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About Jim Root
Expertise
Can inform on "What exactly IS a HUD Property & can one purchase one of these Homes at BARGAIN PRICES'?" Can answer questions with regard to using a variety of FHA-Insured Loan Programs for the purchase of HUD-Owned properties--the "Traditional" FHA Mortgage, the "203B," as well as two "Special" FHA Loans, the 203K & Streamline 203K. The 203B is used to purchase properties that meet FHA's Minimum Property Standards & the 203K & Streamline "K-Loan" are "Renovation Loans" that can be used to purchase & repair all in one loan package! Can provide GENERAL information on HUD property sales procedures, and the procedures used by VA & other Agencies that may put "Foreclosed Properties" on the market! Cannot give legal advice or opinions, nor serve as rhe Questionners' "Agent," but can "point the Questioner in the RIGHT DIRECTION for special guidance & assistance" with a HUD(or other "Foreclosed") Property purchase! My Research Assistant, Gale, shown here with me, is a former Licensed Realtor.
Experience
Over 30 years as a "Real Estate Professional," including working as a Licensed Realtor, Residential Appraiser & Morgage Banker in the "Private Sector" and serving as a GS-12 Realty Officer with HUD/FHA for over a decade! Worked as Deputy Chief of the HUD Property Sales Division in Alaska and as Chief FHA Appraiser for HUD's Washington State Jurisdiction.While with HUD/FHA was trained & qualified as an FHA Loan Underwriter, Construction Analyst, Review Appraiser & Property Sales Specialist! Have worked in the Real Estate Markets in Alaska, Washington,Idaho,& Oregon over the past 30 years! Am familiar with "Other Markets" via continuous research!
Organizations
Former Member of National Association of Realtors(NAR) & Society of Real Estate Appraisers (SREA)Currently a member of Mortgage Bankers Association of America (MBAA) & National Association of Review Appraisers & Mortgage Underwriters (NARA/MU)
Publications
Articles published in various National, Regional & Local Real Estate-related magazines, booklets & newsletters. Co-authored several HUD/FHA Handbooks and numerous Marketing Materials while with the US Government Housing Agency!
Education/Credentials
Associates Degree with emphasis on Real Estate,Bachelors Degree in Mass Communications & Masters Degree in Education/Teaching. Numerous private sector & government-sponsored Real Estate-related Courses over the years!
Awards and Honors
Numerous Awards & Honors for Realty Marketing & Sales while a Realtor,"Outstanding Performance Awards" annually while with HUD/FHA. Earned the following Professional Designations: "Certified Residential Originator" (CRO) from the MBAA; "Registered Mortgage Underwriter' (RMU) and "Certified Review Appraiser" (CRA) from the NARA/MU.
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You are here: Experts > Shopping > Home Buying/Selling > HUD Properties > foreclosure cleanup
Expert: Jim Root - 11/5/2009
Question
I am interested in starting a foreclosure cleanup business in the state of Florida but i an not sure where to start. How do i find info on REO properties in my area to get going. Also are there any special licenses that i will need to get started?
Answer
Additional Info on FORECLOSURE CLEANUP: Go to www.listbankrepos.com
This website will be of great help to you, Rick!GOD LUCK--Jim
Hey RICK--
I suggest you start by contacting your home-town Association of Realtors/Multiple Listing Service and find out who's serving as the local representative(s) of both HUD/FHA and the VA.
You can also contact the local Chapter of the Mortgage Bankers Association of America and/or the
National Association of Mortgage Brokers to find out how to get involved with the banks, Credit Unions, Mortgage Companies, etc, that are foreclosing on homes in your area.
Find out what other "Foreclosed Property Clean-up Companies" in your are charging and make up a "Fee Schedule" that is competitive! HUD/FHA publishes an "REO PRESERVATION & PROTECTION FEE SCHEDULE that will be helpful to you, also, with regard to your pricing!Go to:
www.hud.gov OR www.fha.gov
and surf for the REO "P & P" Fee Page!In fact, look these websites over very carefully and you'll find lots of good info relating to what you are wanting to do!
As for licenses,I suspect that your City requires you to get a Business License--and in some States, the County & State want you to "register" somehow so they can get a "Business Tax" from you. You'll need to check that out.
GOOD LUCK!
--JIM
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