Preoperty Preservation Services. & REO

Securing

Once an inspection determines that a property is vacant, Fiore Inc. takes steps to protect it. A contractor will secure the property and perform a lock change according to investor or insurer guidelines. If the property is pre-foreclosure, the lock will be changed on a secondary door when possible. Post-foreclosure, all locks will be changed.

During both pre- and post-foreclosure securing, properties receive regular inspections to identify damages and debris. In cold climates, plumbing will be winterized. All results are documented with photos and written reports, then submitted to the client.

Winterization

In cold climates, vacant properties are vulnerable to costly and serious damages from frozen and burst water lines. Fiore Inc. winterizes all plumbing fixtures, inside and outside a home, including sinks and toilets, outdoor spigots, and dry, steam and radiant heat systems.

Fiore INc. contractors drain all water lines and use air compressors to assure that all water is blown out of the lines. Contractors also drain hot water tanks and pressure-test the system for possible leaks. Toilets are cleaned and flushed, and antifreeze is added to bowls and tanks. Antifreeze is poured into sink drains and traps. Stickers are applied to all winterized fixtures noting the date of winterization, providing Fiore Inc. contact information, and advising that the fixtures cannot function without a proper de-winterization.

Whenever possible, utilities at a vacant property will be turned off. If a sump pump is present, electricity will remain on. All winterization services are supported with written and photo documentation and submitted to the client for review.

Debris Removal

Interior and exterior debris that creates a potential health, safety or infestation risk, or that may result in a code violation, is routinely removed from properties, both pre- and post-foreclosure. Once a property has gone through foreclosure, all debris inside and out, hazardous and non-hazardous will be removed. Interior debris is removed per investor guidelines, and exterior debris is taken to a licensed dumping facility. Personal items left in the property remain until clients provide specific instructions or a personal property eviction is ordered, generally once the property has moved through foreclosure.

Lawn Maintenance

Whether a vacant property is in pre- or post-foreclosure status, it must be well-maintained so that it does not detract from the neighborhood, create a public nuisance, or draw a code violation.

Fiore Inc. contractors follow FHA regulations, generally cutting grass every two weeks in season, beginning in April in most states. Shrubs are trimmed once per season, and more frequently at the client’s request. All lawn maintenance is performed according to client instructions and investor guidelines. During lawn maintenance, properties are also checked to assure that they are secure.

Snow Removal

In the winter, removing snow accumulation is important to provide safe access to properties by maintenance crews, city inspectors, first responders, real estate agents and others who have legitimate business at a property. Fiore Inc. maintains all walkways and driveways, per our client’s request and instruction, during the winter to assure safe access. Snow accumulation of three inches or higher is removed per investor guidelines, and surfaces are salted to prevent ice build-ups.

Real Estate Owned (REO) Services

As the market for REO services has increased in the aftermath of the nation’s housing crisis, Fiore Inc. has become a leader in maintaining the REO assets of its clients to protect the value and help improve the marketability of properties.

Previously, the task of maintaining REO properties had been left to real estate agents under contract to sell the property. However, separating the marketing and maintenance responsibilities allows real estate agents and field service companies to focus on what each does best. Real estate agents can focus on selling properties, and field service companies can focus on keeping the property maintained and secure.

Fiore Inc. has led the industry in developing processes to improve the timeliness and quality of service performed. Most importantly, we established an effective triangle of communication between Fiore Inc. its contractors and the property’s real estate agents, which results in additional checks and balances to help assure that REO properties remain in the best condition possible to reduce time on the market and improve the value and desirability of properties.