Bid Approval % and Bid Approval time? - REO Property Preservation Forum
Reply
 
LinkBack Thread Tools Display Modes
post #1 of 11 (permalink) Old 04-18-2013, 10:47 PM Thread Starter
Senior Member
 
Join Date: Feb 2013
Posts: 162
Thanks: 136
Thanked 29 Times in 18 Posts
Bid Approval % and Bid Approval time?

What is your average bid approval % and how long does it take? I rarely get anything approved besides debris removal and roof patches.

New York Preservation
Oswego - Onondaga - Jefferson
Madison - - Oneida - Lewis - Cayuga

P: 315 506 3399 | http://www.upstatereo.com
Zoly is offline  
Sponsored Links
Advertisement
 
post #2 of 11 (permalink) Old 04-19-2013, 05:52 AM
Super Moderator
 
GTX63's Avatar
 
Join Date: Apr 2012
Location: Your House Soon...Soon
Posts: 3,186
Thanks: 676
Thanked 2,249 Times in 1,094 Posts
Sometimes 24 hours, sometimes three months. Make sure you note on every bid you submit how long it is good for.
GTX63 is offline  
The Following 2 Users Say Thank You to GTX63 For This Useful Post:
Magnum305 (04-19-2013), STARBABY (04-19-2013)
post #3 of 11 (permalink) Old 04-19-2013, 09:18 AM Thread Starter
Senior Member
 
Join Date: Feb 2013
Posts: 162
Thanks: 136
Thanked 29 Times in 18 Posts
There is this property that is close to being condemned. There is a random hobo living in a camper on the 40 acres of the property using it as a dump. There are 80 cubes outside the house and 40 inside. It's pre-foreclosure so they don't want the inside touched but...

There are code enforcement stickers everywhere. The roof is leaking bad. Windows are broken out. The exterior basement door is non-existent. Kitchen wall is missing and leads outside. The bank is going to lose this property to the town all together if they don't get their guys approving this stuff.

New York Preservation
Oswego - Onondaga - Jefferson
Madison - - Oneida - Lewis - Cayuga

P: 315 506 3399 | http://www.upstatereo.com
Zoly is offline  
Sponsored Links
Advertisement
 
post #4 of 11 (permalink) Old 04-19-2013, 09:51 AM
Senior Member
 
Join Date: Apr 2012
Posts: 694
Thanks: 42
Thanked 129 Times in 74 Posts
Quote:
Originally Posted by Zoly View Post
There is this property that is close to being condemned. There is a random hobo living in a camper on the 40 acres of the property using it as a dump. There are 80 cubes outside the house and 40 inside. It's pre-foreclosure so they don't want the inside touched but...

There are code enforcement stickers everywhere. The roof is leaking bad. Windows are broken out. The exterior basement door is non-existent. Kitchen wall is missing and leads outside. The bank is going to lose this property to the town all together if they don't get their guys approving this stuff.
Usually they are fast to respond to code enforcement issues. But other than that, it's usually a crapshoot.
SwiftRes is offline  
The Following 2 Users Say Thank You to SwiftRes For This Useful Post:
BRADSConst (04-19-2013), Magnum305 (04-19-2013)
post #5 of 11 (permalink) Old 04-19-2013, 09:52 AM
Super Moderator
 
GTX63's Avatar
 
Join Date: Apr 2012
Location: Your House Soon...Soon
Posts: 3,186
Thanks: 676
Thanked 2,249 Times in 1,094 Posts
Sounds like the lender is just sitting on it until it goes to sale.
We have some bids, for initial mows for example, that the lenders will ignore, even though the grass is overgrown, because it may be cheaper for the township to do a knockdown.
GTX63 is offline  
post #6 of 11 (permalink) Old 04-20-2013, 07:27 PM
Super Moderator
 
BPWY's Avatar
 
Join Date: Apr 2012
Location: MT
Posts: 4,096
Thanks: 1,470
Thanked 774 Times in 468 Posts
Quote:
Originally Posted by GTX63 View Post
Sounds like the lender is just sitting on it until it goes to sale.
We have some bids, for initial mows for example, that the lenders will ignore, even though the grass is overgrown, because it may be cheaper for the township to do a knockdown.




Isn't the township billing for this?



I've worked in areas where a "simple" grass cut can exceed $5000 with fines, fees, and the cost of their pet contractor cutting the grass.

Professionals are people who can do their job when they don't feel like it.
Amateurs are people that can't do their job even when they do feel like it.
BPWY is offline  
post #7 of 11 (permalink) Old 04-21-2013, 05:42 AM
Super Moderator
 
GTX63's Avatar
 
Join Date: Apr 2012
Location: Your House Soon...Soon
Posts: 3,186
Thanks: 676
Thanked 2,249 Times in 1,094 Posts
Had a couple properties last year, about an acre, where they let the grass grow over 2'. We gave our bids and they said thanks but no thanks. City comes by with their John Deer 4020 and knocks it down and fines them $250. Of course it varies from town to town and state to state, but we have seen it a lot.

Tree fell on the roof of a house in a small town. Bids to remove the tree and repair the roof were 3k and up. $500 fine for leaving it that way, and they can settle up on the penalties at closing. They chose option B.

In a few cases, it is the regional who doesn't want to approve a job they will lose money on, but not always.
GTX63 is offline  
post #8 of 11 (permalink) Old 04-21-2013, 09:36 AM
Senior Member
 
Splinterpicker's Avatar
 
Join Date: Apr 2012
Location: west coast USA
Posts: 616
Thanks: 53
Thanked 213 Times in 135 Posts
I work for one of the cities on their distressed properties. They call email or otherwise contact the bank and give them 24 hours to get it done. I charge 85 to use osb and screw it on and down the road I go to the next one. PAid in 30 days and I dictate pricing. GRAVY
Splinterpicker is offline  
post #9 of 11 (permalink) Old 04-21-2013, 10:04 AM Thread Starter
Senior Member
 
Join Date: Feb 2013
Posts: 162
Thanks: 136
Thanked 29 Times in 18 Posts
Yeah, I will call on Monday and tell them they are going to be billed ridiculously high for this property. They're going to hire someone to do the job for double and tack on fees at the same time. It's pre-foreclosure though so we will see what happens.

New York Preservation
Oswego - Onondaga - Jefferson
Madison - - Oneida - Lewis - Cayuga

P: 315 506 3399 | http://www.upstatereo.com
Zoly is offline  
post #10 of 11 (permalink) Old 04-21-2013, 11:20 AM
Senior Member
 
Join Date: Jan 2013
Posts: 124
Thanks: 78
Thanked 41 Times in 29 Posts
Last time I worked up the numbers I was at a 34% bid approval rate ..... but like everyone says the turn around time is so varied you can't predict it.
ontimepres is offline  
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the REO Property Preservation Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome