How to Pass a property Preservation Quiz For Foreclosure Cleanup Subcontracting Work

Black Codes Facts - How to Pass a property Preservation Quiz For Foreclosure Cleanup Subcontracting Work

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As a smaller foreclosure cleanup business, your business can sign up for subcontracting work with larger asset preservation companies. You can offer your services on a subcontracting basis for work such as inspections, repairs, lock changes and window boarding, lawn maintenance, winterization, interior trash-outs, surface debris removal, etc.

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Black Codes Facts

Many of the larger clubs are increasingly requiring the smaller subcontractor to unblemished a quiz to be considered for foreclosure cleanup subcontracting work with their companies. These quizzes are easy "weeding out" tactics so the larger clubs can get the most suited subcontractors.

Are You familiar with Hud Guidelines?

Many of these mini-exams are designed to rule your level of understanding of Hud guidelines for asset preservation work. Many of the larger clubs get a great deal of their properties directly from Hud supervision and Marketing (M&M) Contractors.

The M&M Contractors precisely shop 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 business that suffered as a consequent of the default ultimately deeds the home to Hud in replacement for an assurance claim payment.)

A asset preservation quiz can range from the very easy to the ultra-complex. Check out some sample questions and answers below.

Sample Questions and Answers

Many quizzes comprise base real estate commerce definition-type questions as they recapitulate to the department of Housing and Urban Development. For example, a quiz may ask the following:

Question: What is the definition of Conveyance health as it relates to a Hud property?

Answer: You could state something very simple, such as the following: For a asset to be in Conveyance Condition, as it relates to foreclosure cleanup, the asset must be undamaged (undamaged by flood, fire, hurricane/tornado, boiler, etc.); the grass must be cut; the asset must be sufficiently winterized; all debris and perilous and unhealthy materials must be removed; and the asset must be efficiently boarded and secured, together with all pools and hot tubs, at minimum.

Another sample query you may come across on a test may be the following:

Question: Please recapitulate in detail the steps you must take when you winterize a asset with a dry heat system.

Answer: Dry Heat Systems. The hot water heater and all domestic water furnish and distribution piping must be drained in a manner enough to prevent freezing and other damage. All valves and faucets are to remain open while process. (After draining has been completed, they should be closed.) An approved number of antifreeze should be placed in all fixture traps, together with in toilet bowls and tanks.

To set yourself apart as a potential foreclosure cleaning subcontractor, you could go into greater detail in your answer. For example, using the above winterization question, you could clarify on the answer by describing winterization requirements in greater detail by pulling information from Hud guidelines (which can be found pretty precisely by scouring the internet).

For example, you could comprise the following in your answer:

Answer -- commonly properties are to be winterized once between October 1 and March 31, though there can be exceptions based on local requirements. Unless otherwise specified, winterization should comprise cleaning toilets and draining of all heating systems and plumbing in a manner enough to prevent damage and freezing. Air pressure, or in some cases antifreeze, can be used to clear ideas and prevent freezing.

All tasks should be performed taking local and state codes and regulations into account. Before and after photos, along with other supporting documentation, must be submitted for reimbursement.

More Sample Questions

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 observation there is a bike in very good health in a detached garage. What should you do?

When does grass cutting season start and end in your geographic coverage area?

Describe services performed while a formal trash-out?

What steps should you take if you arrive at what is supposed to be an empty asset with an order to obtain it and you find out it is occupied by someone?

All of the above answers can be found in the Hud Guidelines, which, again, can be found pretty precisely online.

Don't Let a Quiz Deter You

Though many of the larger, more formalized, clubs need completion of a quiz to register your foreclosure cleanup business with their companies, many do not. So search nearby the internet, and if a business 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.

Forging Alliances is the Key to Growing Your business

Do your explore and charge the quiz with fervor. As a smaller foreclosure cleanup company, getting subcontracting work via the larger preservation clubs that aid your area can add exponentially to your bottom-line.

Many of these larger clubs often aid hundreds of properties at one time, across some states. Forging an alliance with the larger asset preservation business is the key to precisely growing your foreclosure cleanup business.

Many wishes of success with your foreclosure cleanup business.

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