As foreclosures rise, demand soars for "board up" men
Filed under: Real Estate, Career
I always find it interesting to see which occupations and markets survive and prosper when the economy gets tough. My interest is likely linked to my fascination with the way certain creatures adapt to weather changes in climates and environments. Along those lines, I was fascinated when MSNBC ran an interesting story about "board up" men, a group of contractors who specialize in taking care of foreclosed properties.Many of the individuals making the transition from high-end kitchen and bath installers to board up men are still making good money, pulling in between $1,500 and $5,000 per job and working 5-10 jobs a week. Banks who don't keep their properties in good condition face fines from local communities as part of an effort to shore up neighboring home prices and keep out squatters. The costs associated with keeping a foreclosure from becoming a public nuisance are high enough that it might be money better spent on providing potential buyers with more detailed information on the quality of a foreclosed property in order to move the home quicker.
I'm surprised at how quickly this need was filled by resourceful contractors. Then again, I guess the construction business has been a little slow lately. With an estimated 35% of real estate listings made up of foreclosures and bank-owned homes, I'm about ready to quit my day job and pick up a new career involving wood, screws and plywood. Well, that or I could use my last week of vacation boarding up a few local properties!
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Reader Comments (Page 1 of 10)
9-12-2008 @ 6:38AM
M said...
That's gotta be sad and hard to do as well. These people just may be either serving papers or boarding up homes of people that they know or even loved ones.
Reply
10-28-2008 @ 5:59PM
robert said...
It is a very sad situation we are in . Instead of helping the bank forclose on these people why not think of ideas to help them. I
did. Go to www.perfectplacecontest.com People can list their homes for a prize to be won and in return they get th entry fees that total the value of their home. The player only has a small entry fee. If you are a player in the contest you have good odds of winning a home MORTGAGE FREE !!!!
9-12-2008 @ 7:50AM
S said...
My brother-in -law quit his job to be a "board-up" man. He cleans the house, removes the property (often good furniture, usable appliances, etc) and maintains the yards. He's making twice as much as my sister, a teacher. And offers the stuff to other people he knows.
He is a big guy, though. Ready for trouble or a confrentation, if it happens.
Reply
9-12-2008 @ 11:58AM
sue said...
I would like to know how he got started doing this kind of work? I would love my boyfriend to get into here in the myrtle beach area. There are alot of house's that aren't even boarded up and people destroy them. Any information would help thankyou.
9-12-2008 @ 6:51PM
Kim said...
I would like to know more about this job and how do someone get to do this kind of work as well.
9-13-2008 @ 12:21PM
SHARON said...
I'd also like to know how one gets hooked up w/ the bank to began the "board up" program. This sounds like a great income generator.
9-13-2008 @ 12:47PM
Judy Burgin said...
I would like to know how you would get started with kind of work. How do you get hooked up with the banks. Any info would help.
9-17-2008 @ 1:43PM
Ana said...
Please Please help me to learn how to go about working as a board up men we are in a real desperate situation
9-12-2008 @ 7:56AM
Nancy said...
We have had 2 different offers for short sale properties in Phoenix. One was full price and the other over full price. The first one sat on someone's desk for over 2 months with no answer. There was a broken window in the house that was never repaired during this time. It took so long at Chase that it finally went to foreclosure and the process had to be started over. Still has a broken window.
The over full price we have now has been a week on someone's desk. Hopefully this situation will open the eyes of the banks to make some decisions.
Reply
9-12-2008 @ 9:40AM
Pam said...
Nancy...I have seen banks behaving this way for years. They ignore good offers on the table that would prevent foreclosure, proceed to foreclose and then report dire foreclosure numbers. Right now, we see it happening every day. The owners are destroyed and the houses fall into tragic disrepair on the banks' watch. It's truly criminal and the general public seems rather unaware of the problem.
9-12-2008 @ 1:27PM
Doreen said...
I just went through the most agonizing process of buying a short sale property. It was so tortuous, the other bidder backed out. It started in May and closed today, 4 months later. It was impossible getting the lender to respond to my realtor, the owner's realtor. We later found 3 entities were involved - Countrywide, Bank of America who just bought Countrywide and Fannie Mae, who was the actual lender. Countrywide kept saying, "we're only the loan servicer, etc...". The closing dates kept getting changed. I know the papers were sitting on someone's desk and nothing was getting done until I called the Chairman of the Board of Bank of America. That's when things started hopping. My loan had to be extended 4 times. I would never, ever get involved in a short sale again . The only reason I kept going was the house was brand new never lived in, in excellent condition and original listing price was $429,000. I got it for the bank set price of $247,000.
9-12-2008 @ 7:14PM
Mary said...
I hate Chase
9-13-2008 @ 4:20PM
Lori said...
Bidding on a short sale home is very frustrating. First you are dealing with the seller, who has to accept your offer. Then it is presented to the bank which has thousands of other ahead of you in the process. It usually takes 60-90 days to negotiate and close a short sale. You are almost better off waiting for it to be foreclosed on because then you deal with the asset manager instead of a loss mitigation officer at the bank. Generally on a foreclosed home, you can be closed in 30-40 days and the process is less stressful. I am a real estate agent and this is just the way it is. We never bid on short sale homes.
9-12-2008 @ 8:12AM
paul said...
My cousin, Vinnie, made a fortune robbing banks in the 50s.
I bet he averaged $20,000 a week.
He retired not too long ago and now spends his time making baskets in Joliet State Prison.
Every time I see him now, he asks me about the problems about the home forclosures and the closing of his favorite banks.
He says" I shoulda done it legal like them guys did".
Reply
9-14-2008 @ 7:28AM
Marsh said...
Great movie!. A bank is not a thief. The people working there are not thieves. And if it is true that your friend is in jail for robbing banks, then good he should remain. He could have easily gotten a job and done what most fokes do - work for a living.
For god sake will someone get it. Do you know how the system works? Simple. Their is one president of each individual company and the buck starts and stops right there. That's it. I really don't want to hear about all the other's. The position of president make policies and whether legal, acceptable or questionable, it is he that has created this horrible financial problem. As far as short sales, foreclosures or stealing. Who are you kidding. You're there trying to scoff up an asset at someone's loss. You are only looking at one thing and that is to get a great deal! The real question is "How do we fix what is frightenly broken". The financial world is so creative and mathematical that you and I are at their feet hoping that someone realizes the only way to fix these problems is STOP allowing our assets from being bought up by cheap dollars. Look around you, we are the saviors. Everyone is coming here and why? We are America - land of the free and home of the overburdened. Why aren't people flocking to any other country BECAUSE our dollar is cheap and are gifts are numerous. President Bush, although war generally is good for industry, in this specific one, it's costs are exceeding our production profits. Also, it is a diversion and if you really think about it, since the inception our finances have started to dwindle. This has never happened before. Economies are suppose to prosper from war.
Look over your shoulder and see who is really doing this to our country. They took down the Trade Center. Look closely at the funds around us and really see who is running them and at the same time destroying our finances. Alqueda or similar. This is the new form of terrorism. Be careful of Dubai!
Sorry, but I really do get it and it is not that difficult to fix.
If we lose our banks, we have NOTHING!
9-12-2008 @ 8:54AM
RDSCOTT said...
THIS IS JUST ONE OF THE MANY DISASTERS CREATED BY THE BUCSH ADMMINISTRATION. 4 YEARS AGO MR. BUSCH, WITH THE HELP OF THE REPUBLICAN CONGRESS WAS ALL OVER THE TV TALKING ABOUT HOW EVERY ONE IN AMERICA SHOULD BE ABLE TO LIVE THE AMERICAN DREAM, HAVE THEIR OWN SLICE OF THE PIE IS WHAT HE SAID. WELL HIS ADMINISTRATION ACHEAVED THIS BY CREATING LOANS TO PUT ANYBODY AND EVERYBIDY IN A HOME REGARDLESS OF CREDIT OR FINANCIAL STABILITY. WELL HE WE ARE, ANOTHER FAILED BUSCH POLICY.
Reply
9-12-2008 @ 9:08AM
sc said...
This was not the Bush policy at least spell it right this was back in good ole Clinton days when it was deregulated about the housing and arms loans which were the main culprit for many losing there homes due to not being able to afford them when as ARMs work the interest rate goes up. Get your facts straight.
9-12-2008 @ 9:12AM
Shelveylodge1 said...
It had to come sooner or later, just like Katrina and everything else that goes wrong is blamed on the President. Check it out, it was the DEMOCRATS that forced the industry to loan money and not discriminate. Like the couple who worked at McDonalds and got a loan for a $450,000 house.
9-12-2008 @ 9:27AM
magoo said...
You are not holding any responsibility with the buyers who signed there name on the bottom line,who wanted this house so bad that they went with an arm loan not thinking into the future that the payment would raise. All they wanted was this DREAM HOME because it was bigger than there friends
9-12-2008 @ 9:44AM
lisa said...
All of this is very sad for ALL in volved,...but "RDSCOTT" if you are going to be critical of another and pass judgement,,,Dont you think you should spell his Name correctly?? Not to mention he has only been The President of the United States of America for almost 8 years now. Maybe it was just a Typo...TWICE!