Repossessed Homes Are Taken Care of
Contrary to the views of some potential homebuyers, repossessed homes are taken care of by mortgage banks and other national lenders.
According to real estate participants, whenever banks or lenders foreclose on a house, they immediately assign the foreclosed property to a real estate company which will immediately see to it that the property is secured within 24 hours. They said that banks and lenders do not want any liability arising from their repossessed homes.
In turn, these real estate companies hire companies that clean and maintain repossessed homes and sometimes make minor repairs to make these homes attractive to buyers.
This has been the work of Doug Andrews, co-owner of home maintenance company Neighborhood Resources in Michigan for the past three years. He co-owns the business with his wife who does the office work.
Andrews said he and his wife have been enjoying the work because aside from the income that supports their family of six, they get to learn about the real estate industry, the banks and the factors that turn houses into foreclosures.
Andrews said he started his family business in 2006 after he lost his job and he could not find a job to continue supporting his four children and his wife. A friend in the real estate industry suggested that he start a cleaning and maintenance business focused on repossessed homes.
Andrews started by educating himself. He made research and learned that national lenders and banks have a lot of repossessed properties across the country. He also came to know that lenders bundled mortgage loans and then sold them as shares of stocks to investors.
After completing business paperwork and buying business insurance, he called banks, real estate businesses and national lending companies. Since then, he has been maintaining a lot of homes in the counties of Ottawa, Muskegon and Kent.
From time to time, he also provides information to the lenders whether the properties are occupied or not. He also photographs the properties and takes notes of personal properties left behind by previous owners.
In one property in Grand Rapids, he reported that he found boxes of personal care products worth hundreds of dollars.
Sometimes also, he delivers the check from the mortgage bank to help previous owners move on.
Andrews stated that his work of maintaining repossessed homes has given him a deeper level of compassion for others. And his work is able to provide for him and his family adequately.
