Do the banks hire maintenance companies to take care of properties of short sales and foreclosures?

Asked by Maureen Adams, Hazlet, NJ Sat Sep 15, 2012

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cj0271, Home Owner, Howell, NJ
Sat May 16, 2015
never for short sales as aside from the debt owed to them they have no legal standing to sell the property or legal obligation to maintain it until they foreclose.


After foreclosure some do some do not which is why many towns passed ordinances in the Last 6 years regarding bank owned property to allow then to fine the owners if the property is not cared for and kept neat and clean. the home next door to my friend was foreclosed 7 years ago. The bank has not yet tried selling it and never cuts the weeds that were once a lawn or otherwise maintains it at all unless she calls the town and complains .


However they all pay insurance and property taxes and sewer bills as well as code violation fines such as unsecured property, high grass, litter, junk cars etc
0 votes
Francesca Pa…, Agent, Manasquan, NJ
Tue Sep 18, 2012
To my knowledge, short sale . .. no. Foreclosure, depends on the bank and most often not. When in REO status banks most often rely on the realtor (an extra expense to the realtor in time and money).

In addition, many times it's too late to "take care" of the property because owners trash the place before moving out and then it is sold as is.

Francesca
0 votes
Jacques Ambr…, Agent, Forest Hills, NY
Sun Sep 16, 2012
This falls under the heading of default servicing. Banks hire different contractors to handle their properties. Contact asset management department
0 votes
Marsha Bowen…, Agent, Livingston, NJ
Sat Sep 15, 2012
Yes, the bank will hire an asset management company that contracts maintenance companies to maintain foreclosed properties. In the case of short sales, it depends. Some lenders will maintain vacant properties that could be short sales.
0 votes
Andrew Tisel…, Agent, Clifton, NJ
Sat Sep 15, 2012
Foreclosure almost always but usually thru the realtor or asset management company.
for a Short sale they usually do not get involved with the property.
0 votes
Dennis Knight, Agent, Millstone, NJ
Sat Sep 15, 2012
I would look for Asset Management companies. They would get the contractors for maintaining and checking on the properties. The banks may be able to refer you to their own person in charge of getting in touch with the asset managers. Smaller banks may also handle some of their own property managers direct.
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