Real Property or Homes
Among the most common types of collateral is bail bond collateral of property or home. Properties or home values usually exceed the amount of a normal bail bond thereby making it a widely accepted form of collateral for most bail bondsmen. Houses and properties are common collateral for larger bail bonds.
Residential: The home or property is more easily accepted as collateral when the mortgage is paid off in full, making it more equitable. All property that is placed for collateral must have enough equity to equal the total bail amount. Since most homes exceed a normal bail bond, if the defendant does not show up in court, the property used as collateral can be foreclosed in order to recover lost funds.
Commercial and Industrial: Commercial property is more difficult to value. However, a bail bondsman can call upon specialists who can help evaluate these types of collateral deals. This makes it possible for defendants to use their offices, shopping centers, stores, hotels, theaters, factories and parking facilities as collateral.
Agricultural: Farms, timberland, pastures, ranches, and orchards can all be used as collateral. Yet again, these properties can be difficult to assess the value and are usually difficult to sell. Depending on the current real estate market, the value of agricultural land will be assessed to determine if it is sufficient for collateral.