Field service provider Safeguard Properties increased its business responsibilities today by acquiring the rights to preserve and inspect Bank of America’s defaulted and REO properties.
The transaction is expected to close in 60 to 90 days. Safeguard did not disclose the price for this transaction.
“By building and expanding our resources, we are honored to have an even greater impact on protecting and preserving properties for the benefit of our mortgage servicing and investor clients, as well as neighborhoods and communities across the country,” said Allan Jaffa, CEO of Safeguard Properties.
Under the agreement, Valley View, Ohio-based Safeguard Properties will acquire the employees and vendor network of Bank of America’s field service operations that work out of three facilities.
Before B of A merged with Countrywide, Safeguard was the primary field service provider for the Charlotte-based financial institution. Even after the merger, Safeguard remained a key business partner with Bank of America, which helped them now obtain the rights to provide inspections, preservation services, rehabilitation, and repairs for its foreclosed properties.
