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post #1 of 22 (permalink) Old 07-23-2012, 12:11 PM
Trashoutqueen
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Fas

I'm curious as to what others think on what happened with Fas and Fannie Mae. Fas claims they are the one that didn't want to renew the contract because fm wanted more from the vendors without giving more money. And Fas 'took a stand'. Then I've also heard that fm was dissatisfied with Fas. What's your take?
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post #2 of 22 (permalink) Old 07-23-2012, 01:31 PM
warranpiece
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Quote:
Originally Posted by Trashoutqueen
I'm curious as to what others think on what happened with Fas and Fannie Mae. Fas claims they are the one that didn't want to renew the contract because fm wanted more from the vendors without giving more money. And Fas 'took a stand'. Then I've also heard that fm was dissatisfied with Fas. What's your take?
Its probably somewhere in the middle. I have had conversations with some people at FAS fairly high up, and they essentially tried to go back to the bargaining table, or they would need to fullfill the rest of their contract and then move past it. I don't know if that is a stand, but it wasn't feasable for them or their vendors financially.

FM appears to have said they didn't like some things with FAS etc.. I think its a matter of "you don't break up with me, I break up with you". FM is just a pit. There are very large problems there that go far beyond their asset management. The pride of those involved clouds what really happened on all fronts. I think FM is clearly asking too much across the board for what tey are willing to pay. Its one of the biggest complaints on this board. The cycles will just go around and around.

I learned here that everyone has good and bad things to say based on personal experience about all of these nationwides. I personally would rather gouge my eyes out with hot pokers than do buisness with Safeguard for example. But some have had better experiences than myself.

This is the key.

In my limited expereince, FM will try to leverage whatever they can to create a constant fear of their contract being "lost" by whoever has it. Agents are told to "find something" to fail on properties BSO's. Many have told us this directly. They are playing with loaded dice, and since the goal post keeps moving, the nationwides and in turn their vendors, cannot ever make them happy 100%, which I believe is by design so that they never lose negotiating high ground.
post #3 of 22 (permalink) Old 07-23-2012, 02:01 PM
Trashoutqueen
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I think you are right on.
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post #4 of 22 (permalink) Old 07-23-2012, 08:02 PM
SRT-Diesel
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Still, let's say FAS is only make 30% profit after all said and done, that's still 30% of billions of dollars a year. FM was dropping tens of thousands of properties monthly. A little bit of something with volume involved, is a whole lot better than 100% of nothing. Just doesn't add up.
HUD pays AMS $2500 per new property they acquire, they pay $350 a property to have it fully trashed out and cleaned and ready to sell, and then they pay $40 every 12 days for lawns. They still make $1800 give or take a property. Even $500 a property with a couple hundred thousand properties is better than not making any at all....
post #5 of 22 (permalink) Old 07-23-2012, 09:45 PM
STARBABY
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I`m still pissed I paid for a new camara that would date/ stamp there photos and now there is no work(recurring)

Sure glad I didn`t fall for moblie phone deal:whistling
post #6 of 22 (permalink) Old 07-23-2012, 10:58 PM
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I agree SRT, some profit is better than none. I don't see how they will make it with just the crumbs they have left.
post #7 of 22 (permalink) Old 07-23-2012, 11:00 PM
Trashoutqueen
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Star- lucky you. I bought a droid just for the damn thing!!!
post #8 of 22 (permalink) Old 07-23-2012, 11:31 PM
STARBABY
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Originally Posted by Trashoutqueen
Star- lucky you. I bought a droid just for the damn thing!!!
I refused to get a phone and get on there plan. didn`t know if I would chose to keep working with them or not. FAS was going out of there way to find reasons not to pay on jobs!
post #9 of 22 (permalink) Old 07-24-2012, 06:04 AM
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FM is a monstrosity that needs to go away, however, Brokers or QC agents don't need to "find" something on most FAS completed orders. Field Assetts drilled a hole thru the rear end of most of the experienced contractors they had and are now only left with entry level subs who either don't know or don't care what quality work is. It isn't the first contract FM has taken from a national and it isn't the last. It is just part of their cycle.
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post #10 of 22 (permalink) Old 07-24-2012, 03:03 PM
warranpiece
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Quote:
Originally Posted by GTX63
FM is a monstrosity that needs to go away, however, Brokers or QC agents don't need to "find" something on most FAS completed orders. Field Assetts drilled a hole thru the rear end of most of the experienced contractors they had and are now only left with entry level subs who either don't know or don't care what quality work is. It isn't the first contract FM has taken from a national and it isn't the last. It is just part of their cycle.
As a servicer of FAS properties let me respectfully disagree with you that they have nothing but monkeys left working for them. Perhaps in your area? Not in mine. The vast majority of California is worth their salt. Brokers have intimated to us and others that they are pressured to be harsh on their BSO in order to "get more".

We have a ton of Droids. You can go directly with Pruvan and use the technology apart from FAS not if you don't want to "waste" it. With the amount of people we have out there, we are considering doing just that.
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