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post #1 of 7 (permalink) Old 05-20-2012, 12:11 PM Thread Starter
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HUD REO's

Gang, for those of you still into the PnP game, be sure to not accept or sign up with any REO AM firms. They will place your personal name AND business name on a list that prevents you from working on any Preforeclosure work. Or so I've read and was told last.night by a former competitor.

HUD doesn't pay much so proceed with.caution.
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post #2 of 7 (permalink) Old 05-20-2012, 08:47 PM
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Originally Posted by BBJP
Gang, for those of you still into the PnP game, be sure to not accept or sign up with any REO AM firms. They will place your personal name AND business name on a list that prevents you from working on any Preforeclosure work. Or so I've read and was told last.night by a former competitor.

HUD doesn't pay much so proceed with.caution.

In early 2013, when MM3.6 (HUD REO, Field Service Management) takes effect on 26 states, contractors will not be allowed to work on HUD REO properties if they are performing preconveyance work. This is according to the draft Performance Work Statement that has been published, as pasted below. And, it's likely that HUD will issue a MOD for the existing FSMs, for all states, before MM3.6.

5.1.12.5 Prohibition on Pre-Conveyance Preservation and Protection Work

The Field Service Manager or its agent is prohibited from performing both pre-conveyance work on FHASingle Family Insured properties. In the event that the a Field Service Manager or its agent performs pre-conveyance work, the fees associated with post-conveyance work are expressly unallowable and will not be paid. The Field Service Manager must obtain written certification on an annual basis from its subcontractors affirming that they do not perform pre-conveyance work on FHA Single Family Insured properties.
post #3 of 7 (permalink) Old 05-20-2012, 08:59 PM
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hi

sounds like more craziness going on
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post #4 of 7 (permalink) Old 05-20-2012, 10:56 PM
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That is incredibly insane.


I am so glad that I've vacated P&P for the most part.
I've been saying for some time that every one involved does not want the contractors to stay in biz.
This just further proves it.
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post #5 of 7 (permalink) Old 05-20-2012, 10:59 PM
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If you are married one spouse has business A doing pre forclosure work, spouse 2 has business B in their name doing post foreclosure.

How else are contractors going to make a living off of doing bank work?
There is not enough work for company A to only do pre foreclosure work and B to do post.
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post #6 of 7 (permalink) Old 05-21-2012, 06:43 PM
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What is P and P? I know a little late to be asking, we have been working on REO for four years now but never understood how you could be working on homes before they were reo. Aren't they occupied by the soon to be former owner?
( Sorry for the dumb question) we just do construction, (paint/carpet and repairs for listing agents so are not informed in that area.
post #7 of 7 (permalink) Old 05-21-2012, 08:15 PM
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I've seen houses vacant for several years before going REO status.
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