Foreclosure Cleaning Business Q&A re: Bank Accounts and Quizzes

Nov - 15

Foreclosure Cleaning Business Q&A re: Bank Accounts and Quizzes

Foreclosure Cleanup Business Newsletter Excerpt: Below is an excerpt from our latest Foreclosure Cleanup Business newsletter. Sign up for your free copy here:

Q&A re: Bank Accounts and Property Preservation Quizzes

Hi Cassandra. I’m recently in the process of starting my own foreclosure clean up business and I’m also a subscriber of your newsletter. I was told and been reading that there is a possible chance that I may have to take a property preservation quiz. I want to know how I would know what kind of questions would be on the test and how can I find the information to study so I can prepare myself for the quiz. I would be more than grateful if you could point me in the right direction. And I would also like to know if a business bank account would be the proper solution to getting when I receive business. Thank you and have a nice day. T.P.

Answer: Hi T.P. Yes, you will need a business bank account. Open that immediately after you get your business license. Banks will ask for your business registration info.

Ask about a low-cost and free checking account for your biz. Most will have a small monthly fee, but you don’t need an account with bells and whistles and ridiculous fees. You just want to be able to deposit company checks.

When I first opened my biz account, the bank employee assisting me added on a service I did not request. I didn’t notice it until I got my first statement. It was an additional $15 per month for them to go in and analyze my account each month — some fraud preventive promo. I never requested or agreed to that, but they slid it in.  I promptly asked them to remove that service and refund my $15 bucks. Remember, “plain Jane” account is all you need.

Quizzes: Here’s an editorial to guide you about property preservation quizzes: Also, do a little digging around online on your own for existing property preservation quizzes so you are better prepared when time to take the test. Many just want to know you are generally familiar with standard guidelines.* A great deal of companies will NOT have a quiz, but many will.

Good luck to you!    Cassandra,


Related Articles

Look for more Questions & Answers like the one above in coming issues. In the meantime, here are links to some related editorials on the Jobs Blog and on the Foreclosure Cleanup Industry website:

•How to Tap Larger Firms to Grow Your Foreclosure Cleanup Business,

•How to Pass a Property Preservation Quiz for REO Trash Out and Foreclosure Cleanup Subcontracting Jobs,

•How to Earn More Money in Your Foreclosure Cleanup Business / REO Trash Out Business,

*Related Product: Contains many HUD standard guidelines: The Pricing Guide,