List of Banks to Work With Trashout Companies

Where can I find a list of banks that will work directly with trash out companies, or find a list of companies that are currently adding new vendors?

2 Answers

A lot of banks and servicers subcontract all work out through their local real estate agents . . . sometimes contacting the real estate agents that are selling foreclosed properties in your area will be the most direct route, as they are calling the day to day shots on these properties.

If you want to try to work directly with the lenders/asset management cos, here are a few options:

For Fannie Mae: For Freddie Mac: A free list of contacts (no promises, but at least it is free):

As soon as one of these "master lists" is created, it changes - vendor additions are a constant flux. However, you may be able to start with these sources and build your own list more accurately than anyone that is publically available.

I worked for several years in REO ( Real Estate Owned) by banks after foreclosure. The process in place then was to have the listing Realtor arrange for this, within given budget constraints. The service was contracted locally. My best advice to you would be:

  • contact the Realtors that are listing the foreclosures - lenders have a network of Realtors

  • offer to bid on current and/or upcoming "trash-outs" or clean-outs

  • time is money - show your availability to start and complete the job timely

  • be willing to bill on a 30-day basis - the Realtor must submit the bill to a Asset Management Company/REO Recovery and wait for reimbursement - make it easy

  • Offer additional services as needed: securing the property, re-keying, get yard under control and regular maintenance, snowplowing/walkways cleared, winterizing/de-winterizing, minor repairs, cleaning (not so hard once the property is completely vacant and trashed-out, ¬†and our favorite, exterminating rodents and bugs.

The successful companies are competitively priced in all of the above services and can respond quickly to new requests - the Asset Management Companies that the Realtor responds to want work done yesterday, and have the property listed the day before. You might want to start with properties in your local area to make it quick and easy to dispatch crews to resolve all maintenance issues. Can you handle it all yourself with limited helpers? Evaluate this. You could build a good business working in REO properties but remember this is cyclical. Consider adding this to your current business offerings in the community. I wish you the best and please let us know how you do.