Inspection Mills - REO Property Preservation Forum
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post #1 of 2 (permalink) Old 02-06-2014, 09:35 AM Thread Starter
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Inspection Mills

Just had a woman call that used to work with me. She's doing inspections for some outfit on the east coast. She just received an email that Fannie Mae is now requiring multi unit inspections be completed for the same rate as a single family. She is running all over the place for $10 and may have to double or triple her photo and result uploads for the same money.

Now, before some of you start after FM, which is justifiable, remember that when your client sends you the same bla bla bla emails, they are still making anywhere from 4-10 times what you get paid for that inspection. There is some poor slob in Chicago, or Atlanta, or Tuscon, right now doing inspections for $3, and when he asks for a little more, they give him the "industry standard" line. The client may pocket $35, $50 or more. Fannie not paying them anymore doesn't mean they can't pay you more, it just means they are not going to cover any increase out of their pocket.

Rates for inspections from nationals like Safeguard and others, have stayed the same since at least 1995. The cost of a gallon of gas then was $1.15. There is no option for you to adjust your billing for inflation, cost of living, or even the quality of your work. When we found out what these inspection mills were billing, we matched it with area lenders and they jumped all over it. The very things the nationals complain about-vacant property turned in as occupied, inspections at the wrong house, thefts and B&Es, etc, they don't occur when there are fewer middlemen.
Simple cause and effect- The holder of the mortgage pays a fee to A, who pays B, who pays C, who pays D and the result is...
The holder of the mortgage pays a fee to A, who completes the work, and the result is....
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post #2 of 2 (permalink) Old 02-07-2014, 09:44 AM
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Sounds like NVMS. Anyways FNMA has always considered one loan # one property even when i was working Fannie Direct. Did many 2-3 units REO initials for 1 price but if i remember right it was $250 per loan # to clean, $150 per wint and $40 a cu yd............
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