Cyprexx Takes It All - REO Property Preservation Forum
 
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post #1 of 9 (permalink) Old 11-04-2015, 01:04 AM Thread Starter
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Cyprexx Takes It All

So....for 7+ years we have worked for a couple of my area's top Fannie Mae listing agents. Mainly, we have done pressure washing, landscaping (inc. mulch), exterior window cleaning, and gutter cleaning on almost every house. The realtors preferred to use us and pay out of pocket (with FM reimbursement) because Cyprexx sucks and pay their contractors peanuts, who in turn do a crappy job. Occasionally, we would get an eviction trash-out, once a month on average. My clients used Cyprexx only for what they had to: sales cleans, yard cuts, etc.

Apparently, Cyprexx has managed to convince Fannie Mae that realtors should have no choice but to use them for everything --- all initial services at every house. So, after 7 years of providing great, superior service, we're out and Cyprexx takes the whole cake. I'm not surprised....just surprised it took so long.

Is this the case everywhere?
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post #2 of 9 (permalink) Old 11-04-2015, 10:13 AM
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It is still at the realtors option sorta. FNMA added to the list of initial items the P&P contractor can do without realtor approval, such as PW'ing. It hasn't been working out to well though since the work has been worse than sub-par quality and several realtors have complained so FNMA is suppose to be removing the "pre-approvals".

I saw a house where 1 contractor PW'ed and blew lead paint off the house everywhere-- to bad for them the neighbor worked for the State EPA. FNMA is doing a complete lead abatement on home and contractor, who was not lead certified is being fined.
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post #3 of 9 (permalink) Old 11-04-2015, 07:10 PM
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I saw a house where 1 contractor PW'ed and blew lead paint off the house everywhere-- to bad for them the neighbor worked for the State EPA. FNMA is doing a complete lead abatement on home and contractor, who was not lead certified is being fined.
That's awesome, but still a kick in the teeth. I'd like to see the EPA crack down on the Nationals and Regionals for hiring "contractors" not qualified to do the work.......



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post #4 of 9 (permalink) Old 11-04-2015, 09:49 PM
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That's awesome, but still a kick in the teeth. I'd like to see the EPA crack down on the Nationals and Regionals for hiring "contractors" not qualified to do the work.......

the nationals won't care, they will pass the fines or whatever is being handed to them onto the contractor they hired for not being certified to do whatever work they are requesting. They will say it is up to the contractor to hire certified labor
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post #5 of 9 (permalink) Old 11-08-2015, 12:22 PM
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I saw a house where 1 contractor PW'ed and blew lead paint off the house everywhere-- to bad for them the neighbor worked for the State EPA. FNMA is doing a complete lead abatement on home and contractor, who was not lead certified is being fined.

Thats funny



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That's awesome, but still a kick in the teeth. I'd like to see the EPA crack down on the Nationals and Regionals for hiring "contractors" not qualified to do the work.......
Agreed

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the nationals won't care, they will pass the fines or whatever is being handed to them onto the contractor they hired for not being certified to do whatever work they are requesting. They will say it is up to the contractor to hire certified labor


Correct, they throw all of the liability with peanuts pay onto the back of the hacks they hire.

Professionals are people who can do their job when they don't feel like it.
Amateurs are people that can't do their job even when they do feel like it.
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post #6 of 9 (permalink) Old 11-09-2015, 01:50 AM Thread Starter
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It is still at the realtors option sorta. FNMA added to the list of initial items the P&P contractor can do without realtor approval, such as PW'ing. It hasn't been working out to well though since the work has been worse than sub-par quality and several realtors have complained so FNMA is suppose to be removing the "pre-approvals".
Hmm....that will be interesting to see how quickly they "remove" it.
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post #7 of 9 (permalink) Old 02-05-2016, 09:08 PM
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I have been working for Cyprexx for 6 years and all I can say is now they require errors and omissions now so I am out. I'm a small company and will work for someone else that doesn't require that.
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post #8 of 9 (permalink) Old 02-05-2016, 09:35 PM
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I have been working for Cyprexx for 6 years and all I can say is now they require errors and omissions now so I am out. I'm a small company and will work for someone else that doesn't require that.


Most preservation companies require this coverage, I have yet to work for a company that didn't, but since I'm listed as a GC this coverage was at a minimal cost
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post #9 of 9 (permalink) Old 02-05-2016, 10:42 PM
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I resisted buying E&O for a while, then I did some digging

and realized having E&O was the most important requirement to becoming a licensed home inspector in my state, then I realized that all those (included) inspections with grass cuts and initial secures, re-secures etc. are technically for fee inspections. POOF! now you're a master home inspector. Last week i couldn't even spell Master Home Inspector, now I are one.

Through doing preservation and and even more so. REO work I have developed good relationships with many local brokers, ready made customer base, and referral base.

So that overly burdensome requirement meant to box me in to the preservation companies, and shoulder their liability, actually freed me from having to deal with them, and in fact has made it a conflict of interest in many cases and even illegal in some cases. Funny how things work out sometimes. All those crappy free inspections, and over the top requirements can actually pay off if you use them to your advantage.

Just one more step on the way to telling them NO.
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