There is a growing field at the moment in the real estate industry, and it is the foreclosure inspector. Growing not because of the amount of business has dramatically increased, but because of the number of people signing up to enter this profession.
Professional real estate inspectors, like myself, are regulated in many states, and we are required to follow standards when inspecting a home for sale or purchase. These standards do not apply when inspecting a home that has been foreclosed for a lender. Lenders want to know about the condition of the surfaces and the yard, which is not exactly what I do. A lender will ask if the walls need a new paint job, where I would be looking at the structure of those walls. For this reason, there are some firms selling the idea to people that they can become foreclosure inspectors. They do not need the training that I have acquired; in a sense, it is put forward as a simple job, and it is when only considering this basic description.
Lenders like the idea of dealing with one company that can cover their entire area of operations. They also like companies that they know. These facts lead me to believe that companies offering to bring you into this filed quickly may be earning money from you paying them fees, than from having lenders pay for their service. It is true that a lender will want to know the simple condition of the coverings, and you will not be regulated by the state, but lenders will want to sell these homes. To sell the home quickly they would have to be prepared for an investigation from a real estate inspector. Someone who has not trained in my profession would not be able to go into all of the details that I do. The companies that have a traditional relationship with banks hire contractors who have been in my business. These firms take on individuals like me, because they know that the lender will desire my type of evaluation on top of the details of the visual state of the home. I would be leary of any firm that makes promises of getting you quick work in this field. Check the details of what will be asked of you to see if you accept them.
I imagine that the idea of big money will crop up in a few schemes in the coming months as news of foreclosures stay in the public’s view. The only way for you not to be caught in such a flim-flam is to use your judgement. As a last word, if it is suggested that you should become a property inspector, realize that trade involves evicting people from their homes. Not a pleasant thought in my mind.