We [LACPP; LA’s Premier Property Maintenance] had a field visit from an REO director of a loan servicing company that has properties across the country.
We were doing inspections of the REO properties in Los Angeles in their portfolio.
Best Boarding in the Country
We were driving through different Los Angeles neighborhoods. We visited a couple of properties were boarded up. The REO Director that has hundreds of REO in properties in his portfolio and sees properties across the United States said that my company did the best REO property board-ups across the Country.
LACPP; LA’s Premier Property Maintenance became his go-to company in the Los Angeles Area.
Los Angeles REO Property Board UP
REO is an abbreviation for Real Estate Owned Property. REO – Real Estate Owned property is a property that is owned by the bank, lender, asset company, government agency or government loan insurer.
In the Los Angeles area, a property became an REO after a foreclosure auction sale. The sale was unsuccessful. The property reverted back to the lender.
An REO Property is subject to vandalism, theft, squatters.
60 Thousand Homeless
In the Los Angeles area, there are almost 60 thousands homeless that are looking for a home
Minimize Damages to REO properties – Protect Your REO Property.
An intruder can cause tens of thousands of dollars of damages: Holes in walls, steal plumbing, steel appliances, air conditioning units, water heater, cause a fire. Damage the kitchen and bathrooms…
Empty REO Properties
There have been instances when an REO property becomes a place where drug dealers sell drugs out.
An REO property can get filled with addicts, prostitutes, gang members. The property becomes a nuisance to the neighborhood. An unsafe place for the children and members of the community.
REO Property Abatement
The City of Los Angeles has the authority to board, fence, clean up an REO property that has become a nuisance to the neighborhood. The city will hire a Los Angeles Property Preservation Contractor to clean up, board up all the windows and doors, fence up the property. In addition to the costs of clean up, fencing and boarding up the property. The City of Los Angeles will add an administrative fee which is very expensive. Liens will be placed on the title of the property.
LACPP; LA’s Premier Property Maintenance has boarded thousands of properties in the Los Angeles area.
LACPP; LA’s Premier Property Maintenance only uses the best materials to prevent break-ins.
REO Rental Scams
A con artist will find an empty REO property. The con artist will advertise the property for rent. The con artist will meet the innocent family at the property and rent them the property with a fake rental agreement. Some con artist has even told the innocent families that they can rent the property with an option of buying it. The con artist will take family searching for a home for as much CASH as he can.
It is heartbreaking to see families move their personal property out of the property once entity that is overseeing the property. It will usually take a few days because regular inspections are done to the REO properties while they are being marketed and getting ready for sale.
Best REO Property Boarding Materials
REO Property Securing – Every Opening Secured
Bolt Boarding REO Property
REO Properties Board UP – Crawl Space Opening
REO Boarding and Securing – Heavy Duty Locks and Hasps
