Property Preservation FAQ

What is Property Preservation?

Property preservation is the actions taken to preserve and protect a property. The act of property preservation is intended to prevent or lessen deterioration of the property that may result from vacancy or abandonment.

What types of actions are involved in property preservation?

Routine services will include grass cutting, changing locks, boarding or replacing broken windows, ect. These problems may have been found during a scheduled inspection.

What does a property preservation inspection consist of?

That would depend on the type of inspection. there are five different types of property preservation inspections:

  • Occupancy Inspection
  • Initial Vacant Property Inspection
  • On-going Vacant Property Inspection
  • Voluntary Pre-conveyance Inspection
  • Pre-eviction Inspection

So who is it that performs these inspections and services?

The mortgagee is responsible for insuring that these inspections are performed. Usually, this work will be subcontracted to a company that specializes in performing these types of services.

What type of costs are associated with property preservation services?

The inspections are charged at the minimal fee as set by HUD regulations. There is also a monthly fee that covers the storage of all inspections records and photos. Typically there would also be a small fee for manpower hours.

Offering Property Preservation, REO and HUD Services in the Southeast Michigan. Serving OAKLAND COUNTY – Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Hills, Bloomfield, Clarkston, Clawson, Commerce Township, Farmington Hills, Ferndale, Hazel Park, Huntington Woods, Lake Orion, Madison Heights, Novi, Oak Park, Oakland Township, Orchard Lake, Oxford, Pontiac, Rochester Hills, Royal Oak, Southfield, Troy, Walled Lake, Waterford, West Bloomfield, White Lake, Wixom. MACOMB COUNTY – Chesterfield, Clinton Township, Eastpointe, Fraser, Mount Clemens, New Baltimore, Romeo, Roseville, Saint Clair Shores, St. Clair, Shelby, Shelby Township, Sterling Heights, Utica, Warren and Washington Township.

 
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