New to Property preservation and looking for some pointers - REO Property Preservation Forum
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post #1 of 25 (permalink) Old 06-24-2012, 08:49 PM
TrentonS
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Question New to Property preservation and looking for some pointers

Hello, I just started my own business. I started with FAS...which leads me to my first question. FAS doesn't explain anything, ive been trying to find out what i can charge for and what i cant. can anyone help me with that? And any other ways i can deal with FAS considering they wont tell you anything.

Also FAS has told me that im one of the only vendors in my area. Its just me right now i have no employees so im trying to tackle trash outs and recuts and stay within my three day period. So i told FAS that i could only take on one W.O. a week. they continue sending me multiple work orders and when i deny them they tell me to just take them and get them done asap.
Now i dont mind the work at all and im glad i can stay busy, but now that im Beyond loaded down all my work is late including my recurring services. I have asked several times of FAS how this will affect me with my score going down so fast and i get the run around.

And it seems like almost all of my work down here in Texas is Fanny Mae and now that FAS is loosing them my work might slow down, is there any other company's that would be recommended to work with?

Does anyone know how it will affect my work in the future with them?
And any other tips would be great, Thanks alot!

Trent
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post #2 of 25 (permalink) Old 06-24-2012, 08:53 PM
STARBABY
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Quote:
Originally Posted by TrentonS
Hello, I just started my own business. I started with FAS...which leads me to my first question. FAS doesn't explain anything, ive been trying to find out what i can charge for and what i cant. can anyone help me with that? And any other ways i can deal with FAS considering they wont tell you anything.

Also FAS has told me that im one of the only vendors in my area. Its just me right now i have no employees so im trying to tackle trash outs and recuts and stay within my three day period. So i told FAS that i could only take on one W.O. a week. they continue sending me multiple work orders and when i deny them they tell me to just take them and get them done asap.
Now i dont mind the work at all and im glad i can stay busy, but now that im Beyond loaded down all my work is late including my recurring services. I have asked several times of FAS how this will affect me with my score going down so fast and i get the run around.

And it seems like almost all of my work down here in Texas is Fanny Mae and now that FAS is loosing them my work might slow down, is there any other company's that would be recommended to work with?

Does anyone know how it will affect my work in the future with them?
And any other tips would be great, Thanks alot!

Trent
best of luck with FAS! Just do a simply search here and u will spend days reading all the SH** with dealing with FAS.
post #3 of 25 (permalink) Old 06-24-2012, 09:04 PM
TrentonS
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yea thats what im doing now, and seeing...well to put it nicely...that im not the only person fighting with them on a daily basis.
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post #4 of 25 (permalink) Old 06-24-2012, 09:26 PM
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Keep reading this forum. You'll find the answers you are looking for.


But it sure sounds like you jumped in over your head without proper planning.
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post #5 of 25 (permalink) Old 06-24-2012, 09:36 PM
SRT-Diesel
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Come August you won't have any trash outs anymore. So enjoy them while you can. And you can't charge anything, they have flat rates.
post #6 of 25 (permalink) Old 06-24-2012, 09:43 PM
TrentonS
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Originally Posted by SRT-Diesel
Come August you won't have any trash outs anymore. So enjoy them while you can. And you can't charge anything, they have flat rates.
Well thats interesting, thanks for the heads up. So they wont have any TO's in this area?
post #7 of 25 (permalink) Old 06-24-2012, 10:43 PM
Paradox
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I'm no expert, but this advice is pretty much standard:

-Don't have all of your eggs in one basket. You are not guaranteed any work orders from FAS next week.
-Always carry proper insurance. Also always fully document damages/etc. at a property
- Diversify, preferably with local agents/brokers and residents (a lot of work you do at these foreclosures can be done in the residential sector - just make sure your insurance covers it)
-In this business, stay away from debt if at all possible. This follows from not being guaranteed any work.
-Learn everything you can.
-Get everything in writing. And don't lose/misplace/delete the information.
post #8 of 25 (permalink) Old 06-24-2012, 11:05 PM
FremontREO
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I just hope you have the "its ok to complete the work orders late just get them done asap" in writing OR you sure are setting yourself up for non-pay or chargebacks!!

Get EVERYTHING in writing.
post #9 of 25 (permalink) Old 06-24-2012, 11:38 PM
SRT-Diesel
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They won't have any period. They completely lost the Fannie Mae contract, mainly they only have boa nationstar and one west, but they don't do much volume with those clients at all.
post #10 of 25 (permalink) Old 06-25-2012, 12:44 AM
Paradox
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I'm confused by the whole FNMA situation. I'm friends with the sons of the owner of Chrisley Asset Management. CAM received almost all, if not all, FNMA properties to send out to brokers/agents in states like CA, IL, GA, etc. but have apparently lost all of their contracts. One of his sons told me (not too reliable) that his dad's company got some or all of the FNMA contracts back... What gives with these FNMA contracts?
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