A Real Estate Owned (REO) Inspector is a person who is responsible for inspections on Real Estate Owned property or bank-owned property. REO inspectors are also known as Foreclosed Property Inspectors, Mortgage Inspectors, Field Inspectors, or Information Carriers. REO Inspectors specialize in foreclosure photography, which involves photographing homes to aid in the foreclosure process.
Over half of inspections in the United States are pre-foreclosure inspections. Involvement of inspectors and the court system occurs when the customer has stopped making payments, and won’t answer phone calls or letters.
Being an REO Inspector allows for a flexible schedule. Because inspections are required to be performed during daylight hours, you do not have to worry about not making it home for dinnertime and are less likely to miss out on important events in your life. Although an inspection does not generate a lot of profit, it is about the volume of clients you have. Like real estate, the more clients you generate, the more money you will make. If you do not mind traveling, it is a great way to become familiar with new environments and learn about the real estate market.
Who Can Employ You?
Mortgage companies, banks, real estate agents, and brokerages hire foreclosure photographers to take pictures of their properties in order to re-list them. In turn, the mortgage company will send the photographic evidence in order to take legal action against the homeowners. Sites such as Zillow, Realtor, HUD Foreclosures, HomePath, and others post photos for their foreclosure listings.
The job is on it’s peak now. It is important to always have access to your photos so they can be presented as evidence to bankruptcy foreclosure lawyers. So if you think that it’s not a good time to learn this job you are wrong. Before starting, check what items you’ll need.
What Will You Need?
There are some Foreclosure Inspectors that use the camera app on their smartphone. However, a digital camera is a staple for your business if you are going to get into foreclosure photography. You can find brand new digital cameras for as low as $320. If you are on a budget, you can buy a used camera from a trusted electronics merchant such as Best Buy, who sell refurbished cameras at fair prices. Facebook Marketplace, Walmart, and Target are also great resources for used cameras.
A DSLR camera is a photographer’s go-to. Top contenders for professional cameras are:
- Canon EOS Series
- Canon Rebel T7
- Nikon D8500
- Nikon COOLPIX
- Sony Alpha A5100
- Sony Alpha A6000
DSLR cameras not only provide high-quality images, but they provide a longer battery life, autofocus technology, and the capability to change out lenses.
Wide angle lenses are recommended, as they capture every angle of the property. It would also be helpful to purchase a tripod in order to avoid harsh angles and blurriness.
It is important to have camera equipment that can take high quality photos. Remember, your photos will be sent to mortgage investigators and will most likely be posted on auction sites. Just like photos for normal real estate listings, high quality photos make the property more appealing.
Other equipment that is important to have:
- Computer with internet access and high storage
- Printer
- Scanner
- Smartphone
It is important to always have access to your photos so they can be presented as evidence to foreclosure attorneys.
It is also a good idea to keep a face mask in your vehicle in case you photograph a home with mold present. Mold exposure is a health hazard and should not be taken lightly regardless of how extensive the damage is.
What Will You Do?
There are two types of foreclosure inspections.The first is a pre-foreclosure inspection. An inspector’s main duty is to determine if there is still someone occupying the property. If the property you are photographing is occupied, a letter must be left on the front door. You will take photos of any and all damages to the home, the front of the home, and a street view. If unoccupied, you can take photos of all angles of the homes. Six to ten photos are usually required for occupied inspections.
The second type is an interior inspection. These involve properties that have already been foreclosed on. Interior inspections typically require about 40 photos. Mortgage companies look for information about the property such as whether the property is in a high-vandalism area, or if there is debris or damages to the property.
How to Apply for a Job
In order to gain clientele, you can contact mortgage companies or real estate agencies. However, you will need to put together a portfolio of commercial and residential properties you have photographed in order to stand out. You can take photos of your own home and the properties of family members or friends with permission from the homeowners. Real estate agents, foreclosure attorneys, and brokerages are some of the best clients to work with, as their connections to others in the industry is vast. Advertising and networking with clients by attending business-related events will also help to gain clientele.