PROPERTY PRESERVATION: VITAL TO PUBLIC SAFETY

In my new article, “More Government Action: More Property Preservation,” I detailed the efforts of one Colorado community to clean out and clean up foreclosures.

All across the country, neighborhoods are being presented with a new and growing crisis – empty homes that haven’t officially been classified as foreclosures or REO homes posing public health and safety risks.

I’ve written about this “shadow inventory” before – and the urgent need for REO sellers to process these homes quickly and hire the necessary property preservation experts to secure and maintain these homes. There’s no question that property preservation is already one of the biggest foreclosure business opportunities available – but there are still thousands of homes that need basic mortgage field services, just for the sake of public safety.

A recent article from UPI.com details just one of the crazy consequences of having too many vacant homes sitting out there. In San Diego, neighborhoods hard hit by foreclosures are breaking out in late night, illicit raves held in the abandoned homes. The San Diego County Sheriff’s Department has to recruit extra help to try to control these out-of-control parties that cause thousands of dollars worth of damage. One big soiree last summer even had a DJ and strobe lights!

“Whenever the door opened, it was like someone opened the door of a huge club, it was so loud,” said a neighbor, who, along with his wife, helped pick up hundreds of red plastic cups and liquor bottles littering the street the next morning.

There’s simply no need for this situation. Processing foreclosures, hiring property preservation companies and getting these houses back on the market is, again, in everyone’s best interests. Buyers want REO homes, as they are correctly perceived as a great buy.

At some point, property preservation companies will have to be employed – and the later they’re called, the more expensive and extensive the repairs that will be needed. That’s great for those of us in the property preservation business – not so great for the neighbors who are picking up empty booze bottles all day long!

Please remember, Property Preservation is the biggest foreclosure business opportunity around – and will be for some time. If you want to start a property preservation company, our nationwide franchise, REO ResQ™, will get you completely trained and up and running with your own business in a matter of weeks. Visit us at www.REORESQ.com to find out more about us and what we can do for you.

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