An overgrown lawn. Debris in the yard. Broken windows.
It only takes one dilapidated home to bring an entire neighborhood down.
Foreclosed properties' lawns can grow into forests if not properly maintained, and have a negative effect on the perceived value of a neighborhood. Property preservation company, Assurant Field Services, maintains lawns, changes locks, winterizes homes and removes debris from these properties to safeguard both the house and the community.
Vacant and neglected properties decrease the perceived value and desirability of a neighborhood. These unwelcome signs of distress also may be a welcome sign for squatters or other trespassers to make an abandoned property their home.
With the financial crisis of 2008 and its aftermath, many lenders experienced sharp increases in mortgaged properties that were abandoned or foreclosed. Such realities continue to affect communities across the United States.
“The housing crisis has abated, but many properties remain in foreclosure or vacant. That’s a potential issue for the entire neighborhood,” said Rob Cooper, managing director of Assurant Field Asset Services. “Even a handful of vacant homes can have a devastating effect on a community, without proper care.”
Assurant Specialty Property is a leading partner of lenders and mortgage servicers. Assurant Field Asset Services, a business unit of Assurant Specialty Property, is a leader in property preservation, managing more than $2 billion in residential assets across the United States on behalf of clients. The company works with mortgage lenders across the country to maintain, secure and repair vacant home properties until they are eligible for resale.
Through property preservation efforts, vacant properties are secured and potentially hazardous debris is removed. Plumbing fixtures are winterized if necessary. Lawns are maintained and snow is removed if needed.
“We work to protect the future of neighborhoods affected by vacant properties. The key is adopting an early, proactive approach to eliminate physical and financial risk,” said Cooper. “By caring for these properties, we can help maintain their value and make them desirable options for future homebuyers, and a continued asset to the neighborhood.”
Learn more about Assurant Field Asset Services and the field of property preservation.