Unoccupied Property Issues
Many pre-sale
and REO properties remain unoccupied for several months. The longer
a property sits vacant, the more susceptible it becomes to vandalism,
unauthorized entry and theft. A property ready for
conveyance is often found to have unreported issues which can significantly
delay the process and cost thousands of dollars to remedy.
Traditionally,
utilities remain off unless a sump pump is required. In that event,
a loss of power without notification can have serious repercussions.
In addition, any gas or water leaks,
as well as smoke detection,
need to be reported quickly. Normal monitoring services however, are
not typically activated due to cost, lack of power and/or lack of
communications. Detecting and reporting issues under these conditions
then becomes difficult, if not impossible to perform.
Without periodic and expensive interior inspections, detecting that
a problem exists, let alone preventing it from becoming a major repair
item, is a significant issue. These factors augment an already plaguing
problem for maintaining houses in a state of readiness for conveyance
during the pre-sale or REO phase of Default.
