Caretakers of Bank Foreclosed Homes

by on Foreclosures

Foreclosure has become a nightmare to thousands of homeowners. But some people have seen business opportunities on bank foreclosed homes. There are those offering cleaning services, counseling and now caretaking.

People who are doing the caretaking of foreclosurehomes for sale for realtors are called home tenders or managers. Their task was to furnish the foreclosed home, maintain and keep it clean for realtors to show to potential buyers on a moment’s notice.

Companies such as Home Tenders of America match foreclosed home for sale with live-in home managers in an effort to give them an advantage over their competition.

The continuing increase in the number of bank owned homes has created an oversupply of foreclosure homes on the market. And because of this, banks, lending institutions and other sellers find it difficult to sell the properties in their inventory despite the low market price.

In Arizona, Home Tenders of America and Showhomes train home tenders or managers who are considered as independent contractors. As live-in home managers, they pay a small rental fee, insurance and utilities in exchange for keeping the foreclosed house spick and span and a model property for buyers.

For example, Home Tenders of America would put out an advertisement for someone who is willing to rent a 2,800 square foot home with its own swimming pool, located in the gated community of Cave Creek for $1,200 per month.

The person is then contracted to become a home tender, and after several months, the foreclosed home will be sold at a price that satisfies the seller. However, the home tender must be prepared to move in the event that the house will be sold.

Showhomes and Home Tenders of America work with realtors, homeowners, builders and banks to help sell foreclosed properties which are flooding the housing market. These companies make sure that sellers will have a clean and nicely decorated house to show to potential buyers.

Another benefit of having home managers is that an occupied home fetches a low insurance rate and a higher market price than vacant properties. These companies profit from monthly fees of home tenders and pre-negotiated fees from owners.

Some banks are working with these companies to hire more home tenders for their bank foreclosed homes and to reduce the risk of vandalism on properties.