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Below are the different types of Property Preservation related Work Orders, that we are associate /deal /work with...
Property Preservations Work Orders
Work Orders are issued when a bank asks the contractor to visit a property owned by the bank for a particular reason. This can be to either complete a work, to report the condition of the property or to provide bids to repair damages. Some type of work orders, such as lawn maintenance, are recurring, as in they will be continuously issued after a certain period to be completed again. Below are some examples of certain type of work order types and what in general, the order is to be completed for..
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Grass Cut Orders:
They are issued in the Grass Season, which for most states starts from April 1st and ends at October 31st. In some states such as Texas the season will start from March 1st while in others like in Florida it is all year around. Grass cut orders are recurring, as they are issued twice each month, the first time it is issued in the start of the season it is called “Initial Grass Cut” where except for completing work all bids regarding the exterior of the property has to be also submitted. Additional work may also be completed in this order such as “Shrub Trimming” and “Debris Removal”. All other orders issued after that are “re cuts” whereby the contractor will only the cut the grass to keep it maintained and no other bids will have to be provided given that no new issues arise in the vacant property.
Initial-Secures:
Initial Secures are issued after the property becomes vacant, for the most part, it will be the first time that the crew visits the property. A full property condition report with detailed reports on the damages and bids needed will have to be submitted in this work order. All Initial Secures will ask the contractor to change knob lock and deadbolt on the side or back door of the property and install padlocks to secure shed, garage or fence gates as well as to install a lockbox for keeping the keys in. Depending upon the season, contractors will also be asked to winterize the property and complete a grass cut. In REO properties additional work may also be completed such as maid service, trash out (complete debris removal), and installing CO and smoke detectors, etc.
Deed-in-Leu:
If the owner of the property, voluntarily gives up the ownership of the property to the bank to satisfy the default loan that he no longer is able to pay and to avoid foreclosure, it is called a Deed-in-Leu. Such work order is when the contractor arrives on behalf of the bank to complete the deed-in-Leu...
Re-conveyance:
If a property fails conveyance check, (that is to check to see if no damages exist in the property and it is in saleable condition), the property is turned back to the bank to repair all damages. Contractor is sent out to provide a final report providing detailed bids on all repairs needed for damages.
That is all for this video, remember, it is important to know all these work order types, as each of them will have different instructions that we must follow. Hope you enjoyed the video and learned what was told, until next time.
Maid Service | Winterizations:
Maid Service orders are also a type of recurring orders issued only on REO properties (we will get back to what REO is on a later video). Similarly to grass cuts, the first time a maid service is issued for a property is the “Initial Maid Service” and while all those that follow the initial are called “Recurring Maid Service” or just “Maid Service”. Some alternative names for Maid Service can be, “Janitorial” or “Broom Sweeping”. Again, as the name implies, the order is to complete the cleaning of the interior of the property. The crew visiting the property will: broom sweep and mop the floors, clean the toilets and kitchen appliances, clean all cabinets, counter tops, doors and windows, dust the ceiling, and place three air fresheners, with dates of the day they placed it, in the property.
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These orders are issued mostly from October 1st to April 31st. They are a type of work order whereby the contractor is asked to turn off the water supply of the property and drain all water and pour liquid antifreeze on all toilets and drains to prevent the plumbing from getting freeze damage in winter. A detailed guide will follow regarding Winterization on a later video.
Hazards EOB
Sometimes, banks will insure the property against certain types of damages, such as theft and vandalism. If damages occur due to such reasons, the insurance company will pay a certain amount to repair such damage. Hazard EOB (Explanation of Benefits) are when the contractor is sent out by the bank to visit the property to see if the repairs can be done with the amount the insurance company is paying, if so, the contractor will let the bank know that they can proceed with the repair work and if not they will let the bank know, that repair work cannot be completed for the stated amount and will provide bid for repair.
Re-secure | Bid Requests:
If a property becomes unsecured, which may happen due to various reasons, such as someone entering and damaging the locks, or keeping the doors and windows open, a re-secure order is issued to secure the property again. Work that maybe completed in such orders are to change locks, if they are no longer operable, securing with existing locks if someone simply kept the door or window open, or to board doors or windows if they have been broken.
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Bid Requests and Estimates are where a contractor is asked to provide bid to repair a particular damage only. The contractor will visit the property, note down about the particular damage present and we will submit bid accordingly about it.