When people think of property preservation companies, they often dwell on thoughts about lawn care, debris removal and snow plowing services, depending upon location. But before any of that cleanup effort begins, the property needs to first be properly secured.
The bottom line is that the property in question must be protected against any potential weather-incurred damage as well as unauthorized intruders. The FHA has a list of specific regulations about this process, in addition to a schedule of costs (“Maximum Allowable Securing Fee”) that goes with and protects whatever entity is paying for the securing by keeping costs within certain parameters. If projected costs will exceed those parameters, approval must be sought before securing is performed.
Here’s a list of the Minimum Securing Requirements:
While these stipulations might seem unnecessarily stiff or unyielding, the fact of that matter is that they must be in order to avoid vagrancy and any of it’s unpleasant side effects. Due to the spike in foreclosures since 2008, property preservation companies are experiencing an all time high. Be sure to choose a property preservation contractor that adheres to these policies and can assist with property rehab services as well.
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