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Service Similar to a Home Inspection Company Offering Launched

October 29th, 2010

Default Resource, a financial services firm, has launched the Asset Surveillance Report (ASR). This service complements the services provided by a typical home inspection company. According to Default, ASR will inspect listed real estate owned or REO properties to see if listing agents are properly maintaining the pieces of real estate.

The financial services firm is also known for offering REO management, valuation and inspections, hazard recovery and other related services. Its recent service will be available through Default's Mark to Market division.

According to company officials, their research has revealed that there are real estate brokers who are not properly equipped with managing and marketing REOs. The aim of ASR is to provide asset managers of REO with assurance that their listed properties are being taken care of and are being marketed properly to the right buyers for a faster sale.

The service involves sending out independent house inspectors to REO houses to look in on the condition of the properties and determine whether it is listed properly, has yard signage and with its lockbox in place. Any potential hazards within the residence are included in the report which will be filed by inspectors at the company's secure portal.

ASR is like a typical home inspection company service, but with more details and with more sophisticated tools used. Default has a network of over 20,000 licensed agents and home inspectors who will be tasked to conduct the property inspections and come up with the detailed reports.

According to Default executives, the security, marketing and maintenance of REO real properties is central to the success of getting these homes sold. They stated that if such properties are not properly maintained and their assets are not correctly assigned, they might stay in the market for longer periods of time and might fail to sell. Careful monitoring of properties, Default officials have stated, is key to reducing the inventories of foreclosed houses in the country.

Officials from the firm have also added that the longer a property stays in the market, the higher the cost of maintaining them. They added that with maintenance costs, home inspection company fees and other expenses associated with REO, banks tend to lose $150 every single day that a property remains in the market.

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