Caliber Mortgage - REO Property Preservation Forum
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post #1 of 11 (permalink) Old 05-10-2017, 10:58 PM Thread Starter
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Caliber Mortgage

What kind of experiences are you guys having with this outfit?
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post #2 of 11 (permalink) Old 05-11-2017, 01:00 PM
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They don't approve **** on their properties for the Pre Sale side through M&M. Post sale side I have limited experience with them.
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post #3 of 11 (permalink) Old 05-11-2017, 10:48 PM Thread Starter
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They don't approve **** on their properties for the Pre Sale side through M&M. Post sale side I have limited experience with them.
I've had good luck with them on the REO side until recently. We began a 33k rehab on a property that should never have been rehabbed. They were going to next day the check for half down. Suddenly I get a call saying this is no longer their policy. They called we had words. They expect us to front the entire amount then be paid back in two weeks. I explained that If I wanted to invest 33k of my own money I would just buy a property and rehab it. We won't be working for them in the future. They think they will send someone from their database of contractors to finish the job. They called another local guy he asked for a deposit and things got heated. He is now banned for life. He doesn't care and called me to laugh about it. I called a couple of inspectors and told them to watch this property.
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post #4 of 11 (permalink) Old 05-13-2017, 10:10 AM
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We've been doing Caliber work for a few years on the pre-sale side. They used to be awesome on bid approvals, so much so that I would do a little dance when we got a new Caliber property...then last year they got greedy like all the rest and became super conservative on bid approvals. Now they have an allowable list of items that can be completed in hopes to prevent any bids needing to be submitted/approved for issues that would result in violations and escalating damages to the home. They still approve bids but it's spotty. I'm totally with you on that though! Who in their right mind would take that risk to go that deep into their pocket to fund their rehabs and without a written contract I'd assume? That could be financial suicide! No other contractor would be stupid enough to do that.
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post #5 of 11 (permalink) Old 05-14-2017, 09:54 AM Thread Starter
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We've been doing Caliber work for a few years on the pre-sale side. They used to be awesome on bid approvals, so much so that I would do a little dance when we got a new Caliber property...then last year they got greedy like all the rest and became super conservative on bid approvals. Now they have an allowable list of items that can be completed in hopes to prevent any bids needing to be submitted/approved for issues that would result in violations and escalating damages to the home. They still approve bids but it's spotty. I'm totally with you on that though! Who in their right mind would take that risk to go that deep into their pocket to fund their rehabs and without a written contract I'd assume? That could be financial suicide! No other contractor would be stupid enough to do that.
Oh I have a written contract signed. It states that they will deposit half to start the project. THEY ignored the contract. It's no big deal I picked up a basement build out and a complete kitchen for homeowners at my normal margins. We will make 3 times on these 2 projects what we do on any bank owned rehab. I'm just tired of these companies expecting us to finance their jobs.
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post #6 of 11 (permalink) Old 05-15-2017, 08:08 PM
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We've done 4 or 5 rehabs for them. I front the money on them and get paid about 3 weeks after completion. I've never had an issue. We also trash out about 5 properties a month for them.
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post #7 of 11 (permalink) Old 05-16-2017, 07:13 AM Thread Starter
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We've done 4 or 5 rehabs for them. I front the money on them and get paid about 3 weeks after completion. I've never had an issue. We also trash out about 5 properties a month for them.
I don't have any interest in fronting the money AND having my bid cut. They slashed our bids to a point where we couldn't make much profit. If I am going to tie my money up I don't need them. I can buy houses in this market for under 50k that sell in the low 130's. I'd rather just buy a property and flip it and not have to answer to some jack wagon on the other end of an email string.
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post #8 of 11 (permalink) Old 05-17-2017, 07:35 AM
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I don't have any interest in fronting the money AND having my bid cut. They slashed our bids to a point where we couldn't make much profit. If I am going to tie my money up I don't need them. I can buy houses in this market for under 50k that sell in the low 130's. I'd rather just buy a property and flip it and not have to answer to some jack wagon on the other end of an email string.
Wow! You're house flipping market is WAY better than mine right now. Right now a POS house sells for $125, throw $50 into it, and it sells for $189 - Yep, only $14K gross! Wish I'd have snatched up a few back when the prices were low.

Iíve already told you more than I know.

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post #9 of 11 (permalink) Old 05-17-2017, 07:49 AM Thread Starter
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Wow! You're house flipping market is WAY better than mine right now. Right now a POS house sells for $125, throw $50 into it, and it sells for $189 - Yep, only $14K gross! Wish I'd have snatched up a few back when the prices were low.

Our market is ON FIRE! Like before the bubble. I'm having trouble buying in but I got one the other day for 24k and I will put 18k into it hopefully it will sell for 90-100k Comps look good.
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post #10 of 11 (permalink) Old 02-26-2018, 03:29 PM
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We've been doing Caliber work for a few years on the pre-sale side. They used to be awesome on bid approvals, so much so that I would do a little dance when we got a new Caliber property...then last year they got greedy like all the rest and became super conservative on bid approvals. Now they have an allowable list of items that can be completed in hopes to prevent any bids needing to be submitted/approved for issues that would result in violations and escalating damages to the home. They still approve bids but it's spotty. I'm totally with you on that though! Who in their right mind would take that risk to go that deep into their pocket to fund their rehabs and without a written contract I'd assume? That could be financial suicide! No other contractor would be stupid enough to do that.
If anyone has something more than an email to Caliber property pres offices I would love that! They were just transferred a home from 24asset and I want to buy this home and I know that they can take it out of auction status or approve other methods of purchase beyond what the auction site says. Home has been in auction for a yr with multiple failed auctions. I don't have the case but I have the loan and the amt of rehab needed is pennies and I would buy the home at the auction price...I just need to speak to someone at caliber themselves.
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