Realty-Pro understands the urgency involved when taking possession of a property and has the expertise to handle all phases, especially securing the property, and redirecting the rental income.
Once the decision is made, it is important to act quickly to take complete control by changing locks, determining the number and quality of the tenants, serving and informing them who to make future payments to, while making a complete status and inspection report.
In most cases of repossessed real estate we find that the building is suffering from years of deferred maintenance and neglect, creating a ‘less than’ accommodation for the area. As a result the quality of the tenants has deteriorated , frequently creating collection problems and excess wear and tear. This is the common downward spiral caused by the owners lack of cash flow. Realty-Pro will halt the spiral down, and reverse it.
Frequently the eventual power of sale recovers for more money for the mortgagee than was first thought possible.
Sometimes fire alarm systems have not been maintained, or required retrofit changes have not been made. This is an area that can have serious consequences for a corporate mortgagee in possession. Therefore Realty-Pro considers these matters a top priority and moves quickly to bring these systems up to code. We immediately do a general inspection to determine if there are any obvious hazards which may result in a liability and advise the institution accordingly.
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