Tag Archives: Property Preservation

Integra Group Real Estate LLC announced Thursday the creation of its affiliate company, Integra Property Management.

Purchasing foreclosures also means discounts, but with the markdown is the price of repairs. According to RealtyTrac, foreclosures or REOs sold at an average discount of 27 percent compared to non-distressed properties in the first quarter of 2012. Through an FHA 203(k) loan, potential buyers who want to purchase a discounted foreclosure but don't have cash for the repairs may find a way to receive financing.

REO Allegiance, a national property preservation firm, recently announced that its president and CEO Lisa Sadaoui has been nominated and selected as a Leading Woman Entrepreneur and Business Owner of New Jersey by New Jersey Monthly Magazine. Nominees were selected for the award based on innovation, market potential, community involvement, and advocacy for women.

American Home Mortgage Servicing(AHMSI) partnered with Compliance Connections, a division of Safeguard Properties, to be more proactive when dealing with code issues for its property portfolio. Compliance Connections offers a web-based portal, allowing mortgage servicers to communicate immediately when code issues arise.

Nineteen members of California's congressional delegation want to keep Fannie Mae's and Freddie Mac's ""for rent"" signs outside their state's borders. Led by Congressman Gary Miller, the group sent a letter to Edward DeMarco, acting director of the Federal Housing Finance Agency, petitioning him to exclude the 600 homes in California slated for the pilot program of the REO Initiative, which aims to sell off homes repossessed by the GSEs and FHA to institutional investors who will turn the properties into rental homes.

The FHA released two notices to mortgagees and servicers on Friday regarding new policies in effect. Safeguard Properties aslo posted the announcement on their website. The first reminder is on escrow funds/payoff statements and states that escrow funds should not be used for outside purposes.

In an effort to create a program to empower minority and women-owned business enterprises (MWBEs), Citi and the Foundation for Small Business Development joined Karen G. Mills, Administrator of the U.S. Small Business Association, to launch the Partnership for Small Business Development.

For those juggling a list of REO properties that must be managed and maintained, Mobile Business Concepts created an app and software to make the process smoother and more efficient. REO Photo, the app's name, will help contractors get organized through features such as the ability to assign jobs, track progress, and document work with photos.

Field Asset Services (FAS), a provider of pre-foreclosure, REO, and renovation field services, has released its top 10 property preservation predictions for 2012, which focus on providing superior customer service, the need to take initiative to pre-empt future problems, and a demand for knowledge that will open communication and deliver results. Among the company's forecasts, institutional investors will begin to emerge as their interest in purchasing single-family residence REO properties increases, and innovation in the area of mobile technology will be necessary for vendors and contractors to work more efficiently from the field.

A study from the Government Accountability Office (GAO) found that vacant properties rose 51 percent over the span of a decade, from nearly 7 million in 2000 to 10 million in April 2010. Ten states saw vacancies go up by 70 percent or more as a result of high foreclosure rates. The elevated number of vacant homes carries a hefty price tag for lenders that must resume ownership after foreclosure, but GAO says it's local governments that are feeling ""significant"" pressure from the rise in vacant properties.