manager declines to have the work performed. Lacking these needed and obviously necessary cosmetic improvements and repairs, the Realtor faces a greater challenge to get the asset sold for the bank per listing contract. In the case of code violations or potential forthcoming violations such as green pools and overgrown lawns, it seems that the seller would wish to preclude such problems - and fines.
I just make it a point to work as closely with my Realtor clients as I can and try to thoroughly document everything we know has to be done.
I wrote a similar article for my own newsletter last year and got a great response from a Realtor, she said she has basically started "putting her foot down" with banks and asset managers, e.g "These items will need to be repaired in order for me to market and sell this asset for you."
I encourage this, not only because it gets more bids approved for me, but because it raises neighborhood curb appeal, and sooner than otherwise will result in a sale and a commission to my Realtor. Which is our job.
James Hussher, President
REO Rescue and Preservation LLC
Fort Lauderdale, Florida 954.282.1716
www.reorescueandpreservation.com
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