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For professional upkeep and conservation of privately owned real estate properties, property preservation companies provide two different types of helps, the first for upkeep of mortgage foreclosures and repossessions, and the second, to maintain heritage values of period holdings. While both relate to real estate, one stresses on security and upkeep, while the other one focuses on renovation and conservation.
In the first instance, REO property management organisations that function for banks/financiers, who have reclaimed property assets upon foreclosures, extend routine maintenance and up keep of the properties. Their services accept regular repairs, restoration of plumbing systems, repairs of ceilings, windowpanes and exteriors, lawn mowing and trash removal, servicing of locks of doors/windows, yard maintenance and “winterization”, as well as offering security of the holdings for potential buyers. In the second instance, possessors of heritage homes/properties also use REOs for their preservation work, which is more than just maintenance, the aim being to protect the “heritageî character of their properties and to better the resale value, where preservation planning, value assessment, cataloging and treatment services are carried out by the REOs.
The government prescribes both sorts of preservation with certain minimum standards, and in particular cases, may subsidise and incentivize preservation activities through REO property management companies. The U.S. Department of Housing and Urban Development and Fannie Mae, which became prominent in the last major mortgage crisis, have laid down upkeep measures for all repossessed properties. However, historic conservation guidelines are laid by federal and state trusts, commissions and preservation bodies.
The business of property conservation hit an all time high during the last mortgage crisis. The foreclosure market all of a sudden created a huge demand for such services, as the property financing agencies needed establishments to secure, refurbish and manage repossessed properties, till the same could be handed over to new owners. Property preservation companies also provide mortgage inspection services, which may be included in property preservation, upkeep, as well as in valuation services. Some REOs even offer holding redesigning and elevating solutions, for a property to be easily resold.
The recent mortgage crisis threw up numerous names in numerous vicinities and it is not difficult to find such preservation firms. Instead, one can get a list of companies from the DMOZ Open Directory for Business, Financial Services and also from the Field Service Companies, where most organizations are named.