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Bank Foreclosure Repair.

 
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Old 02-22-2011, 04:58 PM   #1
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Bank Foreclosure Repair.


Got a call today, an actual S/M lead. A PM for a bank needs repairs done to properties in this area.
Have any of you dealt with bank foreclosure jobs & if so is it worth my time.
They sent me a list of things I need to do in order to bid the the work its not much mostly pictures & they want me to beak down the bid it doesn't specify just says, break down each section according to what needs to be done.
I want this to be a good thing cause I REALLY need the work. But what I don't need is another late paying customer.
If you have any experience with banks & bank foreclosure I could use your input. I'am going to preview the first job tomorrow.
Oh & have you herd of EEC CORP. I'm going to try to google them.
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Old 02-22-2011, 05:15 PM   #2
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Re: Bank Foreclosure Repair.


Check in the Property Preservation section here.
http://www.contractortalk.com/f118/

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Old 02-22-2011, 11:56 PM   #3
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Re: Bank Foreclosure Repair.


I've done a couple of those, not much. There's some real experts in the forum mentioned above.

My one piece of advice. Don't bid the job to match their price lists or you'll go broke in a hurry. Price it as you would normally and put the ball in their court.
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Old 02-24-2011, 07:57 PM   #4
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Re: Bank Foreclosure Repair.


I went out to check out this house that was foreclosed on what a mess.

And there are thirty more pics just like this. This house doesn't need a contractor it needs a match.
So I sent those pics to the bank & he said just bid on the deck they will only fix more if they have to. Should I walk away or what do I got to lose?
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Old 02-25-2011, 12:53 AM   #5
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Re: Bank Foreclosure Repair.


Just bid on the deck. They don't care much about interior. The deck is a hazzard that could get them sued.
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Old 02-25-2011, 12:59 AM   #6
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Re: Bank Foreclosure Repair.


You are correct. That house needs to scraped. Ask the bank what their payment schedule is. I know that some banks don't pay until the house sells. If you need the work, chances are you don't have the working capital to carry that cost for a long period of time which would be the case for this jem.
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Old 02-25-2011, 01:58 AM   #7
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Re: Bank Foreclosure Repair.


SAW Co:

If the bank follows the norm with this type of work you'll be 30 days before payment. The bank doesn't want you to rebuild the deck just repair it for the least amount of money. Basicly you'll be just this side of "HACK N BUTCH". Hate doing work for banks.
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Old 02-25-2011, 02:14 AM   #8
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Re: Bank Foreclosure Repair.


What kind of scale does the bank use to determine if the house needs to be scrapped? When the cost of fixing isnt worth the hassle? The place looks horrible.
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Old 02-25-2011, 09:04 AM   #9
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Re: Bank Foreclosure Repair.


I used to do work on foreclosures for banks. I had to quit because I couldn't do the work as cheap as they got others to do it, and I was losing money on the jobs. They usually have a list of low quality subs willing to do the absolute minimum to get the house listed and they don't really care about quality. I won't hack a job together just because they don't want to pay for quality, so I just quit bidding on them. I always got paid within a month or six weeks, but it never was worth it for me.
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Old 02-25-2011, 09:12 AM   #10
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Re: Bank Foreclosure Repair.


Not all is lost. SM made something off 3-4, or even 6+ contracors. Keep your head high.
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Old 02-25-2011, 09:40 AM   #11
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Re: Bank Foreclosure Repair.


i've looked a few of them and we never could figure out how to really bid the work.... where do you stop? just patching stuff isn't going to get a loan approved inspection-wise. so my guess is that they are just looking for cash buyers??? dunno

i saw a great house (from a distance outside) , in a very nice neighborhood a few weeks ago. a friend wanted to know if they should buy it and repair. EVERYTHING was gone from the interior. all cabinets, appliances, doors, hardware, every piece of copper plumbing and wire. gutters and downs were gone... toilets, vanities. even elect recepts... stripped bare with piles of drywall and insul in every room. god only knows how long the standing water has been in place in the basement

about a 3k sq ft house (not including a basmnt and garage) wanted to know if they would have anything left in their 40k "repair" budget to put in a fence! hah
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Old 02-27-2011, 11:47 PM   #12
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Re: Bank Foreclosure Repair.


I got called to bid a bank foreclosure that they said needed a railing replaced. I thought it was deck railing but when I got there the deck railing looked fine and it was a brand new home. I called them and they told me that there was a loose hand rail that needed tightened and they had a budget of $60.00.

I told them that I would repair it for that and they asked me if I could bid $50.00 because another guy had bid $60 already. It is a sad day when they waste our time to to compete with two are three other contractors over a $60.00 job.

I told them no thanks and do not call me again.
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Old 02-28-2011, 07:50 PM   #13
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Re: Bank Foreclosure Repair.


I've bid but lost. Always seems to be someone more hungry. I think banks prefer victims to partners.

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