How to Pass a Property Preservation Quiz for Foreclosure Cleanup Subcontracting Work
by:
BMA Editorial Team A
As a smaller foreclosure cleanup business, your company can sign up for subcontracting work with larger property preservation companies. You can offer your services on a subcontracting basis for work such as repairs, lock changes and window boarding, lawn maintenance, winterization, interior trash-outs, exterior debris removal, etc.
Many of the larger property preservation companies are increasingly requiring the smaller foreclosure cleanup subcontractor to complete a quiz to be considered for foreclosure cleanup subcontracting work with their companies. These quizzes are simple "weeding out" tactics so the larger companies can get the most qualified subcontractors.
Many of these mini-exams are designed to determine your level of understanding of HUD's government guidelines for property preservation work. Many of the larger companies get a great deal of their properties directly from HUD Management and Marketing (M&M) Contractors. The M&M Contractors literally market and manage single-family properties owned by, or in the custody of HUD. (These are homes that had an FHA-insured mortgage where the homeowners defaulted on the payments. The lender or mortgage company that suffered as a result of the default ultimately deeds the home to HUD in exchange for an insurance claim payment.)
A property preservation quiz can range from the very simple to the ultra-complex. Check out some sample questions and answers below.
Sample Questions and Answers
Many property preservation quizzes contain common real estate industry definition-type questions as they relate to HUD. For example, a quiz may ask the following:
Question: What is the definition of Conveyance Condition as it relates to a HUD property?
Answer: You could state something very simple, such as the following: For a property to be in Conveyance Condition, as it relates to the foreclosure cleanup end, the property must be undamaged (undamaged by flood, fire, hurricane/tornado, boiler, etc.); the grass must be cut; the property must be sufficiently winterized; all debris and hazardous and unhealthy materials must be removed from in and about the property; and the property must be efficiently boarded and secured, including all pools and hot tubs, at minimum.
Another sample question you may come across on a property preservation test may be the following:
Question: Please describe in detail the steps you must take when you winterize a property with a dry heat system.
Answer: Dry Heat Systems. The hot water heater and all domestic water supply and distribution piping must be drained in a manner sufficient to prevent freezing and other damage. All valves and faucets are to remain open during process. (After draining has been completed, they should be closed.) An appropriate amount of antifreeze should be placed in all fixture traps, including in toilet bowls and tanks.
To set yourself apart as a potential foreclosure cleanup subcontractor, you could go into greater detail in your answer. For example, using the above winterization question, you could elaborate on the answer by describing winterization requirements in greater detail by pulling information from HUD guidelines (which can be found pretty easily by scouring the internet).
For example, you could include the following in your answer: Answer -- Generally properties are to be winterized once between the 1st day of October and the 31st of March, though there can be exceptions based on local requirements. Unless otherwise specified, winterization should encompass cleaning toilets and draining of "all" heating systems and plumbing in a manner sufficient to prevent damage and freezing. Air pressure, or in some cases antifreeze, can be used to clear system and prevent freezing. All winterization should be performed taking local and state codes, rules and regulations into account. Photos (before and after), along with other supporting paperwork and documentation, must be submitted for reimbursement of expenditures.
Here are a few more sample questions you my come across when taking a foreclosure cleanup subcontractor quiz (see if you can find the answers online yourself):
During a trash-out you notice there is a motorcycle in very good condition in a detached garage. What should you do?
When does grass cutting season start and end in your geographic coverage area?
Describe services performed during a formal trash-out?
What steps should you take if you arrive at what is supposed to be an empty property with an order to secure it and you find out it is occupied by someone?
All of the above answers can be found in HUD Guidelines, which, again, can be found online.
Though many of the larger, more formalized, companies require completion of a quiz to register your foreclosure cleanup business with their companies, many do not. So search around the internet, and if a company seems to be a fit for your business service-wise and geographically, don't let a quiz prevent you from signing up as a potential subcontractor with their company.
Do your research and attack the quiz with fervor. As a smaller foreclosure cleanup company, getting subcontracting work via the larger property preservation companies that service your area can add exponentially to your bottom-line. Many of these larger companies often service hundreds of properties at one time, across several states. Forging an alliance with the larger property preservation company is the key to really growing your foreclosure cleanup business.
Many wishes of continued success to you with your foreclosure cleanup business.
About the Author:
Cassandra Black, Author, How to Start a Foreclosure Cleanup Biz: FREE Articles/Advice (http://foreclosurecleanupbusiness.blogspot.com), How to Start a Foreclosure Cleanup Biz (http://www.foreclosure-cleanup-business.com), CEO Foreclosure Cleanup, LLC (http://www.foreclosurecleanup.biz).
No. of Times this article has been viewed :
387
Date Published :
Mar 11 2010
Most Recently Published Property Management Articles as of
|
|
Jul 14 2010
Getting Your Home Ready For the Home Inspector
by
BMA Editorial Team 3
All the efforts that you invest in maintaining your home are rewarded when you make it through the home inspector's scrutiny. To get a positive response from the home inspector you need to run your own examination first.
|
Jul 14 2010
Hit The Road Jack - Say Goodbye to Your Problem Tenant
by
BMA Editorial Team 3
Landlords have Section 8 of the Housing Act 1988 at their disposal. Most do not know how to use it effectively. Used properly, it is very very powerful and the solution to your problems.
|
Jul 11 2010
A Condo or a House? A Few Things to Consider
by
BMA Editorial Team 3
When you are looking at buying a residence, one of your considerations is whether to buy a home or a condo. These are some of the main issues to weigh when deciding which one is right for you.
|
Jul 10 2010
Overseas Property Investment for Long Term Gains
by
BMA Editorial Team 3
Investment in overseas property or real estate is a tried and tested method for long-term gains, but you need to consider whether the property investment matches your circumstances, and if it is right for you, as there is an amount of risk involved in it...
|
Jul 10 2010
Five Bad Home Improvement Ideas
by
BMA Editorial Team 3
When considering adding value to a home, you consistently hear from the real estate industry that updated bathrooms and quality kitchens stand out in a home sale. Those are proven sale closers.
|
Jul 10 2010
Easy Ideas on Decorating New Homes on a Limited Budget
by
BMA Editorial Team 3
New homes are expensive to purchase and it is likely that there will be very little money left for decorations or furniture. Luckily, there are many wonderful tips and ideas that will not cut deep into a person's budget. Many of them will not cost a dime.
|
Jul 5 2010
Quick Sale of Your Property Can Give You Quick Access to Cash
by
BMA Editorial Team 3
Selling a home is often considered to be a taxing affair and requires a lot of time. It is often regarded as one of the most difficult tasks and also calls for a clear understanding, regarding the basic need for selling the house. Selling your property allows you access to immediate cash.
|
Jul 1 2010
A Guide to Buying your First Rental Property and Becoming a Landlord
by
BMA Editorial Team 3
I have read a lot about how you have rule with an iron fist to keep your tenants in line. Our philosophy is much more laid back, and it has worked out well for us. Every property is different, but this was our experience.
|
Jul 1 2010
Sellers and Landlords - Rethink Those Round Prices
by
BMA Editorial Team 3
If you're trying to sell a piece of real estate right now, you might benefit from a little bit of sales research performed in the psychology lab, about how people interpret pricing.
|
Jul 1 2010
Relevance of Using a Property Management Company
by
BMA Editorial Team 3
When a real estate investor or property owner does not want to deal with the headaches involved with leasing, tenants, or maintenance, they often hire a company or an individual to act as a property manager.
|
Jun 30 2010
Determining Commercial Property Market Value
by
BMA Editorial Team 3
In a residential valuation you can simply look at other recent comparable sales in the area, of similar homes and lot sizes, and determine about what a property is worth at any given time.
|
Jun 30 2010
Use an Investment Property Calculator to Evaluate Properties
by
BMA Editorial Team 3
If you are getting serious about rental property investment, you will need to be able to determine if a property is likely or not to be profitable for you.
|
Jun 30 2010
Successful Commercial Property Analysis
by
BMA Editorial Team 3
As a successful property investor, you will want to make a commercial property analysis of any real estate deal before you consider making the purchase. There are many factors which you should take into account while making your property analysis.
|
Jun 30 2010
What Is Necessary for Property Management Services?
by
BMA Editorial Team 3
Property management helps individuals, families, and businesses meet their objectives and goals. It also helps handle both leasing and management of the properties from helping to maintain the safety and livability and by filling the residential units.
|
Jun 30 2010
How to Facilitate a Property Management Business
by
BMA Editorial Team 3
The phrase property management usually refers to the company or service that oversees the maintenance and rental collection for property, including apartment complexes, vacant lots and rental homes.
|
|
Search for ebooks on Management & Business