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Why Property Preservation is Important
Property preservation is an important aspect of managing a credit union's assets. When a borrower defaults on a loan, the credit union must take steps to protect its investment in the property. This may involve securing the property, maintaining the property, and eventually offloading of the property in a manner that maximizes the credit union's return on investment. Due to the many different laws and/or local requirements, it’s a good idea to use a national preservation company like SGPNOW to ensure you’re getting the best results possible.
Property Preservation Steps to Follow
- One of the first steps in property preservation is securing the property. This involves changing the locks, boarding any broken windows and installing a lockbox for access. It is important to take these steps as soon as possible to prevent vandalism or squatting, which can further decrease the value of the property.
- Once the property is secured, the credit union must take steps to maintain it. This may involve mowing the lawn, repairing any damage, removing debris left behind and cleaning the property. The goal is to keep the property in as good of condition as possible so that it can be sold or rented out at a later date.
- Finally, the credit union must decide how to offload of the property. This may involve selling the property through a real estate agent, auctioning it off, or renting it out. The chosen method should be the one that will maximize the credit union's return on investment.
Property preservation is a complex process that requires careful planning and attention to detail. Credit unions must work closely with property preservation professionals to ensure that they are able to protect their assets and maximize their returns. SGPNOW offers all of these necessary services on an on-demand basis so you only need to order when you’re in need. View our entire service catalog here: https://www.sgpnow.com/pages/sgpnow-service-catalog