Glossary |
Terms that are on use on this site.
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| There are 13 entries in the glossary. |
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| Padlock Pool | Secure the pool/hot tub gate according to the HUD specifications for the area where the property is located. This service may also be provided on any securing order, when required by the regulatory guidelines for the loan type. |
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| Padlock Pool Gate to HUD Specification | Secure a pool and/or hot tub gate according to the HUD specifications for the area the property is located. |
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| Personal Property | A type of property which, in it\'s most general definition, can include any asset other than real estate. The distinguishing factor between personal property and real estate is that personal property is movable. That is, the asset is not fixed permanently to one location as with real property such as land or buildings. Examples of personal property include vehicles, furniture, boats, collectibles, etc. |
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| Pool Securing | Secure the pool or hot tub at the property according to the regulatory requirements for the loan type. This could include decking, screening, pumping water out of the pool, chemical treatment and padlocking the pool gate if required. If no regulatory guidelines are applicable for the loan type, the HUD guidelines, and pricing schedule, will be followed. As with any property preservation work, if the work cannot be completed for the published price, an estimate will be provided to complete the securing. |
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| Post Sale | After the sale. Post sale inspections are used to correctly determine condition and occupancy status of property so that any actions needed for taking physical possession can be arranged. |
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| Pre-Foreclosure | This is commonly referred to as the time during the foreclosure process but before the sheriff’s sale. In this time period you are still negotiating with the seller but the bank may have to be consulted in cases where a short sale is needed. |
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| Pre-Funding Leased Equipment Inspection | An on-site inspection of any leased equipment. The information requested my include asset description, serial number and condition. Photographs are usually requested and included with the report. |
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| Pre-Set Appointment | The time and place of meeting with the homeowner has been set prior to the inspector receiving the request. The inspector is to show up at the time & place or call the homeowner to arrange a different time and/or location. |
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| Prepare for Conveyance | After the foreclosure sale is held or the redemption expires for the property, ensure all necessary work required by the regulatory guidelines for the loan type is complete, and the property is in conveyance condition. If any work is needed to bring the property into conveyance condition, you will complete the work for the loan type\'s published regulatory fee schedule. |
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| Prepare to Convey | After the foreclosure sale is held or the redemption expires for the property,
ensure all necessary work required by the
regulatory guidelines for the loan type is complete, and the property is in
conveyance condition. |
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| Property Inspection | This inspection provides the current condition of the property, the occupancy and/or vacancy status and if there are any existing or potential conditions that could impact the value of the premises.Contact with the occupants of the property is normally not required or requested when completing this type of inspection. If the property appears to be vacant, an attempt to verify the vacancy status with a neighbor is often requested. |
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| Property Preservation | The process of insuring the security of a property and minimizing damages and hazards. Any and/or all of the following services are included in the process. Allow Access Allow access to a property. Board Broken Only Secure broken windows at a property with plywood coverings. Board or Screen to Area Specifications Secure broken windows at a property by boarding or screening according to the area regulatory requirements for the loan type. Debris Removal Remove interior, exterior or hazardous debris at a property. Eviction Scheduling and Completion Make the necessary arrangements with the local law enforcement officials, moving companies (where required by local or state law) and securing crew to legally remove occupants from a property (eviction). Lawn Maintenance Maintain property appearance and prevent degradation to the grounds and relieve the property of any existing or potential violation of local ordinance. Lock Change Only Change the lock(s) at a property to the key code according to the regulatory requirements for the loan type. Minimum Securing to Specifications Perform all necessary work according to the applicable regulatory guidelines for the loan type or client profile. Padlock Pool Gate to HUD Specification Secure the pool/hot tub gate according to the HUD specifications for the area the property is located. Prepare to Convey Ensure all necessary work required by the regulatory guidelines for the loan type is complete, and the property is in conveyance condition. Reglaze Broken Glass Replace the glass in the broken windows and doors to secure a property. Resecure as Required Return and secure an unsecured property that was previously secured. Secure Pool to Area Specification Secure the pool or hot tub at the property according to the regulatory requirements for the loan type. Winterization to Specification Fill the plumbing at a property with RV type anti-freeze, to prevent freeze damage, according to the regulatory requirements for the loan type. |
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| Public Protection Classification | Public Protection Classification (PPCTM) Service gauges the capacity of the local fire department to respond. |
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