Property Securing Is Job One
For A Vacant Home In Foreclosure

Property securing is what a property preservation / REO contractor does on a first visit to a home that is believed to be vacant. If indeed the house is vacant, it is subject to vandalism and vagrancy if left unsecured. The bank wants its interests secured.

Every mortgager signs an abandonment clause as a part of his/her mortgage. In this statement the mortgagers are giving the bank the authority to enter the house and re-key / change a lock so that it may continue to monitor the condition of the property and become aware of and care for any damages that have occurred or may occur.

As Secure As Possible

Clearly it is impossible to completely secure a vacant house. There are just too many hours in the day and night, when people can access the property and wreak havoc. Property securing is the goal, and there are many things that you can do to reach that objective.

The banks want their vacant properties secured for these reasons:

• To protect the value of their investment by avoiding damage from deterioration, hazardous materials, weather, vandalism, and vagrancy
  
• To protect themselves from exposure to liability claims by securing mortgagers’ personal property, by securing or removing attractive hazards, and by repairing/removing injury hazards
  
• To protect themselves from the added expense of code violations remediated by the local municipality
  

Be A Keen Observer

To become adept as a property preservation / REO specialist you must train yourself to see every potential security issue. Think like this: “If I owned the mortgage on this property, what would I want done to make it as secure as possible?” Try to learn to see the property the way the bank views it and to share their concern for its protection and preservation.

To secure the property, these are generally considered to be the primary concerns:

• Occupancy Inspection
  
• Re-key / Lock Change
  
• Winterization
  
• Window Boarding
  
• Active Roof Leaks
  
• Basement / Crawl Space Flooding
  
• Securing Pools & Spas
  

The first task in property securing is to accurately assess whether or not the property is truly vacant.