How to Become a Foreclosed Property Inspector
- 1). Set up an office space that allows you to work remotely as a contracted field inspector. For example, you need a reliable high-speed Internet connection to accept and submit reports of foreclosed properties. Banks contact field agencies to locate inspectors, and work must be returned with complete information within the specified timeframe. Locating assignments directly from banks may be difficult without the established third-party relationship that field agencies have. Typically, bank foreclosure departments outsource to nationwide companies to save themselves time in looking for inspectors locally. Paper and other basic office supplies will be required. A home office is also acceptable.
- 2). Learn about the foreclosed property inspection process. As a foreclosure inspector, the task requires an evaluation of the general physical condition of the property, as well as the occupancy status of the property. You'll need to take pictures and report damage with details (i.e., broken doorbell). By having the right connections (i.e., field agencies), you can complete several jobs per day to equal a full-time income as a foreclosed property inspector.
- 3). Register with an association that caters to field agent inspectors. To obtain certified training, the Society of Independent Representatives has an annual membership fee of $75. It is an organization that provides resource information to assist in educating mortgage inspectors, which includes foreclosure properties. Additionally, you can list your inspection service with the Society of Field Inspectors (SOFI). Most companies listed on this site do not require any preliminary training.
- 4). Increase your credentials to stand out from the majority of foreclosed property inspectors. Some field agencies and banks require experience with training certification. For instance, you can sign up for the Mortgage Field Services Certification Exam, which costs $75. It is designed to prepare inspectors for what to expect and what to look for during an inspection. This will help ensure upon passing the test, an inspector will be able to enhance his image and credibility.
- 5). Apply to individual field inspection companies working in the foreclosure business. Hiring companies will require a W-9 form and a background check to join their contractor vendor team. Typically, these are provided by the company, or directions are given regarding the process.
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