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Yesterday I went to do an initial securing on a property in my neighborhood. I looked at the docs and noticed the address looked familiar. I arrived at the home and noticed that it belonged to one of my competitors. This fellow runs a pretty good size operation with 5-6 crews and they do such a good job. It's sad. The property was still occupied by them, so I just did my pictures and left. This is the 2nd REO/PPO contractors home I have been to this week. What a humbling experience.
 

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damn

That sucks.


I hate CFKs. You never know what story you'll hear.

The most recent was that the guy's wife died last yr and his retirement/pension/social insecurity wasn't enough to make the house payments and living expenses.
 

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So sorry to hear that, Troy. We've had to send vendors out to clean other vendors' properties out. It's never a good experience and it brings reality home in a BIG way.

Linda
 
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Has this business slowed down that much, were these particular people just that overextended, or were they totally dependent on nationals for business?
 

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Discussion Starter #5
BPWY said:
damn

That sucks.

I hate CFKs. You never know what story you'll hear.

The most recent was that the guy's wife died last yr and his retirement/pension/social insecurity wasn't enough to make the house payments and living expenses.
Ouch! So nobody on the banking side offered him a rewrite or mod? That's unacceptable. A friend of my sister just went through a divorce. Her mortgage went from 1300 down to around $480. Or that's what she said. I don't see how that's possible.
 
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thanohano44 said:
Ouch! So nobody on the banking side offered him a rewrite or mod? That's unacceptable. A friend of my sister just went through a divorce. Her mortgage went from 1300 down to around $480. Or that's what she said. I don't see how that's possible.

Maybe the house was 2/3 paid for or something?
 

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Discussion Starter #7
a1propertyclean said:
So sorry to hear that, Troy. We've had to send vendors out to clean other vendors' properties out. It's never a good experience and it brings reality home in a BIG way.

Linda
A couple years ago I had to do a friends house. He had to file BK. Lost his motorsports store. That reminded me that it could happen to anyone of us.
 

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Discussion Starter #8
Doubleoh7 said:
Maybe the house was 2/3 paid for or something?
Well from what I was told.
1) she makes $11 an hour
2) single mom.
3) divorced and income cut in more than half.
4) she had put $40k down on purchase.
5) had excellent credit.

The math doesn't add up. Unless she filed BK and reaffirmed the mortgage. She now rents a room out to her boyfriend for $500 a month. And another room to her friend for $500. And pays ahead.
 

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Discussion Starter #9
Curb Appeal REO said:
Has this business slowed down that much, were these particular people just that overextended, or were they totally dependent on nationals for business?
I didn't ask. These were FHA loans and the properties were still occupied. I just took photos and reported it occupied.

It could be that they're just walking away and going rent something bigger and better for less.
 
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thanohano44 said:
Well from what I was told.
1) she makes $11 an hour
2) single mom.
3) divorced and income cut in more than half.
4) she had put $40k down on purchase.
5) had excellent credit.

The math doesn't add up. Unless she filed BK and reaffirmed the mortgage. She now rents a room out to her boyfriend for $500 a month. And another room to her friend for $500. And pays ahead.
In NJ she could put her kids through college for nothing!! :clap:
Is that the case in AZ??
 
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Curb Appeal REO said:
Has this business slowed down that much, were these particular people just that overextended, or were they totally dependent on nationals for business?
I see it alot with the bigger crews around here. They overextend way to much and when times get lean they have nothing but tons of debt. Pretty much the way everyone in this country has gotten. We all want the best house, cars, toys and loans were so easy to get just keep borrowing.
 
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jkfox624 said:
I see it alot with the bigger crews around here. They overextend way to much and when times get lean they have nothing but tons of debt. Pretty much the way everyone in this country has gotten. We all want the best house, cars, toys and loans were so easy to get just keep borrowing.

I would be quite comfortable in a 400 square foot shack on 5 acres and have it paid off! Now THAT is living!!!!
 
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15 years ago......nothing to make $150k a year or more.
10 years ago......nothing to make $100k a year or more.
05 years ago......nothing to make $75k a year or more.
Today ..............nothing to make $?? a year. It seems talking to most that are still "in the business" that the take home is not a heck of a lot more than $30-$35k a year. Tough tough times and its going to get worse IMO.

Of course you worked your tail off. 6-7 days a week. 18 hours a day. Run the tires off the vehicle.
 

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thanohano44 said:
Ouch! So nobody on the banking side offered him a rewrite or mod? That's unacceptable. A friend of my sister just went through a divorce. Her mortgage went from 1300 down to around $480. Or that's what she said. I don't see how that's possible.



Altisource.



Its a common story I hear, no communication from the banks.
 

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hear what i was told from a major bank after contacting them myself in person,i asked this question directly to bank manager,if your bank could save millions a year dont you think they would,she said i dont want to touch that question with a ten foot pole,and was told they'd always go with nationals instead of local vendors because they did'nt want to hassle with finding different vendors in every state and area and maybe some jobs not getting done,so they'd rather keep taking it up the arse getting greased then save money and have better work done,america today,now we know why government and banks are going broke.
 
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D&j this is the standard "form letter " reply that anyone would have gotten the last 10years. We used to work direct in SC & GA for Bank of America (in the good days) and better communication and ultimately better pay.

The main reason for not using direct vendors now? Liability. That was from the CEO himself. They not dumb as some might think!
 

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i see what your saying,its almost to the point where i have to think about giving up,its not getting better at all,i hope other vendors are fairing better then i am,work is sporadic and pay keeps gettin slower
 
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Initial Cut Request

I just received an Initial Cut request for a property that I 1st visited back in March. They want it done for $50 bucks. It's nearly an hour away plus $6.50 in tolls.

Let's see, that would be approximately $43 in fuel + $6.50 in tolls for a total of $49.50. This doesn't include wages for a minimum of 3 hours.

Oh yeah, I'm all over that.......lol....Idiots:no:
 
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DreamWeaver said:
I just received an Initial Cut request for a property that I 1st visited back in March. They want it done for $50 bucks. It's nearly an hour away plus $6.50 in tolls.

Let's see, that would be approximately $43 in fuel + $6.50 in tolls for a total of $49.50. This doesn't include wages for a minimum of 3 hours.

Oh yeah, I'm all over that.......lol....Idiots:no:



The long and short of it all is that thousands upon thousands of houses will deteriorate and be worth even less.
 

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dreamweaver you have to be joking please tel me u dont work for fieldassets,i'd like to see these people that works in a/c all day go do this work then they'd have a better understanding but plain fact is they dont care long as their rapin someone to keep getting rich.
 
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