How to Earn More Money in Your Foreclosure Cleanup Business / REO Trash Out Business
With more and more banks closing each day across the U.S., failed banks can be a huge source of new
contracts for smaller foreclosure cleanup businesses / REO trash out businesses; but many smaller
businesses simply are not taking advantage of this gold mine.
With more and more banks closing each day across the U.S., failed banks can be a huge source of new contracts for
smaller foreclosure cleanup businesses; but many smaller businesses simply
are not taking advantage of this gold mine.
Read on and learn how to reach out to these companies so you can grow your business ...
Valuable Tip
In my meeting with an FDIC executive some time back, I was urged to make direct contact with failed banks for
foreclosure cleanup work in my geographic area. I was modifying one of my investment
property loans ... the mortgage company had been taken over by the FDIC (a noted Atlanta bank).
My personality is simply to ask questions, so we started talking shop as I was awaiting the new loan papers. The
executive indicated many of the "acquiring institutions" (banks that ultimately
takeover a failed bank's assets) are simply overwhelmed. The FDIC is the receiver of these failed financial institutions, but they are ultimately acquired by other banks because everyday banking business must continue for a failed organization's customers.
Larger Property Preservation Companies Simply Can't Handle the Volume
He said often the FDIC and these acquiring institutions use larger property preservation companies to handle maintenance
of the failed bank's real estate assets. But these big property preservation companies are, in many cases, simply taking too long
to handle all the requests for foreclosure cleanup work because they are overwhelmed with the number of properties.
Your Smaller Company is Needed as More and More Banks Fail Across the U.S.
These larger companies are increasingly behind on inspections, repairs, appraisals, yard maintenance, foreclosure cleanup and the like. That's good news for the smaller foreclosure cleanup company that has its ducks in a row: proper registration, license and insurance.
Where to Find Failed Banks & the Companies Who Handle their Foreclosures & Homes in Trouble
To find failed financial institutions throughout the U.S. (with complete contact info for the acquiring banks), visit the FDIC's
website (FDIC dot gov), which lists failed financial companies and the details of the bank failures.
Locate the ACQUIRING INSTITUTION of the failed bank. Make contact with them and ask them if you can send them
some info about your foreclosure cleaning company. Tell them what you do and how you can begin helping the acquiring bank immediately with their cleanup and maintenance needs. In some instances you will not readily see the acquiring bank's information, but poke around the website a little and find what you need.
Build Your Roster of Failed Banks and Grow Your Business
Start building a roster of failed banks and their acquiring institutions in not just your geographic area, but other areas of the
country as well. Many of them have tons of foreclosure inventory across the
U.S. Stay in touch with them to grow your business (win "mind share," remember). Visit the FDIC's website often to find newly closed banks
and send the acquiring company your business info.
Continued success with your foreclosure cleaning business!
NOTE: Throughout the web/internet and in real estate industry literature, you may see the terms mortgage field services, property preservation business, foreclosure cleanup, foreclosure cleaning, foreclosure clean-outs, foreclosure clean, clean foreclosures, cleaning foreclosures, REO trashout, REO trashouts, field asset services, property field services, field service, and field services used interchangeable. The main thing to remember is foreclosure cleaning and foreclosure cleanup generally refer to smaller entities; while property preservation generally refers to larger companies.
