Foreclosure Trash Outs: There’s A Reason We Need Property Preservation
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by: MattCBA
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Property preservation is the biggest foreclosure business opportunity for a reason. With millions of home foreclosures happening on a yearly basis since the start of the housing crisis, there is no shortage of work available for anyone specializing in doing foreclosure trash outs.
In addition, some homeowners, while exiting their foreclosure property, are only too happy to add to a property preservation company’s “to-do” list.
It’s no secret that many people, when they face foreclosure, do some damage to their homes before they are forced to leave. Maybe they’ll kick a hole in the wall, steal a built-in appliance, or leave a lot of trash lying around. In most instances, the damage is to minor for anyone to pursue legal action – it’s up to a foreclosure contractor to handle it.
But one Southern California couple took things to a whole new level that landed them in hot water with the law. Which is ironic, as the husband was, in fact, a police officer.
San Diego police offer Robert Acosta, and his wife, Evette Acosta, were charged in late September with both destroying and stealing items that were attached to the mortgaged property, with intention to injure or defraud. They could spend up to 4 years in prison.
Court records show that the San Diego Metropolitan Credit Union gave the Acostas until July 1 to leave their home, which was in the foreclosure process. The Acostas actually left a few weeks before that, and not quietly; a witness said in a statement that, on June 12, he saw the couple removing air conditioners and other appliances from the home – including an entire garage door!
Not only that, they went out of their way to do some serious damage to what they left behind. The felony charges against the Acostas state that stones were smashed off the facade, the carpet was ruined with dye, wiring was ripped out and trees were thrown into the swimming pool.
What prompted this level of destruction? Well, in emails provided by the credit union, the police officer’s wife was demanding $10,000 in return for the couple leaving the home without argument and in good condition. The credit union refused – and the Acostas allegedly went on their rampage in retaliation.
But they still don’t win the foreclosed home demolition derby. That honor belongs to Terry Hoskins of Moscow, Ohio – who actually bulldozed his home back in February and leveled it to rubble before the banks could get their hands on it.
Damaged foreclosed homes are providing a lot of work – and income – to those ready to take advantage of this growing market. A valuable resource for training those new to the property preservation business is the nationwide franchise, REO ResQ™, run by property preservation experts Frank and Scott Patrick. They’ve already trained many franchisees in foreclosure trash outs and launched incredibly successful property preservation careers for people who had never done that kind of work before.
Visit www.REOResQ.com for more information.
About the Author
Frank Patrick began his real estate career in 2000 after a 12-year stint in corporate America as a sales manager. As a new real estate agent Frank knew that he wanted to find a niche within the real estate industry. After months of research Frank decided to specialize in REO, an acronym for bank owned foreclosed homes. Frank quickly became one of the top REO agents in the nation averaging over 100 transactions per year for the last 8 years. In 2007 Frank’s production soared to over 214 sales. In 2004 Frank and his brother Scott Patrick started a property preservation company to offer maintenance and repair services to banks with foreclosed homes. Frank’s solid understanding of the REO industry and Scott’s 20+ years in the construction business was a recipe for success. This year their property preservation business is on track to gross over one million dollars in revenue. Today Frank manages his REO Real Estate Brokerage, REO Renegades an REO agent training business, his trade association The American Society of REO Specialists and is developing a national Franchise Property Preservation company, REO ResQ. For more information please visit http://www.REORESQ.com
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