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  1. #1
    Join Date
    Mar 2007
    Location
    Oregon
    Posts
    2,365

    Default uptick in work from foreclosure listings?

    Is anyone else seeing more work for inspections on foreclosure listings? As in, you're basically hired by the bank but usually via a listing agent. I've been seeing a pretty steady increase in these to the point where I've done 30 or so jobs over the last couple months.

    They all request a Pest & Dry Rot (here in Oregon HIs do this along with the general inspection) and some also want roof inspections and even a few HVAC inspections. It's kind of a bitter sweet thing. The work is flexible since I just get a door code and can do it anytime I want. The downside is the houses are trashed and nasty. Also, a lot of the ones I'm getting are pretty far out of town but they seem to be willing to pay a decent fee.

    It's funny how "cutting edge" the banks are. Let's see.... it took them about 5 years to figure out they should start actually looking at what they own before trying to sell it. Nothing like being on top of things.

    I'm curious if this is going on anywhere else?

    NHIE Practice Exam

  2. #2
    Join Date
    Mar 2007
    Location
    Knoxville, TN
    Posts
    2,445

    Default Re: uptick in work from foreclosure listings?

    If they are doing them, they are not calling me. I haven't done a bank inspection for years and years.


  3. #3
    Join Date
    Mar 2007
    Location
    Plano, Texas
    Posts
    4,170

    Default Re: uptick in work from foreclosure listings?

    Not here. We have a shortage of homes on the market. If there were any foreclosures available here (shadow inventory) the banker sitting on them should be shot. Homes are going for above asking price and many have multiple offers the day they hit the market.
    My biggest issue is the short option period agents are using in order to sweeten the offer.

    Jim Luttrall
    www.MrInspector.net
    Plano, Texas

  4. #4
    Join Date
    Mar 2007
    Location
    Spring City/Surrounding Philadelphia area
    Posts
    3,473

    Default Re: uptick in work from foreclosure listings?

    I do a handful of inspections on bank owned properties per year but I'm never contacted by the bank. They typically have an REO company who handles the property and that is who contacts me for the inspections. Yes, the scheduling is on your time when it works for you and nobody is there with you but most of the houses are a mess. Oh well. It's a check.

    "It takes a big man to cry. It takes an even bigger man to laugh at that man". - Jack Handey

  5. #5
    Join Date
    Aug 2011
    Location
    Bennett (Denver metro), Colorado
    Posts
    1,394

    Default Re: uptick in work from foreclosure listings?

    We have plenty of foreclosures around these parts, but banks don't do many formal pre-sell inspections. A few years ago I was hired to inspect a four unit for a bank. In one of the apartments, I found evidence of a meth lab. In my subsequent "de-briefing" by the bank, it became evident that they were aware that the renters had been busted. I came away wondering if the bank had been hoping for some legal cover if I didn't find evidence of the meth operation.

    If you choose not to decide, you still have made a choice.

  6. #6
    Join Date
    Mar 2007
    Location
    Oregon
    Posts
    2,365

    Default Re: uptick in work from foreclosure listings?

    Quote Originally Posted by Lon Henderson View Post
    We have plenty of foreclosures around these parts, but banks don't do many formal pre-sell inspections.
    I'm not sure I'd know if they had or not - sellers (banks in this case) are supposed to disclose if they've had inspections done but I'm sure like every other disclosure law, they've found a loophole.

    Like most areas I'm seeing a decreasing amount of foreclosures on normal inspection but there are still plenty out there. The ones I'm getting called to do inspections on usually aren't listed yet.

    I don't know a lot about how the timing works but I'd guess in most cases it's within a few weeks of the people finally leaving/getting kicked out. The power and water are usually off but there is often a smattering of junk left around.


  7. #7
    Join Date
    Feb 2009
    Location
    Southern Vancouver Island
    Posts
    4,546

    Default Re: uptick in work from foreclosure listings?

    Sounds like a lot of hard work for mediocre rewards, doesn't it?


    John Kogel, RHI, BC HI Lic #47455
    www.allsafehome.ca

  8. #8
    Join Date
    Mar 2007
    Location
    Oregon
    Posts
    2,365

    Default Re: uptick in work from foreclosure listings?

    Quote Originally Posted by John Kogel View Post
    Sounds like a lot of hard work for mediocre rewards, doesn't it?
    But I didn't even say what the rewards are

    There is a bit of driving but I often get 3 or more in the same area so I'm more than happy with the pay.


  9. #9
    Join Date
    Sep 2007
    Location
    Fredericksburg, VA
    Posts
    885

    Default Re: uptick in work from foreclosure listings?

    No. The past year+ has been regular sales or a few short sales. Now 5-6 years ago and up through 2012 I had lots of foreclosure inspections. In a panic, the houses were dumped on the market and drove down market value on homes in general. Of course, the banks cut off electricity which resulted in flooded basements because the sump pump didn't work. We still have foreclosures going on but the lenders are holding on to them and putting them on the market at a much slower rate.

    The worst houses I had were not foreclosures but short-sales and estate sales. The short-sale houses were generally not maintained, needed a lot of work, and couldn't afford to have anything repaired. The estate sales were after the family went in and took what they wanted and left everything else strewn all over the house and no one bothered cleaning out the refrigerator/freezer when the power was cut off.

    The above statements are expressed solely as my opinion and in all probability will conflict with someone else's.
    Stu, Fredericksburg VA

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