Learn How Banks, Credit Unions, Private Investors or REO Asset Management Companies Can Utilize Public Adjusters on Foreclosed Properties
Financial institutions such as banks, credit unions, private investors and Real Estate Owned (REO) asset management companies often repossess property assets such as residential homes or commercial buildings via foreclosure due to a lapse of mortgage payments by the borrower. REO properties are acquired because of an unsuccessful real estate short sale or public auction and can include detached houses, condominiums, and townhomes. REO properties wind up in the lenders’ hands, along with an array of responsibility of managing these assets; including making insurance premium payments, handling evictions, paying off tax liens and managing repairs.
But what happens when a bank owned property suffers extensive property damage and is in need of insurance funds to rebuild? Often, at this point financial institutions just don’t have the time to ensure all financial angles have been explored when handling a claim; often leaving crucial insurance recovery funds on the table.
Vacant properties also pose the risk of fire, water damage, theft, and vandalism. Copper piping and wiring, boilers and water heaters are often stolen and/or vandalized. Insurance companies can add to the complexity by holding insurance funds hostage and artificially reducing your claim.
When insurance company adjusters are sent to inspect vacant properties, they typically have the mindset that the property is in poor condition due to being vacant which leads the insurance company to use the terminology “hard living” when trying to deny claim payments for sudden and accidental covered property damage claims. Having a public adjuster on your side is crucial to ensure that the property is inspected properly and that all covered damage has been documented and presented.
This is where public insurance adjusters such as United Public Adjusters & Appraisers Inc. come in! We step in and manage the entire claim on your behalf! Our expertise in policy language interpretation, construction knowledge, and negotiation skills allow us to fiercely advocate on your behalf.