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Profitable Times In The Foreclosure Business

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FT. LAUDERDALE (CBS4) ― Tom Thompson is responsible for several dozen foreclosed properties in Broward County. Once a house is in foreclosure, he organizes repairs, changes locks, and makes certain the property is safe and secure before sale. Business could not be more profitable.

He is a realtor by trade, and now a foreclosure property manager by circumstance.

Thompson explained to CBS4 Reporter Carey Codd that he estimates getting at least two to three new properties each week.

He said, "It's something a lot of agents are getting into because of the amount that's out there."

He checks each home once a week to make sure it's clean and there's no vandalism or squatters.

Thompson said foreclosed homes are not necessarily cheap.

He explained, "The lender wants to get as much as he can for the property because he already has a lot invested with his loss."

Thompson occasionally has to break the bad news to a homeowner, saying, "It's hard. It's sad. Some people cry. It's hard for me to have to tell them you don't own your house anymore."

Click On U.S. Department of Housing and Urban Development which provides tips for avoiding foreclosures.

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