FAS not Paying Retainer - REO Property Preservation Forum
 
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post #1 of 9 (permalink) Old 03-11-2013, 09:45 PM Thread Starter
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FAS not Paying Retainer

Had $7500 rehab bid with FAS, Our bid included 1/3 retainer before starting the work. Got an email today...Decling/Cancelling the WO as they couldn't come up with the retainer... I think it's getting worse down Austin way.
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post #2 of 9 (permalink) Old 03-12-2013, 05:05 AM
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Originally Posted by JFMURFY View Post
Had $7500 rehab bid with FAS, Our bid included 1/3 retainer before starting the work. Got an email today...Decling/Cancelling the WO as they couldn't come up with the retainer... I think it's getting worse down Austin way.
Is that how they worded it? We cant come up with it?
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post #3 of 9 (permalink) Old 03-12-2013, 05:17 AM
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I don't recall them ever paying a retainer according to our contracts; that is why we never did rehabs or large ticket jobs for them. Of course it was a matter of "We don't pay upfront", not that they were broke.
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post #4 of 9 (permalink) Old 03-12-2013, 06:04 AM Thread Starter
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I don't recall them ever paying a retainer according to our contracts; that is why we never did rehabs or large ticket jobs for them. Of course it was a matter of "We don't pay upfront", not that they were broke.
In the past 4 years I've been dealing with them, I have always included a retainer on large rehab jobs($5/K +), and they paid it without comment.
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post #5 of 9 (permalink) Old 03-12-2013, 08:26 AM
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hi

they use to pay upfront but also took out an extra hefty percentage not sure how it is now
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post #6 of 9 (permalink) Old 03-12-2013, 11:21 AM
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We gave them the boot in 2009, dated again for a month or so in 2011, so they may have changed their policy...or it was just us,lol.
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post #7 of 9 (permalink) Old 03-12-2013, 01:28 PM
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Do you mean they won't pay a draw at the start of the job? I would say they probably just found someone else to do it that didn't need a draw for the 7500. Their pay is factored now and going out earlier.

FAS isn't doing well, but I wouldn't say they are going under yet. Just being more frugal and like the big boys that screw their way to big profits.
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post #8 of 9 (permalink) Old 03-12-2013, 08:41 PM
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Do you mean they won't pay a draw at the start of the job? I would say they probably just found someone else to do it that didn't need a draw for the 7500. Their pay is factored now and going out earlier.

FAS isn't doing well, but I wouldn't say they are going under yet. Just being more frugal and like the big boys that screw their way to big profits.
They are Pubic (public) and since the slow down have lost their sence of whats wrong and right, not to say it was ever totally right but it has been a cluster since the going public mishap. I would think they are having a tough go if it making their commitments to their share holders. Remember when you could take a draw against your payables ?? I never did but thatwas a leap of faith on their part.
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post #9 of 9 (permalink) Old 03-12-2013, 10:11 PM
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it's funny how fast things change.... It's even funnier how they (the nationals) stay the same.
The difference is "who's got this years contract"
Safeguard may have a horseshoe up it's end game but they will lose theirs like all the others before.
NEXT!!
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