Fannie Mae SAM Approved Vendors - REO Property Preservation Forum
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post #1 of 92 (permalink) Old 02-11-2011, 05:18 PM
CPFSI
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Fannie Mae SAM Approved Vendors

Hello,

Is anyone a SAM approved vendor for Fannie?Does anyone know the process of becoming a SAM approved vendor for Fannie? They have an application on their website, but does anyone know their selection process as well as their typical time frames for getting approved?

thanks
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post #2 of 92 (permalink) Old 02-11-2011, 10:42 PM
Rich51
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CPFSI Welcome to the forum. Sorry your first post has caused me to go into to a rant session. This is what I can tell you.

First: filling out the application on their website and having all the requirements will get you approved to be in the system and you will get a Fannie Mae Vendor Number this means you are approved to do work for Fannie Mae but only if they contact you. It does not mean you are approved to be used by an FSM or realtor to do Fannie work as a SAMS Vendor. I know because this is the stage we are in, so it really doesn't mean ****

Second: the reason you probably will not get a SAMS vendor to comment here (and I will tell you there are several who are on the forum, one even sells a property preservation book) is because they don't want the competition. They have a nitch; as FSM's and realtors do not have to get bids for much of the work, if they use an approved SAMS vendor.

Third: In our case there are five approved SAMS Vendors for our state (Yep just five and one is not even located in our state). We are working with a REO Asset Manger for Fannie, he has provided us with the list of approved SAMS vendor for our state. He continues to tell us he has steady work in three of our counties we service and that he is simply waiting for us to get our SAMS number. At a recent meeting (last week) he has been told that he must use an approved SAMS vendor for the Fannie work. Here is what really make me angry he has told us that the approved SAMS vendors do not want to travel to our area as the distance is to far for the work that needs done. Yet here we set.

Fourth: as you investigate you will find that this is one of the best kept secrets. We have made call after call to Fannie Mae, just when it sounds like we open a door another one shuts, it's frustrating. We have even contacted our state representatives, both have jumped in and are trying to help but even they have not had any luck as of yet.

So in a nut shell Good Luck. I hope you will get lucky once you submit your application in that Fannie will contact you. If you find the secret entrance door please let me know.

I am sure this will get some response. How about one of you SAMS vendors proving me wrong
post #3 of 92 (permalink) Old 02-11-2011, 11:51 PM
FremontREO
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Rich is right on target.

1 thing I will say is the Sams vendors program is being phased out (told last week) so the "niche" is going to be over.

Sams vendors are what they use for:
Rebuilding
Remodeling
Electrical
Mechanical
Environmental

The first 4 is going to be completed by a big "box store" that is national.

The 5th is being completed and managed by the environmental branch of Fannie and will require some additional certifications but otherwise remains the same.

At least that is how it has been explained to me.
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post #4 of 92 (permalink) Old 02-16-2011, 10:07 PM
RhodesREO
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Smile

Hi,

Couldn't help myself in answering this question. There is a way around the SAM Vendors. I'm not sure where you all service but we do work on Fannie Houses all the time. Its always random but it's based on the relationship you have with the Fannie Mae Brokers. There's a thing called the 571 form. That allows the Broker to choose their own companies to complete certain tasks. Now chances are you will never be a 1093 SAM Vendor. Most of those vendors have a decade long relationship steaming back before the REO boom. What you can do is research 571 and angle yourself that way.

It all of course based on the Fannie Mae Asset Manager you get, typically if it's an outsourcing company.. ehh your screwed all you do is rekeys. But I'll tell you the agents we work for.. we make a killing of rekeys. You need to know your market, your Brokers, the 571 caps and then you might have a chance on doing some work on these homes. Once you've done a about 10-15 571 repairs then other brokers jump in. Not everyone likes the SAM vendors. They aren't the nicest and they certainly aren't the fastest.


Good Luck all!
post #5 of 92 (permalink) Old 04-07-2011, 04:38 PM
NJPropPress
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Hi!
I'm a little bit confused here about the Fannie Mae assignment process- if the big preservation Co's have contracts with FM, then how can the Broker send out his own preservation contractor to do the work?
What am I missing here?
post #6 of 92 (permalink) Old 04-08-2011, 01:22 AM
FremontREO
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Quote:
Originally Posted by NJPropPress
Hi!
I'm a little bit confused here about the Fannie Mae assignment process- if the big preservation Co's have contracts with FM, then how can the Broker send out his own preservation contractor to do the work?
What am I missing here?

Broker can be signed up for Fannie Direct.

We do a lot of Fannie homes but not with any national service companies who rip the contractors off.
post #7 of 92 (permalink) Old 04-21-2011, 07:26 PM
skyboy1030
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SAM Vendors

We are SAM vendors in a couple States, and yes it is a close community. But to the defense of other SAM vendors, its just as possible for you that want to be vendors as it was for us that became vendors. Advise, think outside the box.
post #8 of 92 (permalink) Old 05-11-2011, 11:37 PM
slong2494
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skyboy, is the other correct that a "big box" vendor will be taking over the work?
post #9 of 92 (permalink) Old 05-12-2011, 12:25 AM
skyboy1030
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I have not heard that from any of my sources, I for one hope not
post #10 of 92 (permalink) Old 05-13-2011, 08:34 AM
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Just signed on with a broker to do all of their Fannie mae rekeys. She has also given us 20 properties that se has to manage all of the maintenance on. She was referred to me by another broker who I meet on a lot of BAC properties.

I asked her what made you decide to use us? She said, well Robbie says you're professional, well groomed and he never has an issue with your work. He also said your company works fast, doesn't complain and took them around Hawaii to see how the natives live. Lol.

Take care of these agents. They will take care of you. Have a great day gang!!
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