Foreclosure Cleanup Property Inspections -- Breakdown and Inspection Jobs

If you’re performing inspections in bulk, you’ve got a winning, profit-yielding service for your foreclosure cleanup business. Let's explore REO inspections in detail.
 
May 10, 2012 - PRLog -- REO Inspections

 

What are HUD required inspections? Quite simply, before a home is foreclosed upon, someone needs to go by the home to make sure that it is, first and foremost, vacant. Then, they need to evaluate whether or not any damage has been done and document the extent of the damage.

 

There are several different types, phases and levels of inspections when it comes to property preservation, and many smaller foreclosure cleanup companies will not perform all of these inspections. There are formal procedures for each inspection, but we will only gloss over them so you get a peek at the various types.

 

Bulk Inspections Pay

 

If you're performing inspections in bulk, you've got a winning, profit-yielding service for your foreclosure cleanup business. Speaking of bulk, I previously met a gentleman who had been contracted by the Federal Deposit Insurance Corporation (FDIC) to handle initial inspections to determine whether or not properties were vacant. The number of properties he was in charge of -- 1,200!

 

He hopped off his truck, took a few snapshots of the home, filled out a quick form that he showed me, and was on to the next. THAT kind of bulk leads to good profits in inspections... one or two may not be worth your time, unless they are part of a larger contract.

 

After reading the below, you will be able to speak knowledgeably about the inspecting service if you have to provide inspections to get another slice of a bigger foreclosure cleanup job or to get your foot in the door with a larger property preservation contractor.

 

Submittal Forms

 

There are also varying required submittal forms that must be used during the specific inspections, so if you are called upon to perform inspections by a bank, an M&M, or a larger contractor, ask specific questions about what is required to ensure you are performing the inspection properly and make ensure that you are using the correct form.

 

NOTE: HUD has arms in the form of M&M Contractors ("Management and Marketing" Contractors). These M&M Contractors market and manage single-family properties owned by, or in the custody of, HUD. The contractor will point you in the right direction or will give you a HUD form name and number so you can download the correct ones from the internet.

 

Five Types of Primary Property Inspections

 

There are five types of property inspections:

-- Occupancy Inspections

-- Initial Vacant Property Inspections

-- Vacant Property Inspections

-- Voluntary Pre-Conveyance Inspections

-- Eviction Inspections

 

As mentioned above, HUD has specific "Property Inspection Report" forms you must use. Before and after photographs are required on all property visits and all inspections must be documented.

 

For a detailed discussion of the various types of REO inspections, visit http://www.foreclosure-cleanup-blog.com/?p=6605.

 

Request Bulk

 

Remember, you want bulk when you sign on to do property inspections. The per inspection rate is low, but bulk will pay.

 

I hope the above provides some basic insight to those of you considering adding inspections to your cache of foreclosure cleanup services. For more information about REO Inspections, visit HUD's website and The Pricing Guide for Foreclosure Cleaning & Real-Estate Service Businesses: How to Price Jobs for Profit.

 

Much success to you!
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