Bid Times - REO Property Preservation Forum
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post #1 of 3 (permalink) Old 01-24-2013, 09:07 PM Thread Starter
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Bid Times

Got stuck on bid approval, a rehab job, sat with a client for approx 40 days... I normally put Bid valid for 30 days. Well wasn't paying attention when I got the approval... signed my wood flooring sub based on his a week later he hits me with a $250 upcharge saying the flooring price went up.

The overall job can afford it, but as a result, I knocked all new bids to 15 days...which helps get away from the obligatory bid some clients mandate you supply just cuz you found a broken window or some other non money maker.
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post #2 of 3 (permalink) Old 01-25-2013, 07:20 AM
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All letterhead bids need to have a deadline for approval, regardless of what the client may tell you. I learned that when starting out with Nationals. You think they took another bid, blew you off, whatever, then bam, 6 months later you get an order for a bid approval. I had a few that I didn't even remember. Anyway, after a handful of those we noted deadlines for approval. Some would still try and slide a job in and we would notify them of price increases if there were any. Protect yourself.
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post #3 of 3 (permalink) Old 01-25-2013, 01:23 PM
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Hell I even put a 15 day validation on bids for private customers. I'm not going to sit around while they price shop every Joe Blow they can muster up to come look at the job. Given the fact that material prices are fluctuating more than they ever have (particularly drywall at the moment).
Now if I have a cushy 20%+ margin in there, I "may" honor the estimate, but beyond that...sorry Charlie I'm gonna have to re-work the numbers.
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