Initial Preservation and Maintenance
There are usually a lot of people involved in getting to the same end goal. Sometimes our client’s clients need to step back and let us do what we are fantastic at – Preservation and Maintenance. There’s a good chance our client’s client has already started working with their own P&P vendor during Mitigation and Foreclosure. Using our procedures and network of brokers and vendors, we are able to get the most reputable, reliable contractors for these tasks.
Our preferred vendors are usually an average reasonable cost of $150. Larger repairs such as boarding windows, door replacement may require bids from many vendors in our network. We will get the bids, present to our client and get approval for these larger tasks. If previous vendors were used, we may need to supervise a re-key of the property. We can do that. It’s what we do.
We will also get and submit bids for trash and debris removal that do not fall into the “emergency” or “life-safety” categories. We work directly with Rural Development/ USDA properties and will follow those procedures for vendor approval.
In the case of emergency repairs and life-safety issues, we will work with our client to have emergency repairs completed to protect and preserve the property. These repairs may include, but are not limited to:
- Securing and/or re-securing a property.
- Tarp or otherwise cover of a leaking roof
- Correcting property conditions that present and immediate, inherent danger and that may cause immediate or significant damage to the property.
Ongoing / Monthly Preservation & Maintenance
We secure the most competitive pricing from reputable vendors who are recognized for quality work, licensed, bonded, and insured as required. We are on top of every task and meet our deadlines, including our vendors, at a rate of 98%. Any cases that require work beyond these limits will be submitted to our client for review and approval. We realize that sometimes this will require additional competitive bidding. We handle all of it.
Once the property becomes vacant and is out of any redemption, ratification, confirmation or possession periods, we will place the utilities in the name of Prime Location Realty, LLC, and initiate service. The only exception is in the event that the client transfers a property already in process, or that turning on the utilities may represent a hazard to the property.
Some preservation activities are periodic, such as winterization. We get these handled in accordance to HUD guidelines. We understand that currently, these are the HUD guidelines:
- Dry Heat one unit, $150, additional units at $75 each
- Wet (steam) head one unit $200; additional units at $100 each
- Wet (radiant) heat one unit $300; additional units at $150 each.
These numbers are subject to change, but as of this date, 12/15/2016, these prices are valid. If the work will exceed these limits, we’ll get two bids to the client for approval.
Let’s not forget about snow removal. Any storm exceeding 10 inches of snow is considered as two “events.” Unless told otherwise, we go by a budget of $100 per event that does not need approval. We are happy to discuss a fixed rate where snowfall is likely.
Since we have been involved in real estate in Virginia, Maryland, and West Virginia for years, we’ve developed a strong list of licensed inspectors that is kept VERY current. This is who we turn to when it comes to signing off on the property and various large tasks. We carefully research newer inspectors, while always maintaining a terrific list of seasoned professionals that are highly respected, rated, and professional.