HUD And REO Property Preservation

oteroproperties

I'm sure you're right. I don't see any amount of money that would compel them to pay a claim 5 years old but this is how it was explained to me. I was told that E&O was for people like engineers, in case the structure they design collapses years later and it turns out to be a flaw in the design. My agent never could understand us needing it either other then to cover issues that might arise in the future. but who really knows.....

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Residential Electrician 95-04
Residential Construction Manager 04-06
Real Estate Investor 05-06
Property Preservation Contractor 05-current

BPWY

Same here.

oteroproperties

No I don't but I make sure that there are things that can be identified in the video that will cross reference to the photos. It's not iron clad but it has saved me countless times over the years!!

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Residential Electrician 95-04
Residential Construction Manager 04-06
Real Estate Investor 05-06
Property Preservation Contractor 05-current

FremontREO

SO True! Good friend of mine did a dewinterize on a home that had sat empty for nearly 2 years. After replacing a few fittings with a licensed plumber the system held pressure and the water was restored to the home. The plumber told him to be double sure to put a exclusion to the bank that the fittings, gaskets and faucet valves may leak from dry rot and etc and this cannot be warrantied nor guaranteed. He did this. House sold. New owners left to take a trip 2 weeks after purchase of home and the fitting from a shower faucet valve broke and flooded main level of home and basement. The new homeowners sued service company and the contractor and won. Now the contractor had to determine if he should sue the plumber but his lawyer said nope since he had a clause for any plumbing issues not being guaranteed. My buddy had the same clause but since the Service Company was listed as an Add Insured they automatically claimed on his policy for all the claim...yep he lost

Brickie

CMJ,

I highly recommend that you sit down with your insurance people & go over everything with them with a fine tooth comb. Make sure to that they are very knowledgeable about Property Preservation, as well as whatever else that you do. Ask them about E & O. My insurance company told me no. Keep in mind, in addition to PP work, I do foundations & all the way to the roof, as well as demolition work. So when you add up the insurance, WC, various surety bonds, it's pricey. I'm sure it will go up shortly because of the EPA RRP Rule taking effect.....

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“Ron Paul is one of the outstanding leaders fighting for a stronger national defense. As a former Air Force officer, he knows well the needs of our armed forces, and he always puts them first. We need to keep him fighting for our country.” – Ronald Reagan

Brickie

Thanks for the interesting info Fremont! I'm going to be meeting with my insurance people shortly to review everything on the heels of the upcoming EPA RRP crap. You've just given me more questions that I need answers for...

__________________
“Ron Paul is one of the outstanding leaders fighting for a stronger national defense. As a former Air Force officer, he knows well the needs of our armed forces, and he always puts them first. We need to keep him fighting for our country.” – Ronald Reagan

C.M.J.

Thanks Brickie! We have a meeting set for Friday w/ins agent. We have yet to our first job and I/we REALLY want to cover all our bases! We all (me and my 2 partners) are moving from the auto industry (UAW autowokers, parts supplier) to this industry. I want the feeling of "I made/built that!" I know we won't make tons of money, but we've been there/done that and it is not as satisfying. We have A LOT to learn and I'm looking forward to that.

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C.M.J. Residential Services llc.
Interior/Exterior Remodeling
Hardwood and Laminate flooring
Decks

EUGENIA

Yesterday was the first time i applied with a company as a vendor. I wasn't aware of the quiz that i had to take alone with it. I knew alot and i alot i didnt- BUT I KNOW NOW Thank god for the internet!!!

Brickie

Do you have a copy of the HUD guidelines?

__________________
“Ron Paul is one of the outstanding leaders fighting for a stronger national defense. As a former Air Force officer, he knows well the needs of our armed forces, and he always puts them first. We need to keep him fighting for our country.” – Ronald Reagan

EUGENIA

i believe i do.. In one of my books that i purchased. Do you know where i can get a list?

a1propertyclean

Use this link, then find your state. These are the cost allowances:

http://www.hud.gov/offices/hsg/sfh/reo/pandpsched/

For guidelines, click on the P & P Mortgagee Letters under the HUD Resources header. Do yourself a favor and go through the old letters, too. Much of the info you find there still applies.

Linda

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Linda @ All REO Preservation
http://allreopreservation.com
allreo.vendor.review@gmail.com [experienced vendors only - please list state and counties if you're looking for work]

a1propertyclean

We are currently looking for experienced vendors in these counties in California:

San Diego
Imperial
Santa Clara
Oxnard
Ventura
Santa Barbara
Los Angeles
Shasta
Nevada
Alameda
Contra Costa
Solano
Santa Cruz
San Mateo
Marin
Sierra
Placer
Alpine
Tulare
Lake
Colusa

If anyone here has the experience and can produce good, clear quality photos consistently, please e-mail me at allreo.vendor.review@gmail.com and I'll reply with more detail about what we need to start the review process.

We're looking for qualified, professional, independent contractors, not employees. If you're just starting up a preservation business, we will consider you ONLY if you've already been working for another company actually doing the work and taking photos. We will be requesting proof of your quality of work.

You MUST be insured. No ifs, ands, or buts about it. General liability @ $2 million and, if you have employees, you'll need to provide proof of workmens comp coverage.

I have work in most of these counties right now and we just took on several new clients who are supposed to be sending us lots of work in California shortly.

Very important ~ so that I can locate what I'm looking for in a mail search, PLEASE give me a list of the counties you cover in your first contact, and your name, your company name, and a contact phone number in EVERY e-mail you send, not just the first one.

If you create an e-mail signature with all of your contact information, you won't have to type it every time and I won't have to try to figure out who you are by your first name.

Thanks!

Linda

__________________
Linda @ All REO Preservation
http://allreopreservation.com
allreo.vendor.review@gmail.com [experienced vendors only - please list state and counties if you're looking for work]

APFS

I personally do not think that this is a business for any newbies unless you are looking for failure. I have been doing this bus for 3.5 years. Every year the profits have been dropping. And I will admit, this past year I have gotten so many chargebacks for rediculous stuff. Whether it's the nationals or HUD making up these lame ass excuses to keep my money only says 1 thing. The banks are hurting. They stick the carrot in front of you to take the job, then in 6 months later charge you back for the whole job. Believe me, it happened to me because of a 1 day difference. My photos were dated 5/11 and my completion was dated 5/12. It wasn't even due until 5/14 and I got charged back a little over $682. Personally I think it should be illegal with documented photos proving the job was done with plenty of befores, during & afters. I was so pissed, that was just one of the many times this past year. I am looking to the agents/brokers to eliminate the nationals, but no luck yet as to our STUPID president getting involved and trying to stop all foreclosures. I have never seen it so slow since I've been in bus. You think this would be a time for all of us in this bus to be profitable, but that isn't the case due to dickhead Obama. Sometimes I think that this is the beginning of the end of this work. Just my opinion, hope it changes!!!!!

FremontREO

OH MAN I saw the 3rd to last word....HOPE
Its called FRAUD in my eyes JMO

mtmtnman

If y'all think its hard in a metro area try working out here in the Rural West. On many jobs by the time we put gas in the truck we are making less than $5 an hour on a job and wearing out a vehicle. Last summers mowing route for me was 1200 miles a week to cover 20-25 lawns of which 40% were trip charges due to never being able to get bid approvals on very large properties. By the time i paid gas, hotel, food and rack up miles on my truck i would be better off working at Home Depot. I rolled over 80,000 miles last year for around the same in dollars for gross income. I am staying home in my valley this summer. Got work for local realtors that should keep me busy......

BPWY

Same here, I'm turning down distance travel left and right this yr because the banks/nationals do not want to pay what it costs to cover fuel and vehicle wear and tear.
I'm willing to travel if need be, but its got to pay.

I'm running a business here, not a charity.

FremontREO

Same here. Cut territories we cover by nearly half....We told 2 companies (for grass cuts) that we will do "out of territory" if only there is over 75 gc's per zip code territory. We won't lose money this year since if I want to lose I'll stay home and mow my own yard and make the Mrs happy...

BPWY

Fremont when I was trucking my favorite saying was if I'm going to go broke hauling other folks freight for free, then I'm going to go broke sitting on MY COUCH drinking my beer.

In so many ways this business reminds me of trucking. Too many fingers in the pie and the guy doing the work getting screwed, too many chiefs with no clue what the heck is going on. etc etc

mtmtnman

This will fit just about every National out there.



I had a good one today. Had a cleanup with waste oil jugs in 2 different locations in a carport. Took a semi-close up of the 2 areas with jugs lying on the ground to show the labels. These areas were 10' apart and each phot clearly showed both areas. Hauled all the jugs to the truck, took pic of said jugs in truck, went back to carport and shot 1 pic right into the doorway showing carport was E M P T Y. Had to go back and take 2 separate pics of the locations where the oil was to get paid even though from the overview pic is was damn obvious the oil was gone!!!!

For most of these nationals this is all they know.....

uintahiker

Hey Brickie,
How do I get into that yahoo group for PP? Thanks