The Business of Foreclosure Cleanouts
Foreclosure Cleanouts is a fantastic business. The general public refers to cleaning foreclosures as foreclosure cleanouts. A foreclosure cleans out is known in the industry as a trashout. A trash out is a real estate insider term.
Contractors that services foreclosures properties are known as Property Preservation Contractors. Property Preservation Contractors is a real estate insider term.
There is no specialized knowledge needed to be a Property Preservation Contractor. The skill that is needed to be a property preservation contractor is common sense.
When completing trash out on a property that went through the foreclosure process and the owners of the property lost the property at an auction sale and the property became an REO property.
You will receive an order to complete the trash out on the mentioned property. Upon receiving the order to complete the property. You go to the foreclosed property to complete foreclosure clean out. When you arrive at the property you see that the property is fully furnished.
Your radar should immediately go up. You have to notify the real estate listing agent that gave you the order. If there are valuables in the property over a certain amount.
The amount of valuables is going to vary from state to state. In some states, the amount of personal property in the house is not to exceed five hundred dollars.
When you arrive at a property and the value of the personal property is over five hundred dollars. You should not complete the foreclosure clean out or the trashout.