It is recommended to call the local Association of Realtor OR the Multiple Listing Service in your State. In the case of VA REOs you can find them from a Realtor, who will know if during the bid process if the properties are now co-owned by the VA and the Lender. It has been suggested to get contracts for this type of work it is best to contact the M & M Contractor that handles REO homes in your area. Many of these types of homes will need initial clean-up, repairs, and renovations. As you are probably aware HUD's REO Inventory is handled by a Contracted Real Estate or Property Management Company which are called Maintenance and Management (M &M) Contractors. Who is HUD's sub-agency as for the FHA will end up placing the REO back on the market for re-sale. This is when they are transferred to HUD who in turns pays off a Mortgage Insurance Claim previously issued to the Lender. Once this happens they become foreclosed on by the Bank or Mortgage Company. You will have success with starting businesses that will provide Hauling and Demolition, for instance if you are wanting to get into maintenance of HUD Homes those will be properties that had FHA-Insured Loans which went into default. In the news it states that many of the banks are now looking at what to do with these vacant foreclosures in Los Angeles because they need to be secured in order to prevent vandalism.Ĭleaning Up Foreclosed Homes After the Mortgage Crisis
Some companies will train you on how to market your services as well as what to price your foreclosure clean out jobs for. How to market your services for foreclosure cleaning jobs: Starting your own foreclosure cleaning service will allow you to take advantage of this steady market for starting a new business, no matter that the economy is tightening up with lack of credit, loans and jobs, you can start a lucrative business cleaning foreclosed homes if you know what your are doing. Starting a foreclosure cleaning service in California: Hiring foreclosure cleaners many banks are looking to property preservation mortgage companies to do the foreclosure trashout. What it requires that you to start your own foreclosure cleaning business, due to the great deals that can be found on foreclosures many who have decided to start buying and selling real estate properties have REO's that need to be cleaned and maintained.