Superior Home Services has been managing repairs on FHA properties, both pre-foreclosure sale and post-foreclosure sale, for over 25 years. Superior’s team of Insurance and Construction professionals has extensive knowledge of insurance claims practices, default servicing, construction management, and FHA guidelines.   This wealth of experience translates into excellent claims administration and repair management.

Superior’s repair management program is based on the Servicer using the insurance proceeds to repair properties to pre-damaged condition. The program benefits all parties: the Servicer is able to restore the property to pre-damaged condition, many times without any corporate contribution; HUD and its contractors get a more viable REO listing that may sell faster; and the local municipalities benefit by reduced blight and reduced loss of property and neighborhood values.

In addition, Superior’s repair managment program helps servicers realize the full benefits of the hazard claim.  Insurance carriers typically apply 25% to 50% depreciation to a claim. If a claim has a replacement cost of $40,000.00, the insurance carrier could depreciate the claim by $10,000.00 to $20,000.00. Repairing prior to conveyance allows both the Servicer and HUD to realize the value of the recoverable depreciation, which would only be paid out once repairs are completed.

Other benefits to Superior’s FHA repair management program:

• Superior’s nationwide network consists of field representatives with specific expertise in repairing insurable damages to pre-damaged condition. 
• In may cases Superior can file and manage the HUD Conveyance Extension requests during the hazard claim and repair management process on behalf of its clients.
• Superior’s file management system allow web-based access which provides our clients with hazard claim detail, status updates, all claim documentation, and property photos (inspection, progress, and repair completion).
• At client direction, Superior can provide bids for any preservation work necessary to place the property into Conveyance Condition. This is especially beneficial post-foreclosure sale, as, when repairs and preservation are approved together, conveyance condition can be achieved more efficiently and the risk for missed conveyance deadlines is reduced.