At Fannie Mae, the mission of the Fannie Mae Property Maintenance team is to ensure the quality of our REO property maintenance services, consistently producing best-in-class, market-ready properties and maintaining them until removal from our inventory.
Fannie Mae utilizes local, regional and national Property Maintenance vendors to perform initial services and ongoing services for all properties in Fannie Mae's inventory. We expect and require each of our vendors to provide services in accordance with the terms of their contracts and ensure that each property is in "market ready" condition.
Our Property Maintenance companies maintain the interior and the exterior of the property year round. These vendors are required to visit the properties weekly to keep the exterior of the property free of debris, maintain the lawn, and remove leaves and snow as appropriate. All interior areas are to be clean, free of debris with floors swept, mopped and/or vacuumed as appropriate each month. In addition, safety hazards are to be addressed and remediated immediately when possible (e.g., fixing a loose step, repairing a minor plumbing leak, or capping a wire).
When properties become vacant, our Initial Services include, but are not limited to:
Each vendor also provides Ongoing Maintenance including, but not limited to:
For more details on our field services, see our Field Services Checklists
Fannie Mae continuously evaluates and seeks to enhance its property maintenance practices. As an example, Fannie Mae has expanded the scope of initial services to include landscaping packages, roof and gutter cleaning, and exterior window cleaning when conditions at the property warrant.
Fannie Mae has also provided its vendors with the authority to immediately perform additional services, without obtaining prior approval up to specified dollar thresholds as conditions at the property warrant, including, but not limited to: