HUD DECLARES PROPERTY PRESERVATION OPPORTUNITY WILL INCREASE
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by: MattCBA
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A national conference on property preservation was held in Washington D.C. in early November – and it was clear that government is very aware of the growing need to clean out and service foreclosure properties quickly and efficiently. Foreclosures are on track for another record-setting year and skyrocketing unemployment is sure to create even more distressed properties.
At one panel discussion, the U.S. Conference of Mayors, a nonpartisan group that represents cities with populations of over 30,000, sent out an industry warning that unemployment – and foreclosures – will continue to soar in 2010, causing more and more distressed properties to require field services, in addition to the many homes already in this situation. Some municipalities may experience unemployment as high as 15%, according to the organization – and homeowners simply won’t be able to keep up with their mortgages.
Meanwhile, HUD, the U.S. Department of Housing and Urban Development, is spearheading new ways of speeding up the servicing of foreclosure properties so homes don’t fall into complete disrepair and bring down entire neighborhoods with them. This will enable property preservation companies, as well as other firms that deal with foreclosures, to quickly reclaim expenses from the Federal Housing Administration (FHA).
Representatives from HUD said that servicers should take the risk and get any necessary work done on the property, without submitting an approved bid first. HUD is also going to make the entire expense submission process electronic with the release of a massive new computer program, the P260. That program is expected to launch in 2010.
With government agencies finally paying attention to the growing need for fast and effective foreclosure field services to prevent a massive pile-up of distressed properties, it’s clear that property preservation continues to be the biggest foreclosure business opportunity in this tough economic time.
For those interested in finding out how to start a property preservation company, one resource is the nationwide franchise, REO ResQ™, which is currently training new franchisees all across the country.
About the Author
Frank and Scott Patrick, brothers who have years of experience in the property preservation field, have already trained many newcomers to the business with great success. The inside knowledge they have of such complex issues as licensing, insurance and how to best deal with REO sellers to build good word-of-mouth, is invaluable to anyone wishing to enter this lucrative field. To find out more, visit www.REOResQ.com for all the details.
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