The housing market is improving. Or it isn’t, depending on where you live and which numbers you look at! What is known for certain is that there are still a record number of REO properties and foreclosures on the market.
Many of these properties are currently in various stages of preparation for eventual sale. As a result, there is a growing need for foreclosure clean outs in these properties.
Realtors Need Foreclosure Clean Out Services
The unfortunate reality is that many of these homes are not left in the best condition by the previous occupants and need a lot of work before they are ready to market.
Historically, it has been demonstrated that former mortgagees have no incentive to have a foreclosed residential property left in salable condition when they leave the home. In fact, most foreclosures are often found with trash and property that the previous homeowners failed to remove.
Yet, even though the current number of new foreclosures in California has dropped, the actual number of foreclosed homes waiting to be sold remains high.
According to a post on SFGate's "Home Guide" the problem is a reluctance to sell immediately:
Ideally, a foreclosed home will be repossessed and then resold quickly, usually at an auction sale. In California, lenders can sell homes they're foreclosing 21 days after they first officially notify subject homeowners that their properties are going to be sold off. However, foreclosing lenders aren't obligated to immediately sell homes they repossess and, indeed, many such homes linger. In fact, foreclosed homes sometimes sit in what's known as a shadow inventory for years before they're sold.
"Shadow inventory" describes foreclosure homes not yet available for purchase on the market. Mortgage lenders sometimes fear depressing resale prices of foreclosed homes if they put too many of them up for sale at once. If there are many foreclosure homes available at one time, a buyer's market may form, resulting in lower sale prices. In 2013, foreclosed California homes spent about 34 months or nearly three years in shadow inventory before they were sold, according to the "Inman News" real estate website.
A Foreclosure Clean Out Doesn’t Need to be Done by the Realtor
Foreclosed homes need a lot of preparation before they are ready for an open house. Many Realtors and banks with a large inventory of properties find themselves with a need to hire a foreclosure clean out service. Typically, this includes hauling away old furniture, appliances, unwanted items and other debris that was left behind.
Because of the complex and time-sensitive nature of REO, short sale and foreclosure transactions, banks often need cleaners on short notice and the clean out work needs to be completed with a strict turn-around time-frame. Oftentimes, foreclosed properties require a lot of work before they are in selling condition.
Getting Foreclosure Clean Outs the Right Way
Because many foreclosed home are usually sold in an "as-is" state, this means the foreclosing institution doesn’t make any major repairs. But a smart Realtor knows that it is still a necessary task to clean out the property prior to staging it for an open house and subsequent sale. And because of the nature of the work involved, really smart Realtors know that it is strategic and cost-effective to outsource the work to a professional foreclosure service like Junk King.
A professional firm will offer a number of services to protect and preserve your collateral throughout the period of the foreclosure process and up to the sale of property. They understand the needs of Realtors and real estate professionals and are knowledgeable of investor/insurer guidelines in order to ensure that all work is completed in accordance with the applicable specifications.
Getting the Best Team for Foreclosure Clean Out Jobs
Once you decide to outsource the house cleanup part of your real estate deal, you need to determine which firm is the right one for the job. And while you can certainly find plenty of guys with trucks willing to do the job, choosing that alternative may end up costing you more than you hoped to save.
This is why Junk King really is the firm of choice. Junk King provides an efficient, safe and eco-friendly residential trash removal service so you don’t need to worry about the pick up or disposal of household items and debris after the sale is complete.
Our team specializes in large waste removal and furniture hauling. We can be on location in mere minutes, so call us today! Our crew is fully insured and well-trained, so you can trust them to get rid of your unwanted items in a professional and courteous fashion.
One of the best things about hiring Junk King is that we recycle a much of the material we pick-up. This is proof of our commitment to being an eco-friendly removal service. If you have questions about what we do or what we believe, give us a call at (707) 744-4254.
