Wells Fargo Preservation - REO Property Preservation Forum
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post #1 of 32 (permalink) Old 04-16-2012, 10:13 PM
tenec
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Wells Fargo Preservation

Need some insight here...

I have been getting spotty work from an agent for the last 2 years when her main contractor is unavailable, just locks, wints and a few trash outs here and there. She has finally contacted me last week and asked if I would be willing to take on all of her Wells Fargo work in the area and of course I have been hoping we could get this from her at some point but now I have an issue with licensing, or maybe I dont.
She asked for all of my info again w-9, insurance and also my contractors license which I explained I did not have a GC license but shouldn't need one for what was being completed. She checked back with WF and responded saying that they wouldnt allow me to do anything without my 'contractors license.'
Can someone tell me if it is really a requirement to have a GC to do WF preservation work and not remodels or is there a misunderstanding.
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post #2 of 32 (permalink) Old 04-16-2012, 10:20 PM
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That is a question for your local and state licensing boards.

In my area there is no such license available. Dunno about your area.
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post #3 of 32 (permalink) Old 04-16-2012, 10:35 PM
FremontREO
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YEP WFHM requires you to be a contractor so you KNOW the codes and other issues of taking care of a home properly. This is not to be a smarty but anyone can do a trashout or a grass cut and not worry about codes BUT to replace a sump, outlet, switches, winterization, minor or major repairs they want only licensed contractors with an insurance policy for licensed professionals. Basically the knowledge that hopefully comes with licensing and experience.

Otherwise this can be a gold mine for you. Good luck.
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post #4 of 32 (permalink) Old 04-16-2012, 11:33 PM
tenec
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Thanks for the quick reply Fremont, I was afraid you might respond with that answer though because I do realize this had the potential to be a goldmine. I do not currently hold a contractors license in TN and there is no way for me to get through the testing before the window of opportunity gets slammed. Was nice to think we might be able to make some decent money in this field again though
post #5 of 32 (permalink) Old 04-17-2012, 12:42 AM
Builderbob 72
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Can you hook up with a licensed GC and use him as your qualifier? Don't think the door has slammed shut unless you have visited all available options. Check on Craigs List....there's a slew of out of work license holders that will "sell" you their credentials for a fee or profit sharing.
post #6 of 32 (permalink) Old 04-17-2012, 04:54 AM
Kent Whitten
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Quote:
Originally Posted by Builderbob 72
Can you hook up with a licensed GC and use him as your qualifier? Don't think the door has slammed shut unless you have visited all available options. Check on Craigs List....there's a slew of out of work license holders that will "sell" you their credentials for a fee or profit sharing.
Someone would have to be out of their mind to take full responsibility of all jobs of someone who contacted them by CL. I also believe that this is illegal, it is rubber stamping.....if he just uses his license.
post #7 of 32 (permalink) Old 04-17-2012, 07:26 AM
mbobbish734
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Quote:
Originally Posted by Kent Whitten

Someone would have to be out of their mind to take full responsibility of all jobs of someone who contacted them by CL. I also believe that this is illegal, it is rubber stamping.....if he just uses his license.
Yep its a no go here.
post #8 of 32 (permalink) Old 04-17-2012, 08:42 AM
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Quote:
Originally Posted by Builderbob 72
Can you hook up with a licensed GC and use him as your qualifier? Don't think the door has slammed shut unless you have visited all available options. Check on Craigs List....there's a slew of out of work license holders that will "sell" you their credentials for a fee or profit sharing.
Find someone who has a License and would be interested in teaming up. Let him oversee his interests for a payroll.Let him earn it in some way. If you are really looking at a goldmine, it should not hurt too bad by padding his pockets while you deal with all the Bull#### from the agent.Although even transfering a license could take 60 to 90 days, depending on your state.
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post #9 of 32 (permalink) Old 04-17-2012, 09:02 AM
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Originally Posted by JDRM

Find someone who has a License and would be interested in teaming up. Let him oversee his interests for a payroll.Let him earn it in some way. If you are really looking at a goldmine, it should not hurt too bad by padding his pockets while you deal with all the Bull#### from the national. LPS does wells fargo properties.Although even transfering a license could take 60 to 90 days, depending on your state.
LPS does PPO work for Wells, so do others. REO work is handled by Wells' in house service company.
As far as business relationships go with service companies, IMO, this opportunity IS a goldmine. At least it has been for me.
post #10 of 32 (permalink) Old 04-18-2012, 10:50 AM
Builderbob 72
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Originally Posted by Kent Whitten
Someone would have to be out of their mind to take full responsibility of all jobs of someone who contacted them by CL. I also believe that this is illegal, it is rubber stamping.....if he just uses his license.
Perfectly legal if you PARTNER with a GC as a equity investor in your business. I wasn't suggesting a rubber stamp, I was suggesting to build his business by alliance, instead of throwing his hands in the air. The CL suggestion was just a comment as to the number of out of work licensed builders who lack the marketing skills to locate their own work.
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