If you are a contractor in the real estate services industry, adding property inspections to your list of services can bring in additional profits, quickly, to your business. Below is a quick list of some of the types of inspections being performed by foreclosure clean-up and mortgage field services companies today.
There are several forms of inspections in the foreclosure clean-up, property preservation, and mortgage field services industries. To successfully add inspections to your list of services, educate yourself about the types of inspections needed, turnaround times, intricacies of forms associated with specific reports and ultimately the client’s overall need as it relates to specific inspecting reports.
Various Inspections in Mortgage Field Services Industry
Below is a quick list of some of the types of inspections being performed by foreclosure clean-up and mortgage field services companies today.
- Verification of Occupancy Inspections
- Property Condition Inspections
- Initial Vacant Property Inspections
- Vacancy Inspections
- Collections Inspections
- Delinquency Inspections
- Disaster Inspections
- Drive-by Inspections
- Foreclosure Inspections
- Hazard Inspections
- Insurance Loss Inspections
- Interior Inspections
- Mobile Home Inspections
- Commercial Property Inspections
- Environmental Inspections
- Equipment Inspections
- Freddie Mac Inspections
- Walk-Thru Settlement Inspections
- Apartment Inspections
- Commercial Hazard Inspections
- Pre-Purchase Inspections
Inspections are Very Different
Though many of the inspections listed above may sound very similar in nature, they are each very different and may have very different uses for the client.
Foreclosure Cleanup Inspections
Below is a general overview of some of the inspections larger property preservation companies may ask you to perform as a foreclosure clean-up vendor:
Occupancy Inspections. The main purpose of this viewing of the home is to determine whether or not someone is actually occupying the property. The condition of the home and any potential conditions that may have an impact on the home or property’s condition will also be noted in this type of reporting.
Bankruptcy Inspections. This is a process where the property preservation company wants to know if the occupancy status and condition of the home will affect the value. The inspector will NOT contact the occupants directly, but rather the person doing the inspection will try to verify whether or not someone is living in the home by speaking with another party, such as a neighbor.
Foreclosure Inspections. This is a process where the physical condition of a home or property is documented, in addition to notations as to whether or not a home is secured, whether or not the utilities are active, and notations of maintenance required for the home.
Rush Inspections. This process is usually required to be completed in shortened periods of time (for example, from one to three days). The “rush” timeframe will depend on the client’s needs.
Only Perform Inspections You’re Comfortable Completing
Remember, each property preservation company, or mortgage field services company, you choose to sign on with as a foreclosure cleaning vendor will offer various services, including inspections, for which you can sign up to complete.
As a rule of thumb, don’t sign up to complete inspections you’re not comfortable completing. In the “services offered” section of a property preservation company’s or mortgage field services company’s vendor application, list only the duties you know you can perform well as a foreclosure cleanup business. Also list those services you know you can perform timely, and, most importantly, list those services for which you know you can make a healthy profit.
Good luck registering your foreclosure clean up business with property preservation companies and mortgage field services companies for inspection jobs.
Property Preservation Directory: For a list of mortgage field services companies, REO companies and property preservation companies with which to register for foreclosure cleanup work (with direct vendor job links), see the 2015-2016 Property Preservation & Real Estate Industry Contracting and Subcontracting Directory, 4th Edition.
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Cassandra Black is a Foreclosure Cleanup Business Consultant, the Author of How to Start a Foreclosure Cleanup Business, and several foreclosure cleanup industry and field asset services Guides, Reports and Forms available via Stone Cottage Books and Amazon. She is also CEO of Foreclosure Cleanup, LLC. Follow Cassandra and Foreclosure Cleanup, LLC on Twitter.