Real estate-owned (REO) properties have been foreclosed on and are now in the hands of a bank or lender. These properties often need residential remodeling and renovation services before being sold “as is” at a discount.
The goal of lenders who possess these properties is to sell them as quickly as possible; therefore, these properties must be made livable and attractive to potential buyers. While some properties don’t need REO renovations before being listed on the market, others need major remodeling and renovation services. Of course, many properties fall somewhere in the middle of this range.
Not all REO construction companies in AZ are the same, and many do not grasp this unique industry well. To make sure the job gets done right, you need a company that does.
What’s the best way to find the ideal contractor for renovation consulting services and REO renovations in Arizona? You’ll want to look for certain qualities and features to make sure you end up with a company that will get the REO property in shape quickly and according to code.
Experience with and Expert Understanding of REO Properties
More unique complications, hurdles, and extra steps are common with REO properties than with non-REO properties. You’ll need a construction company or contractor that has a heightened understanding of these unique challenges. This understanding of the REO industry is something that comes with experience.
When you choose an experienced company for renovation consulting services, you’ll benefit from the company’s ability to create a sound renovation plan for the property. This renovation plan is an essential component of a job that will meet local, state, and federal regulations. It will also maximize ROI for everyone involved.
The best REO home renovation company is one that has the experience and understanding to provide remodeling and renovation services across locations, even across states, at scale. A company that can coordinate everything, from inspections and appraisals to property preservation services, demonstrates a sound understanding and experience with REO properties.
Working Relationships with Housing, Government, and Mortgage Entities
The top companies for residential REO work are trusted by national professional entities such as housing authorities, mortgage lenders, and government agencies. For example, Charter Construction Group has a long-standing professional relationship with The Federal National Mortgage Association, more commonly known as Fannie Mae.
Charter Construction Group is a primary business partner for this U.S. government-sponsored enterprise and many others. These enterprises trust the best REO renovation companies to abide by strict residential remodeling and repairs requirements.
These entities and enterprises trust the top REO renovation companies to get distressed properties market-ready quickly, too. REO renovations are more challenging than standard projects, and companies that lenders, agencies, and the government trust are those that have proven their value to the industry.
A Network of Professionals and Sub-Contractors
Every residential REO renovation project includes sub-tasks that often require a different professional or sub-contractor to perform each one. A property might need an HVAC pro to install a new furnace or duct system. The property might also need a new electrical system and some updates to the plumbing. These specialized tasks need the right experts for proper completion.
For these tasks, an excellent company or contractor for REO renovations will be able to call on experts from a carefully assembled list of professionals with whom they regularly work. Through years of positive experience, the best companies form relationships with subcontractors and grow their network of licensed, trusted professionals.
They Prioritize Efficiency and Compliance
Ensuring that all applicable building codes, regulations, and standards are met without compromising the budget or timeline is critical with every residential REO property project. The top companies for residential home renovation projects stay up-to-date with all of the regulatory requirements regarding these properties.
Municipalities can impose potential legal penalties and heavy fines for non-compliance, and the top companies in Arizona know this. Therefore, they are always aware of which codes must be complied with for every job. To complete residential home renovations for REO properties quickly, these contractors maintain high standards without sacrificing quality.
Companies in AZ for Residential Remodeling and Renovation Services: The Bottom Line
In addition to the repair or installation of major systems, a residential renovation project can also include anything from pest removal to mold remediation or asbestos removal, among others.
Whether a property needs a bit of tidying up and debris removal or a complete overhaul of critical systems like plumbing and electricity, the best companies in Arizona for residential REO will always get the job done at minimal cost, with minimal time requirements and maximum returns.
Ready to Find Your Ideal Arizona REO Renovation Company?
Charter Construction Group offers top-tier REO renovation solutions across Arizona. Request a consultation to see how we can help you maximize your return on all your projects.
