BBJP said: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.
18.104.22.168 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.