On Tuesday, ""Field Asset Services"":http://www.fieldassets.com/index5cb4.html?option=com_content&view=article&id=1&Itemid=1 (FAS), an Austin, Texas-based provider of field services to the REO industry, released the results of an independent study of foreclosed properties that compared the number of days on market (DOM) for remodeled properties versus those that were not remodeled.[IMAGE]
According to the results, there was a 54.6 percent reduction of DOM for properties that underwent rehabilitation. Of the 8,200 properties tracked across 13 states, the average DOM for a remodeled property was 70.4 days, notably lower than the average DOM of 154.4 days for a property without rehabilitation.
In an effort to help lenders rehabilitate their foreclosed properties in an easier and more cost effective manner, FAS has created the REoMODELING solution. With more than 12 years' experience providing property preservation, REO maintenance, and repair services, FAS has designed a comprehensive rehab process to reduce[COLUMN_BREAK]
expenses, minimize project duration, and eliminate the headaches associated with rehabilitation.
""With today's unprecedented number of foreclosed properties and an increasing backlog, lenders need solutions that will help them quickly and profitably turn their REO properties,"" said Dale McPherson, CEO of FAS.
Given the lack of predictable and cost efficient methods for remodeling, lenders have traditionally only been able to rehab properties that are severely damaged, below code, or far below comparable quality, McPherson explained. However, with a network of more than 13,000 contractors and more than 600 dedicated employees, McPherson said FAS is delivering a meticulously managed REoMODELING service with outstanding communication, state-of-the-art technology, and experienced experts across the board to help lender through every step of the process.
Touted by FAS as an end-to-end rehab solution, the REoMODELING service aims to eliminate the hassle of rehabilitation by providing a single point of contact and consistent pricing and services to increase time-to-market.
To qualify and quantify the potential for the rehab project, FAS will assess the project in light of costs and pricing upside and then electronically deliver consistent photo document results. The project will be managed from inception through completion, with a dedicated FAS team supervising the work from the company's national network of qualified contractors and field quality control team. In addition, FAS will provide consistent visibility to the project status, dates, and costs through its client portal.