Frank Foreclosure
Foreclosure Trash Outs: Property Preservation Demand Skyrocketing
Government Demands and Record Foreclosures Mean More Business Opportunity
Property preservation companies – those that clean up, repair and maintain foreclosures – can look forward to a lot more jobs. Even those that are already working around the clock.
The shadow inventory of abandoned homes – properties that the banks have been delaying declaring as official foreclosures – is finally hitting the streets. Most major banks, such as Citibank and Wells Fargo, have recorded double-digit increases in their REO (Real Estate Owned) inventory because of the backlog, which some financial analysts estimate to be as high as 7 million homes.
Meanwhile, new foreclosures keep coming – with 3/4s of America’s major cities recording an uptick in mortgage defaults in the first half of 2010. Over 300,000 homes face foreclosure every month. And Fannie Mae, the mortgage giant, says that it expects its inventory of repossessed homes to increase significantly through the rest of the year into 2011.
Unemployment may be continuing to plague America, but property preservation is clearly the biggest foreclosure business opportunity around.
Banks are also being forced to clean up abandoned homes more quickly by many local governments. The city of Los Angeles, for example, passed an ordinance in July, that levied fines up to $100,000 on financial institutions who didn’t act swiftly enough on having foreclosure trash outs performed on vacant properties.
Traditionally, banks don’t take responsibility for the condition of these homes until they officially take ownership – the L.A. city council now insists that they must take care of the properties as soon as they’ve notified the owner that the mortgage is in default.
Other major American cities, such as Chicago and Las Vegas, are considering similar ordinances, which are becoming more and more common all across the country. This kind of legislation will further increase the demand for property preservation services.
If you want to start a property preservation company, the requirements seem fairly simple: get a truck and some basic tools as well as the proper licensing and insurance, and you’re good to go.
However, having the right training is critical to success, as you must be familiar with what’s expected when performing a foreclosure trash out, how to deal with the large national companies that traditionally hire property preservation firms, and just what level of insurance is required – many beginners actually end up spending thousands of dollars more than they need on their insurance coverage.
About the Author
Frank Patrick, who has years of experience in the property preservation field, has already trained many newcomers to the business with great success. The inside knowledge he has of such complex issues as licensing, insurance and how to best deal with REO sellers to build good word-of-mouth, is invaluable to anyone wishing to enter this lucrative field. Learn more at
http://www.REOResQ.com
America’s Premier Experts – Kimberlee Frank – Foreclosure Expert
|
|
Girls Girls Girls (1962) $9.98 Hawaii seems like an afterthought in Elvis’s second island outing. Half the musical numbers take place on boats (including the seasick-making title tune) and half in a Trader Vic’s-style nightclub, so there’s little good use of the exotic locale. There’s little use of that lovable dish Stella Stevens, either, who’s relegated to “other woman” duty as Elvis courts bland Laurel Goodwin. Goodwin’s a r… |
|
|
The Grapes of Wrath $5.99 John Ford’s classic social commentary on the plight of the tenant farmer stars Henry Fonda as the eldest son of the Joads, a poor family from the dust bowl of Oklahoma who struggle to maintain their dignity while on a grueling trek to California during the Great Depression. Co-stars Oscar-winner Jane Darwell, John Carradine, Charley Grapewin; adapted from John Steinbeck’s novel. 129 min. Standard;… |
|
|
Field of Dreams (Widescreen Collector’s Edition) $6.06 A phenomenal hit when it was released in 1989, Field of Dreams has become a modern classic and a uniquely American slice of cinema. It functions effectively as a moving drama about the power of dreams, a fantasy ode to our national pastime, and a brilliant adaptation of W.P. Kinsella’s exquisite baseball novel Shoeless Joe. Kinsella himself found the film a delightful surprise, differing greatly … |
|
|
Field of Dreams [Blu-ray] $8.99 A phenomenal hit when it was released in 1989, Field of Dreams has become a modern classic and a uniquely American slice of cinema. It functions effectively as a moving drama about the power of dreams, a fantasy ode to our national pastime, and a brilliant adaptation of W.P. Kinsella’s exquisite baseball novel Shoeless Joe. Kinsella himself found the film a delightful surprise, differing greatly … |
|
|
Real Estate Recession Riches – Top Ten Real Estate Investing Tips You Must Know That Don’t Suck! *** (Free Downloadable $297 Short Sale Course Included ) ***Allow me to share my story with you.My name is Cory Boatright. I am 35 years old and since my early twenties I have started, run, or been directly involved with almost 40 different companies. I have sold everything from Ginsu knives on eBay, Kirby vacuum cleaners door-to-door, all the way to $50,000 high-end electronics Online. Out of the… |
|
|
The Global Financial Crisis: Analysis and Policy Implications – CRS Report $0.99 The world appears to be recovering from the global recession that has caused widespread business contraction, increases in unemployment, and shrinking government revenues. Although the industrialized economies have stopped contracting, for many, unemployment is still rising. The United States likely hit bottom in June 2009, but numerous small banks and households still face huge problems in restor… |
|
|
Buy Even Lower: The Regular People’s Guide to Real Estate Riches $18.95 Scott Frank and Andy Heller have been buying investment real estate for a combined 40 years. In Buy Even Lower, learn how they consistently buy these properties for the “right investor price”. Additionally, they show you that “buying even lower” is about more than simply saving money. It is also about saving time and energy, so that you have more of it for your friends, family and other in… |
