Foreclosures spell good business for couple in South Sound
August 14th, 2009
The more foreclosures there are in South Sound the better is it for the husband and wife team – Matt and Jennifer Gault. The business of cleaning and looking after foreclosed houses, named after their sons started off from 2007. At first the going was slow but when foreclosure numbers picked up they hired more trucks and trailers. Today they have three regular employees. When even that does not suffice they have to temporarily hire hands.
The Gaults started riding the foreclosure waves. The region is not one of the really bad pockets in comparison to pockets in California but this year the numbers have shot up – enough to keep the couple busy. During the first half of 2009 the foreclosure notices went up by 80% jumping from 467 during the first half of 2008 to 826 according to Thurston County records.
Increase in foreclosures spells more work for the couple. They take care of the units during all the stages of foreclosure – before, during and after. The first step is to make an inventory by viewing it. Photographs have to be taken supporting the written report. Then the house has to be winterized after cleaning it out thoroughly and taking care of the exterior like the lawns and the pools.
If structural problems crop up they bid for their share of the work. Everything is not just hard work but spending of money. The biggest cost is running to dumping sites to off load furniture and other sundry items. It often costs $100 per day said Matt.
The Gaults are assigned the work by firms dealing with mortgage field operations like Safeguard Properties of Cleveland, Ohio. Safeguard is a national company. It has benefited from the slowing down of the housing market since 2007. Florida was particularly hard hit but from 2009 houses have started to sell. Safeguard has been operating since the last two decades by assigning out work to various independent entities like the Gaults. They are hired to do the job of cleaning and maintaining. In a month Safeguard issues 250,000 work contracts requesting 800,000 visual inspections of defaulting units all through USA said its spokesperson Diane Fusco. The first thing the lender wants to know is if the property is occupied or not.
Safeguard’s business has been booming year of year. It has been witnessing a growth of about 30% to 40%. Most of the work has been coming from Nevada, Arizona and Florida and California.
- Foreclosures are Persisting While Price Slump Too is Continuing
- Foreclosures Somewhat Halted by Loan Modification Programme
- Experts Fail to Reach a Consensus on the Severity of the Foreclosure Crisis in New Jersey
- Foreclosures are Spawning a New Set of Landlords
- Foreclosure Evictions Have Become a Nightmare in Phoenix
- As the Foreclosure Crisis Continues Business for Appraisers are Booming
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August 25th, 2009 at 9:30 am
[...] up a marriage is difficult but during recession it is even more tough and hard. Foreclosures are affecting societal patterns and delaying [...]
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