Foreclosure Clean out
I just started a foreclosure clean out business in Louisiana, and need a little help finding REO agents
I use to run the exact same kind of business. Nice. I would do 2 things to get connected to agents.
1 Go down to the local board of realtors and get on their associated members list. Will probably cost you some money.
2 Walk into the different brokers offices in your area with cards and tell them about yourself.
I did both of those and got biz from both ways.
Keep in mind that when you dealing with banks, you will more than likely be required to carry a million $ insurance policy.
Originally posted by @Account Closed:
Keep in mind that when you dealing with banks, you will more than likely be required to carry a million $ insurance policy.
Which you should anyway.
Also remember this is property preservation work. The Agents and banks won't care what your insurance policy states as long as you have 1/2 million coverage. Your insurance company however will certainly care about what work you are doing. My previous insurance company for instance would let me carry a 1/2 landscaper policy, which let me do a huge array of things associated with this. Obviously mowing, trimming and general exterior appearances were on the list. It made no difference on the client. I could do estate cleanouts and winterizations under this policy but could not even smell the inside of an REO. Even simple things like changing locks fell under PP and put me at serious risk of violating my policy. Actual PP policies are about 3x more expensive than a basic policy and very difficult to come by. I can't see much REO work in my area this year (Limited Lis pendens notices) so I will not renew my PP insurance and defer any contacts to an associate, but if I chose to renew, this would be my fourth year with the company without any form of insurance claim ever in personal or business. My cost is still around $1700 for 1/2. The real kicker is the Errors and Omissions that PP carries. Forget to drain a baseboard HW heater on a second floor and you will regret skirting the PP policy. The Nationals will back charge you for missing a paint chip in a $25 inspection of a condemned house. They will really rip you to pieces for a larger screw up.