Tell them you will be happy to bid this out. Cost is $250 for trip and time on the estimating software and is refundable upon bid approval.JMJ54 said:
Find out real fast who is BS'ing who? :whistling
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G
JMJ,
Are you trying to say that you have the approval?
If so then I misinterpreted what your previous post was. If you are being told "you will get the work" than take that with a grain of salt. That is a common saying to sucker someone to waste the time taking pictures and bidding out the rebuild.
I gotta say we have done many $100k renovations on Bank Owned properties and ALWAYS make sure you have the work authorizations signed. WE GET 40% upfront upon approval with agreements that is for 2 weeks labor and all materials on bid paid for up front. AFter the materials and initial labor fee paid we will begin work. At the halfway point we get an additional 40% with 20% paid upon completion.
I know these are steep draws on normal projects but you are not working with "normal" people...you will be working with "SHARKS" and they are always on a feeding frenzie!!!! AND you are bait.
Are you trying to say that you have the approval?
If so then I misinterpreted what your previous post was. If you are being told "you will get the work" than take that with a grain of salt. That is a common saying to sucker someone to waste the time taking pictures and bidding out the rebuild.
I gotta say we have done many $100k renovations on Bank Owned properties and ALWAYS make sure you have the work authorizations signed. WE GET 40% upfront upon approval with agreements that is for 2 weeks labor and all materials on bid paid for up front. AFter the materials and initial labor fee paid we will begin work. At the halfway point we get an additional 40% with 20% paid upon completion.
I know these are steep draws on normal projects but you are not working with "normal" people...you will be working with "SHARKS" and they are always on a feeding frenzie!!!! AND you are bait.
FremontREO said:JMJ,
Are you trying to say that you have the approval?
If so then I misinterpreted what your previous post was. If you are being told "you will get the work" than take that with a grain of salt. That is a common saying to sucker someone to waste the time taking pictures and bidding out the rebuild.
I gotta say we have done many $100k renovations on Bank Owned properties and ALWAYS make sure you have the work authorizations signed. WE GET 40% upfront upon approval with agreements that is for 2 weeks labor and all materials on bid paid for up front. AFter the materials and initial labor fee paid we will begin work. At the halfway point we get an additional 40% with 20% paid upon completion.
I know these are steep draws on normal projects but you are not working with "normal" people...you will be working with "SHARKS" and they are always on a feeding frenzie!!!! AND you are bait.
I wouldn't sign any lien wavers either!
G
OK Understand your confusion after reading the posts from all us P&P contractors but rebuilds are a lot different than the normal P&P work.JMJ54 said:
Treat the "job" as you would treat a normal paying private/commercial project that you would anyother day.
1) Get the work authorizations signed
2) Get the Draw Schedules signed
3) Make sure the W.A. spells out what is required of You and the General Contractor (since they are hiring you they technically are the GC on the project).
4) Make sure (as BPWY stated) that you don't sign ANYTHING that takes away your lien rights if something goes awry.
5) NO Waiver of Subrogation
6) Without knowing the scope of work the one catch I would check on is who is paying for "change orders" for the unknown that we run into once the job begins. If the W.A. does not spell out the Change Order specifications the G.C. will say the "job was approved at X$$ and we cannot change the amount of the approval without rebidding or you will be responsible". (this is the biggest catch on these P&P properties so we bid UP 30% over the actual estimated cost to cover the unknowns).
KNOWN FACTS:
1) there will ALWAYS be multiple bids on any HUD properties
2) Most of the HUD homes are still being sold "as is". They take your blood/sweat/tears spending considerable time doing a detailed bid and sell the home minus your bid amount. You get nothing unless you charge for the bid.
3) IF your gut is telling you this is a scam???? I learned a long time ago to trust my gut feeling
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