How Do You Do Payments For Repo Work?

works4me

Kind of a sidebar question to one I asked a few days ago. I have been getting a lot of jobs from Realtors lately for repo's they are listing. I have been doing entire projects and asking for full payment upon completion. 30 days comes and goes and I kind of get ignored - the Realtor acts like they care, but they aren't going to burn their bridge fighting for me. Just the BIG guy laughing at the little guy routine. I always get paid.......sometime later.
With HO I always do payments and stay right on top of them, but thats hard with the chain in repo's. I think I usually get the job because I ask for pay in full when done.
Does anyone else get payments with repo work for banks through a Realtor? Does it move fast? And finally, can you request in your acceptance line that all monies be held in escrow by Brokerage and released in full immediately upon completion?
Other than hounding the Realtor I don't even know who to call and say "It's 30 days, where's my check?" Most likely whoever I say it to won't really care anyway - they just work for the bank.
It's a lot of jobs I get and good money, I hate to just walk away from them all.

Chris Johnson

Count your blessing if you haven't been burnt.

Who's signing the contract? Who is your contact? If it's working and not shaky keep doing it, don't let them get in too deep. Are you paying C.O.D. for your materials or do suppliers have job accounts for you? Job accounts are better, you don't lose as much and suppliers will always lien with you for non-payment and not hold it against you IF you are co-operative with them, meaning if you owe them thousands of dollars on a specific job that hasn't paid and a lien is needed they will do the lien with you and still sell to you on account for a different project, basically you are not out of business from one project.

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Chris

Double-A

I think I'd talk to an attorney if I were you. Doesn't have to be long and involved, just a few minutes will get you the information I think you might need.

First and foremost, does a contract to list empower the broker or his agent to contract for repairs on behalf of the homeowner (or mortgage holder)?

If not, then they might as well be the paperboy for all the authority they have to contract repairs.

I think I would start with an intent to lien filing with the local county clerk. That way, they know you're serious and will lien and perfect that lien if needed. I don't know if your state allows this or requires it. Some do, some don't. This is why I recommend you speak to an attorney.
I think you're playing with fire.

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"My clients’ wishes are the center of my attention." -- David Guido, a contractor in Woodstock, N.Y.
New York Times, July 20, 2006