""Mortgage Contracting Services LLC"":http://www.mcs360.com (MCS), a nationwide provider of property preservation, inspections, and REO property maintenance, announced Tuesday the availability of REO Check, an inspection service to assist servicers with ongoing, independent on-site assessments of their foreclosed inventory throughout the REO lifecycle.[IMAGE]
""Surprisingly enough, routine REO inspections are not a common practice even though making this small, periodic investment can positively impact the long-term condition and value of these assets,"" explained Chad Mosley, VP of business development at MCS.
Mosley continued, ""With REO volumes still high, properties are remaining vacant and on the market for much longer. Regularly recurring inspections can mitigate some of the financial risk by the early identification of damages.""
The Florida-based company's new REO Check service provides real-time, on-site inspections of bank-owned properties, which can be performed from the time of asset[COLUMN_BREAK]
acquisition until it is sold to a third party, including properties that have become part of the lender's REO portfolio but perhaps are still in an eviction or redemption status.
Whether done on a monthly, biweekly, or weekly basis, MCS' REO Check provides information about each property's overall interior and exterior condition, noting such things as the presence of any hazardous conditions or posting of code violations.
MCS says the service ultimately ensures clients that each property is kept secure, well maintained and readily marketable to show prospective buyers. Additionally, REO Check acts as a dual quality control mechanism for the real estate agent and field services provider, the company explained.
Many servicers will rely on the assigned real estate agent to coordinate all inspection services. However, growing REO volumes leave some agents unavailable to inspect every property as often as they would prefer. MCS says REO Check serves as an additional and independent review of the services provided by the assigned listing agent and current field services company.
Caroline Reaves, CEO of Mortgage Contracting Services, commented, ""Routine REO inspections are the ideal preventative measure to avoid incurring significant structural damage, threats to safety, and expenses for repairs or fines.""
Reaves added, ""One of our goals with REO Check is to educate this industry on the value and relevance of implementing a regular inspection procedure on their REO portfolios. We strongly believe that this inexpensive, upfront investment far outweighs the alternative.""