The property preservation business isn’t the most glamorous one around – and performing trash outs on foreclosures isn’t for those who don’t like to get their hands dirty.   But in a huge recession that’s heading back downwards, it is economic salvation to a growing number of people looking for a new career.

With the record number of foreclosures not expected to abate until late 2013, according to some housing experts, there has been a corresponding record number of jobs and income available to property preservation companies that know how to take advantage of the current real estate crisis.   Start-up costs are low and experience isn’t necessary; proper training is.  And some of those who have had that training have found themselves making up to 5 figures a week.

Bill and Donna Hoser are one married couple that found a new life by starting a property preservation company, according to a story this August in “The Bradenton Herald.”  The Hosers, who live in Bradenton near the west coast of Florida, opened their own business, BWTC Construction and Remodeling, in early 2007.  Their intent was to focus on residential construction.

However, the economy went sour soon after that – and Florida was one of the hardest-hit states, in terms of foreclosures and a lack of new construction.  So the Hosers decided that since they were handed lemons, they should make lemonade – and began an REO (real estate-owned) property preservation division, performing foreclosure trash outs on abandoned homes for REO sellers.  That division has ended up accounting for most of the couples’ company’s business to date.

Bill Hoser is pragmatic about the need for his services.  “Obviously it’s unfortunate that it’s the result of someone else’s personal tragedy,” he told the Herald. “But it’s more a matter of there is a job to be done and someone has to do it.”

The couple has been stunned by what they’ve found left behind in these foreclosures.  Recently, the former owner of a foreclosed home had passed away and left two perfectly good cars in the garage.  The bank still hasn’t figured out what to do with them.

Building a good reputation, learning what the industry requires and being able to work with the banks has been the key to the Hosers’ ongoing success.  “The bank might call and say ‘We’ve got a home with a broken pipe that is flooded right now,’ and we would be there immediately,” Hoser said. “Next thing they (the banks) are saying, ‘These guys aren’t too bad.’”

Having inside knowledge can clearly open doors quickly in the property preservation field.   A valuable resource for training those new to the property preservation business is the nationwide franchise, REO ResQ™, run by property preservation experts Frank and Scott Patrick.  They’ve already trained many franchisees in foreclosure trash outs and launched incredibly successful property preservation careers for people who had never done that kind of work before.

Visit www.REOResQ.com for more information.

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 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, 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 more than they need on their coverage.

A valuable resource for training those new to the property preservation business is the nationwide franchise, REO ResQ™, run by property preservation experts Frank and Scott Patrick. They’ve already trained many franchisees in foreclosure trash outs and launched incredibly successful property preservation careers for people who had never done that kind of work before.
Visit www.REOResQ.com for more information.

More foreclosures on the market and more competition in this home category means a whole lot more business opportunity for property preservation companies, the firms that perform foreclosure trash outs to prepare these abandoned homes for resale.

The inventory of foreclosures continues to increase and to reach more record-breaking heights in 2010.  Banks are still dealing with their huge backlog of these vacant homes, as well as all the many new foreclosures still occurring due to the weak economy.  That’s added up to a “perfect storm” when it comes to the incredible number of vacant homes that require foreclosure trash outs.

And, interestingly enough, it’s also become about more than performing those basic foreclosure trash outs.  With REO (Real Estate Owned) properties becoming more and more prevalent – and distressed properties comprising almost a third of all real estate sales so far in 2010 – it’s no longer enough to market a foreclosure whose main selling point is the fact that it’s cheaper than a comparable home being sold by its owner.

Recently, at a property loss mitigation conference, Robert Klein, founder and chairman of property preservation company Safeguard Properties, told a panel that the stakes are much higher now when it comes to getting REO properties ready for sale.  The process is edging closer and closer to what’s required for conventional real estate.

Klein believes that REO sellers have to make their homes comparable to others on the market – and that means upping foreclosure trash outs and property preservation services.  His company has upped the ante – with very positive results.

“They’re doing white glove inspections on these homes, and I tell you what, it pays off,” Klein said. “Every cobweb is going to cost you $5,000. If the potential buyer comes in, they’re going to come up with every excuse to lower the price.”

And sometimes it’s not just what you see…but what you smell.  Any real estate agent knows how a potential home buyer “noses out” a property.   It’s what Klein calls the “making a house smell like fresh baked cookies” concept.  “What we want to create is something that a young couple can visualize taking the property and building a future in the home.”

This upgrade of services obviously requires more from property preservation companies, already enjoying an incredible surge in demand due to the real estate crash and foreclosure crisis.  While many search in vain for employment, property preservation remains the biggest foreclosure business opportunity for anyone searching for a new career direction.

A valuable resource for training those new to the property preservation business is the nationwide franchise, REO ResQ™, run by property preservation experts Frank and Scott Patrick.  They’ve already trained many franchisees in foreclosure trash outs and launched incredibly successful property preservation careers for people who had never done that kind of work before.

Visit www.REOResQ.com for more information.

With a high percentage of joblessness persisting, with fears of a double-dip recession continuing, one business sector continues to thrive – property preservation.

The property preservation business, for those who don’t know, involves performing repairs and maintenance on vacant homes, which have usually been foreclosed upon by the bank or financial institution that holds the mortgage.  These homes frequently have overgrown lawns, broken windows, and other cosmetic damage – they are also often victims of vandalism and break-ins, since the properties are generally unsecured.

The property preservation company will prepare the home, which has usually become an REO (Real Estate Owned) property, to be put back on the market so the REO seller can recoup some of their costs.

Because foreclosures still reaching record highs, property perseveration companies find themselves more in demand than ever.  This trend will continue, as more mortgages are in delinquency than ever before during this unprecedented real estate crash – and the huge foreclosure backlog is finally finding its way to market.

The plain fact is that these millions of vacant properties – all across the country, spanning every socio-economic category – will all require property preservation services.  This involves securing the property, performing what’s called a “foreclosure trash out” (removing all the debris and garbage left behind in the home), and doing all necessary repairs and yard work necessary.  In cold weather areas, winterization is another necessary service, which involves, among other things, draining all water from the plumbing to prevent damage from freezing.

Housing experts are expecting to see a massive amount of foreclosures happen in the final six months of 2010 – a trend expected to continue for the next two years at least.  And, as property preservation is the biggest foreclosure business opportunity available, many people are anxious to start a property preservation company of their own,  either to  start a new career or for extra income.

The reason?  It’s a fairly easy business to get started in and it can be incredibly lucrative, grossing some property preservation companies tens of thousands of dollars a month.   Start-up costs are small (a truck and some basic tools) and experience isn’t necessary.  What is necessary is expert training to enable the beginner to know what is expected from them by the company that owns the foreclosure.

Most often, these are huge financial institutions that expect a property preservation company to understand what they need to do without any hand-holding.  Also, the foreclosure trash out firm needs to know the ins and outs of such critical matters as insurance, documentation and licensing.

While the opportunity is huge, this training is necessary to ensure success in this incredibly in-demand field.

A valuable resource for training those new to the property preservation business is the nationwide franchise, REO ResQ™, run by property preservation experts Frank and Scott Patrick.  They’ve already trained many franchisees in foreclosure trash outs and launched incredibly successful property preservation careers for people who had never done that kind of work before.

Visit www.REOResQ.com for more information.

Foreclosures hit another record high in May 2010 – with experts expecting over 3 million homes to be repossessed this year and next. That not only means more work for agents selling REO (Real Estate Owned) homes – it also means more demand for property preservation services, companies that perform foreclosure trash outs and other important maintenance and repairs to vacant properties.

And part of those maintenance duties involves attending to neglected swimming pools that pose a threat to neighborhoods.

Unfortunately, because there are still so many homes in limbo all across America – the residents have left, but the banks have yet to officially foreclose – tens of thousands of swimming pools aren’t attended to, creating a neighborhood health and safety hazard that becomes markedly worse in the hot summer months.

Teenagers have been known to hold wild parties at the bottom of empty pools of foreclosed homes. Not only that, children can sometimes fall into the pools and get seriously injured. And, even though the pools may be empty, water can still collect in the bottom from rain and sprinklers.

That standing water creates an ideal place for mosquitoes to lay their eggs – and that ends up rapidly producing hundreds of insects that could potentially be disease-carriers as well. One mosquito egg raft produces around 300 new bloodsuckers. That means empty pools in about a five mile radius can end up creating about a million extra mosquitoes.

In San Ramon, a California town that lies east of the San Francisco/Oakland metro area, the mosquito problem has become huge. “We have a real serious problem when people abandon their homes and leave pools unattended,” said San Ramon’s Chief Building Official and Code Enforcement Officer Reggie Meigs.

A public affairs official for the area, Debbie Bass, commented, “I’ve seen pools that look like they are boiling with mosquitoes.” She added, “These mosquitoes are the same breed that carries the sometimes-fatal West Nile virus.” Regularly maintained pools don’t have that kind of insect problem, due to the chlorine-treated water and filtration systems.

Foreclosures, especially larger homes, frequently have many other mosquito-friendly places where the pests can breed. Birdbaths, spas, outdoor vases and flowerpots all collect standing water and end up attracting more mosquito eggs.

The biggest problem, perhaps, is being able to locate these vacant homes to attend to these recurring and dangerous problems. The processing time for foreclosures is becoming increasingly longer, due to the record-setting numbers, and that means more and more homes are “off the radar.”

The immediate need for property preservation companies to perform foreclosure trash outs and other vital tasks such as pool maintenance is obvious. Demand for these companies is already at an all-time high and a proven lucrative career choice in these tough economic times.

A valuable resource for training those new to the property preservation business is the nationwide franchise, REO ResQ™, run by property preservation experts Frank and Scott Patrick. They’ve already trained many franchisees in foreclosure trash outs and launched incredibly successful property preservation careers for people who had never done that kind of work before.

Visit www.REOResQ.com for more information.

It’s estimated that almost 4 million homes will receive foreclosure notices in 2010. And with the unemployment picture not brightening all that much, 2011 doesn’t look that much better. Research shows that one foreclosure occurs for every six to ten jobs lost – and that, more than underwater mortgages, is driving the current mortgage delinquencies.

Now that summer is here, the foreclosure crisis is showing growth in another area – uncared for lawns and gardens.

In the southern Chicago suburb of Oak Forest, resident Len Zabawa keeps his lawn neatly trimmed. But the yard next door – which belongs to a foreclosure that’s been empty for over a year – has become an overgrown eyesore.

“The yard is starting to look like a jungle,” Mr. Zabawa commented, according to a story in “The Chicago Tribune.” “I think it’s impossible to run a lawn mower over it now. It’s a real shame that nobody takes care of it.”

In the Springfield, Missouri area, similar complaints echo in high foreclosure areas. The Springfield News-Leader talked to Don Duncan, the city of Ozark’s code enforcement officer. Duncan said that high grass on vacant or foreclosed property turned into a big issue last year for the city. On average, he gets 20 phone calls a week from residents complaining about grass that has grown past the 10-inch limit.

“Our problem is, there’s a lot of people who have been foreclosed on and before the bank takes (a property) over, there’s a long period of time,” Duncan told the newspaper. “Trying to find somebody to take responsibility is what’s been really tough.”

Gainesville, Florida? Yet another problem spot for the rampant overgrowth of tall grass. Planning Director Rusty Ligon says that weeds and grass are growing out of control on some empty properties. And he faces the same problem that other cities all across America have – finding the responsible party for foreclosed homes that are in limbo.

Once a property preservation company has been hired to perform a foreclosure trash out, they usually have the added responsibility of regularly mowing the lawn and maintaining the home to the local housing codes. This enables the home to keep up appearances and prevents the appearance of a whole neighborhood falling into disrepair.

Many lenders are delaying foreclosures to allow the borrower time to apply for a loan modification or attempt a short sale. Many times the borrower simply gives up during the process and abandons the home. It is during this period of time in which the home is not yet foreclosed on and the borrower is not caring for it that the lawns get out of control.

Many in the industry speculate that some lenders are procrastinating when it comes to foreclosing on these properties even after they know that the borrower has given up and has no intention of continuing to maintain the property. Since the owner has abandoned the property and the lender has not taken it back, the grass and weeds grow out of control. But blaming the banks is far from the whole answer – the unprecedented flood of foreclosures has left them overwhelmed.

“Overall the banks seem to be cooperative,” said Romeoville, Illinois Mayor John Noak. “The problem is sometimes banks don’t even know what they own.” What is clear is the also-unprecedented need for more property preservation companies in the coming months.

A valuable resource for training those new to the property preservation business is the nationwide franchise, REO ResQ™, run by property preservation experts Frank and Scott Patrick. They’ve already trained many franchisees in foreclosure trash outs and launched incredibly successful property preservation careers for people who had never done that kind of work before.

Visit www.REOResQ.com for more information.

Foreclosures are still everywhere in the news – and all across this country’s neighborhoods.

Recently, the long-running CBS news hour “60 Minutes” profiled average Americans who, because of the real estate crash, now owed more than their homes were worth – and were preparing to walk away from them. JP MorganChase has also warned its investors that this trend is mushrooming.

Not only that but the number of foreclosures is expected to skyrocket in the last half of 2010, as mortgage defaults continue to rise and the shadow inventory of REO homes makes its way to market.

This, of course, means a great deal more opportunity for companies that perform foreclosure trash outs – as property preservation is increasingly seen as the biggest foreclosure business opportunity. Profits for these companies, both big and small, continue to increase nationwide.

Unfortunately, neighborhoods that have experienced multiple foreclosures have suffered declines in property values and quality of living, due to these vacant homes falling into disrepair and becoming unsightly and unsafe. Even homes that have been secured by property preservation companies can still end up being vandalized or become targets for arson or copper pipe theft.

One national property management company, Safeguard, has found a way to not only help its local property preservation contractors maintain their homes, but also to market their services. Safeguard partners with cities and local governments to combat foreclosure blight, and, at the beginning of 2009, began its “Good Neighbor Door Hanger Initiative.”

The company leaves door hangers on properties next to secured vacant properties on which it had performed foreclosure trash outs. The door hanger provides a toll-free number for the neighbor that they could call, if they happen to see either illegal activity or a maintenance problem. The call center for the toll-free line is open around the clock.

This has resulted in an astounding 1200 phone calls per day from concerned homeowners, helping property preservation companies deal with problems that could result in damage to the home or citations from officials who enforce housing codes.
“The correlation between vacant properties and criminal activity has been well documented in communities nationwide,” says the company. “This ripple effect drastically reduces the servicer’s collateral in their assets and wreaks havoc on the communities where the properties exist.”

By being a good neighbor, property preservation specialists can both help communities stay safe during this continuing foreclosure crisis, as well as and increase their business. That’s a big win-win for all concerned.

A valuable resource for training those new to the property preservation business is the nationwide franchise, REO ResQ™, run by property preservation experts Frank and Scott Patrick. They’ve already trained many franchisees in foreclosure trash outs and launched incredibly successful property preservation careers for people who had never done that kind of work before.

Visit www.REOResQ.com for more information.

Once again, in the first quarter of 2010, an overwhelming number of foreclosures hit the housing market. A record number is expected again in the last quarter of 2010. And local lawmakers all across the country are moving to force the banks and financial institutions who are taking possession of these homes to perform the necessary property preservation services in a timely fashion, in order to prevent them from taking down whole neighborhoods with them.

In Ocala, Florida, for example, the city council grew weary of complaints about overgrown yards, uncovered swimming pools turning into green cesspools and vacant homes either being broken into or getting vandalized. So they joined the 38 other communities in the Sunshine State by passing an ordinance obligating the banks, most of which are located out of state, to register the abandoned homes and hire property preservation companies to maintain the homes and keep them in compliance with city code.

“This is so common in Florida now,” said John Cary, the city’s community services legal advisor. “I don’t anticipate there being a problem with most banks.”

Meanwhile, the state of Colorado has taken a different approach that will undoubtedly keep their property preservation companies even busier. A new bill will speed up the process it takes to get a foreclosure to market for a sale, in order to prevent homes from sitting vacant too long and growing increasingly into a neighborhood eyesore.

“Abandoned homes can quickly turn a family-friendly neighborhood into a safety hazard for children, a magnet for crime, and a drain on the property values of nearby homes,” said Gov. Ritter. “(The bill) will cut in half the time it takes to sell an abandoned home in foreclosure.”

In Los Angeles, the problem is the same as in Colorado and Florida – too many foreclosures that have not had the proper property preservation trash out services. The city council there is also about to pass an ordinance similar to Ocala’s that forces the owners of foreclosures to maintain homes within the city code before they fall into disrepair.

These lawmakers are not alone. All across the country, communities are getting increasingly frustrated at trying in vain to contact huge financial institutions that are failing to keep abandoned homes in acceptable condition. As foreclosures continue to dominate the real estate landscape and legislators are forced to take more and more action, it’s clear that property preservation companies will be in more and more demand – even as many of them are already working 7 days a week to handle the overload of foreclosure trash outs.

A valuable resource for training those new to the property preservation business is the nationwide franchise, REO ResQ™, run by property preservation experts Frank and Scott Patrick. They’ve already trained many franchisees in foreclosure trash outs and launched incredibly successful property preservation careers for people who had never done that kind of work before.

Visit www.REOResQ.com for more information.

In the first quarter of 2010, there were more foreclosures recorded in the USA than there had ever had been before – since they began keeping statistics on them. Although numerous economists continue to claim the Great Recession is over, the housing market is still plagued by a giant backlog of foreclosures that is just finally beginning to be dealt with.

That means at least several more years of big opportunity for those in the business of securing, repairing and performing trash outs on these foreclosures – the property preservation business.

Banks are finally publicly recording the millions of homes in default that formed the “shadow inventory” of foreclosures that had been held back from market. The government has also decided to help streamline the foreclosure process by changing its definition of what a foreclosure is.

On Friday, April 2nd, HUD decided to classify any property that is at least 60 days behind on the mortgage or the property owner is 90 days or more delinquent on tax payments as a foreclosed home.

Not only that, but HUD is also expanding the definition of an “abandoned” property. Now included are houses where no mortgage or tax payments have been made by the property owner for at least 90 days – or a code enforcement inspection has determined that the property is not habitable and the owner has taken no corrective actions within 90 days of notification of the deficiencies.

HUD is doing this because neighborhoods continue to be in danger from the sheer number of homes that aren’t “technically” foreclosures. These homes, that become dangerously rundown from being vacant, foster crime, lower local property values dramatically and become a physical safety hazard for children and even adults who live in the area.

In the past few years, bureaucratic roadblocks and slow foreclosure processes have created this overload of abandoned properties. Now, the sheer numbers have forced authorities both in the government and the financial sector to record these homes as foreclosures faster and hire property preservation companies and mortgage field service companies to do a trash out and rehabilitate them as soon as possible.

This means the foreclosure business opportunity for everyone in the property preservation industry will grow even bigger than it has before, with more foreclosures hitting the market and more record-setting numbers predicted to hit by the end of 2010. Many just entering this lucrative field who get the proper expert training find themselves making up to 5 figures a week.

A valuable resource for training those new to the property preservation business is the nationwide franchise, REO ResQ™, run by property preservation experts Frank and Scott Patrick. They’ve already trained many franchisees in foreclosure trash outs and launched incredibly successful property preservation careers for people who had never done that kind of work before.

Visit www.REOResQ.com for more information.

In the past few years, as the huge number of foreclosures broke record after record, many of those affected by unemployment and the Great Recession found a new and profitable career by beginning property preservation field services companies that serviced, secured and performed trash outs on foreclosed homes. Those people quickly found out that property preservation is the biggest foreclosure business opportunity.

After a minor lull in both foreclosures and REO (bank-owned properties) listings towards the end of 2009, due to both government attempts to help homeowners in default on their mortgages and the banks’ reluctance to foreclose during the holidays, it appears that 2010 is headed to be another record-breaking year for foreclosures.

March of this year shattered more records for the number of foreclosures and at least two major banks, JPMorgan Chase and Bank of America, have reportedly projected huge increases in their REO properties by the end of this year.

Not only that, but government-sponsored mortgage firms Fannie Mae and Freddie Mac are also preparing for a big surge in foreclosures. Freddie already held 45,000 foreclosed properties at the end of 2009, while Fannie held 86,000 in its portfolio, figures that have doubled in the past two years and look to increase further in the coming weeks.

“Although we have expanded our loan workout initiatives to keep borrowers in their homes, we expect our foreclosures to increase in 2010 as a result of the adverse impact that the weak economy and high unemployment have had and are expected to have on the financial condition of borrowers,” said a report from Fannie Mae.

It’s clear that now, more than ever, the demand for property preservation specialists and foreclosure trash outs will be greater than ever before. And that means the opportunity is greater than ever. Start-up costs for a property preservation business are minimal, and those who receive the proper expert training can have a property preservation company up and running in a matter of weeks.

What’s the potential pay-off? In some cases, up to $10,000 a week and up to $60,000 a month for those willing to learn the ropes and put in the work, especially if you live in or near a high-foreclosure rate area.

REO sales (homes that have already gone through foreclosure) now account for almost a third (29%) of all home purchases. In places like Las Vegas, it’s almost 50%. That’s an incredible amount of homes that require property preservation services and foreclosure trash outs – as well as an incredible amount of opportunity for those willing to try the business.

A valuable resource for training those new to the property preservation business is the nationwide franchise, REO ResQ™, run by property preservation experts Frank and Scott Patrick. They’ve already trained many franchisees and launched incredibly successful property preservation careers for people who had never done that kind of work before.

Visit www.REOResQ.com for more information.