Foreclosed property belongs to the mortgage lender who took action to recover its collateral on a delinquent mortgage loan. When a bank, commercial real estate lender or private party takes possession of the property and becomes the outright owner of the property, the foreclosed property owner assumes the responsibility for all maintenance and upkeep. These responsibilities include maintaining the property according to any homeowner's covenants, civic codes and the general well-being of the property and surrounding neighborhood. Does this Spark an idea?
Instructions
Lawn Care
1. Keep the lawn mowed to an appropriate length.
2. Eliminate all weeds and excessive growth around driveways, sidewalks, porches, around the base of the house and along any fence lining the property.
3. Rake up all excessive leaves, grass clippings, mulch and weed debris.
4. Maintain the yard in an acceptable fashion throughout the year.
Maintaining the House Exterior
5. Inspect for any wood rot, peeling paint, torn screens, broken windows, damaged doors or brickwork.
6. Replace any rotted or damaged wood exterior using necessary lumber and tools. Perform work meeting the standards of the original construction.
7. Paint any areas of the house exterior showing signs of deterioration. Matching existing colors is sufficient.
8. Replace any broken windows and repair any ripped or missing window screens. Buy screening materials matching the existing screen and window glass.
Interior Home Maintenance
9. Inspect the home interior for damaged carpets, appliances, light fixtures, wood floors, sheet rock walls and wood molding. Note all damage and necessary repairs.
10. Prepare detailed estimates of necessary home interior repair costs. Factor in labor, materials and appliances. Be sure to update the cost estimate if conditions change. Present these estimates to the foreclosed property owner for reference.
11. Interior home maintenance is optional. The foreclosed property owner may wish to liquidate the home as is or do repairs and renovations making the home more appealing to prospective buyers when the foreclosed property owner decides to sell the property.
12. Plan a regular schedule of interior and exterior home inspection and yard care. Be mindful of the property's vacant condition and susceptibility to vandalism and weather damage.
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