Agents/Vendors

The Booming Business of Foreclosure Cleanouts

When a bank forecloses on a home, they may also be responsible for possessions or trash the former owner leaves behind. Usually, a bank will hire a contractor to take care of the cleanout. Foreclosure cleanouts can be a lucrative business with some contractors earning between $500 and $2,500 per property.

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1 year ago

How Asset Management Companies Work

(Real Estate Owned) REO refers to properties that have been foreclosed by a bank. If a property is not sold at a foreclosure sale, the bank may contract an REO asset management company in order to sell the home at market value to a real estate investor.

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1 year ago

Becoming An Approved REO Asset Management Vendor

Asset management contractors are responsible for maintaining foreclosed properties for banks and property preservation companies. Contractors may work independently or for a property asset management firm.

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1 year ago

How to Become a  REO Vendor for a Bank

Foreclosure properties are often purchased by the bank at auction if the asking price is not met. For banks, the responsibility of maintaining or rehabbing a property in order to sell it quickly is key, therefore they depend on outside vendors to provide maintenance and renovation services.

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1 year ago
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