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More Vacant Homes Require More Foreclosure Clean Outs

More Vacant Homes Require More Foreclosure Clean Outs

While the housing crash of 2008 that drastically increased the number of foreclosures in the U.S. is over, real estate professionals are still dealing with the aftermath.

According to Michael Mahon, president at HER Realtors, in Ohio,

“While overall foreclosure activity has declined from last year, we have experienced a slight increase in vacancies of residential properties facing foreclosure. As market supply and availability has remained low in many areas of the state, loan servicing companies have stepped up efforts of addressing homeowners delinquent on their mortgages, and have accelerated the process of filing for foreclosure. Feeling the pressure of loan servicers, many homeowners give up hope early, thus creating the vacancy event.”

Residential properties actively in the foreclosure process that are vacant are referred to as "Zombie" foreclosures. RealtyTrac noted that among states with at least 100 "zombie" foreclosures, those with the highest "zombie" foreclosure rate (percentage of properties in foreclosure that are vacant) were Oregon (11.8 percent); Indiana (9.5 percent); Kentucky (8.0 percent); Maryland (7.2 percent); and Washington (6.6 percent).

The Rise of the Zombie Foreclosure Nation

In May 2016, RealtyTrac released its Q2 2016 U.S. Residential Property Vacancy and Zombie Foreclosure Report13, which shows nearly 1.4 million U.S. residential properties (1 to 4 units) which represent 1.6 percent of all residential properties, were vacant as of May 2016. The number of vacant properties increased 2.7 percent from the previous quarter when 1,361,628 U.S. residential properties were vacant.

In addition, the report revealed that, as of May, 19,187 U.S. residential properties actively in the foreclosure process were vacant, representing 4.7 percent of all residential properties in foreclosure — down 3.1 percent from the previous quarter and down 30.1 percent from a year ago.


(Image courtesy of realtytrac.com)

What This All Means for Realtors and Real Estate Professionals

Realtors and other real estate professionals know all too well that foreclosures had been on the rise for years.  And while the overall numbers have decreased in recent years, it is still a painful reality in their industry.

The real impact isn't simply the initial foreclosure - it's the ongoing, residual effect as the process plays out over months and - in some cases - for years. At some point in the process the services of foreclosure clean outs will be needed.

And because there is still a need to clean these foreclosed properties there has also been the inevitable rise of questionable ventures that tout themselves as a professional "foreclosure clean out business."

A quick Google search for the phrase, "How to start a foreclosure clean out business", for example, brought back over 370,000 hits. The myriad of "start your own business" sites found on the Internet are rife with guides and websites designed to show people how to start their own cleaning businesses for foreclosed homes.

And their most common targeted prospects are banks and real estate professionals.

Too many times vendors are chosen simply based on cost. Because of the nature of the real estate business with having to invest so much up front before realizing any revenue from a sale, it is tempting to cut corners or always "go cheap". But, of course, smart Realtors and professionals resist that temptation.

Your Professional Partners for Junk Removal and Foreclosure Clean Outs

Once you decide to outsource the trash removal part of your foreclosure clean out, you need to determine which firm is the right one for the job. And while you can certainly find plenty of guys with trucks willing to do the job, choosing that alternative may end up costing you more than you hoped to save. This is why Junk King really is the firm of choice.

Junk King is the leading business to business junk removal service in North America and our real estate junk removal services take care of this clean out process for you. It’s one big task off your to-do list and it’s a big step toward getting your property ready to sell or rent.

Speed, Reliability and Quality Service

We understand that as a real estate professional you need your homes to be pristine and you want to be able to list them as quickly as you can. We also understand that you appreciate hassle-free services and really can’t afford to have problems with a property. And your clients have enough to deal with when selling a home, so having the chore of junk removal handled by someone else is a huge bonus.

Junk King offers fast and friendly junk hauling with an emphasis on eco-friendly practices. We recycle or donate 60% or more of the junk we collect — including renovation debris, furniture and appliances, and even clothing and personal items. Real estate ventures can proudly call Junk King their green partner for real estate junk removal.

Real Estate Ready

We are insured and offer post-escrow payment. Junk King handles junk removal services for real estate professionals across the U.S. and we are the highest rated service brand in the nation. You can depend on Junk King for speed, reliability and for the peace of mind that comes with getting your property ready fast.

Our team specializes in large waste removal and trash hauling. We can be on location in mere minutes, so call us today! Our crew is fully insured and well-trained, so you can trust them to get rid of your unwanted items in a professional and courteous fashion.

One of the best things about hiring Junk King is that we recycle much of the material we pick-up. This is proof of our commitment to being an eco-friendly removal service. If you have questions about what we do or what we believe, give us a call at (707) 744-4254.


More Vacant Homes Require More Foreclosure Clean Outs


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