Cleaning Services for Bank Foreclosed Houses

Bank foreclosed houses brought misery to thousand of homeowners but benefitted others such as investors and homebuyers looking for affordable homes and companies that provide cleaning services. But they are not just ordinary cleaning providers. They specialize in cleaning up repo properties.

Cleaning providers have joined others in making a profit from the real estate foreclosure market, including attorneys and real estate agents. These companies have been in operation for some time now, but it was only in the last two years that their business boom just as the housing market started to crash.

And these cleaning companies are expecting further increase in business now that foreclosure moratoriums have been lifted. In Nashville, Tennessee, cleaning services are on the rise as the number of delinquent homeowners keeps on increasing.

According to First American CoreLogic, an industry research firm, an estimated 4.2 percent homeowners with outstanding mortgages are 90 days or more behind in their payments. The figures jumped from 2.8 percent the previous year.

Statewide, 10,362 foreclosure filings were registered in Tennessee in the first quarter of this year, representing a 2 percent rise from last quarter and 16 percent increase from the same period in 2008.

The same first quarter data showed that Tennessee accounted for about 1 percent of the total 803,489 homes with filings of foreclosures in the United States. The state was placed on the 17th spot among places with the highest number of foreclosure filings during the first quarter. The figures represented a one per 263 homeowners who received notices of default and auction.

According to some cleaning providers, it is unfortunate that they profit from the misfortunes of others. But in the real estate foreclosure market, somebody has to do the dirty job and the task goes to these cleaning providers.

Operating a foreclosure cleaning business is also fraught of challenges. Most of the cleaning crew enter the bank foreclosed houses by breaking open the locks. They would take pictures of the inside of the foreclosed property. Most banks would not pay their services unless they show pictures of every appliance they took out of the repossessed home and every lock they changed.

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• Why a Repo Property for Sale in Florida Is Good Investment
• 1.5 Million Houses on the Brink of Foreclosure
• Bank Foreclosed Homes Maintenance Program in Florida