Remodel & Renovate in 32825>Question Details

Danny, Other/Just Looking in Orlando, FL

I am a contractor in Orlando, FL that has been asked for repair estimates on REO properties. Are banks asking for these estimates so they can get?

Asked by Danny, Orlando, FL Fri Jan 15, 2010

the work done or just so they can adjust the price of the house for sale as is? I just don't wanna spin my wheels.

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Answers

7
Mark I did answer the question. My contractors are kept busy with reo work each week. However each bank is different and trying to answer Danny's question REO work is done on a regular basis, because he bid the job does that mean he will get it no, but just because it's an REO that doesnt mean he wont get the job. The bank normally requests 2-3 bids and might ask the agent for feedback when choosing.
0 votes Thank Flag Link Tue Jan 19, 2010
I did a lot of REO bids and REO work last year.
Then when the market stated to turn around the banks figured they could sell the houses for more than they were worth without fixing them up.
You have to decide how busy you are and how far away you are willing to travel in order to justify your time to put the estimate together.
0 votes Thank Flag Link Tue Jan 19, 2010
Heather, nice ambiguous answer. I see that you really do have several REO listings. Has one of your contractors ever gotten any REO work? This is a serious question, I am honestly interested.
0 votes Thank Flag Link Sat Jan 16, 2010
Danny As an REO agent my contractors are kept quite busy with repairs to REO properties. However every job they bid they might not get or the bank may not decide to do. Hope that helps.
0 votes Thank Flag Link Sat Jan 16, 2010
Hi Danny,

There is virtually no chance that a bank will have any repair work done on an REO property. If you are being asked for quotes by a bank, then you are going to spin you wheels.

Try this instead. Next time tell the bank that you'll do an estimate on the condition that your estimate is exclusively included in the offer for sale of the property. That way you know the new owner will have seen it.

Good luck,
Mark LeMenager
Weichert, Realtors - Hallmark Properties
0 votes Thank Flag Link Sat Jan 16, 2010
Danny,

It seems to me that you should be asking this question direct to the party that has asked for the repair estimate. My guess is that they will ask more than one contractor for estimates, and "IF" the work is to be awarded to the contractor with the lowest bid/estimate, you might or might not get the contract to do the work. There are some aspects of real estate where you do the work but may never see the monetary payoff. I'll bet any Realtor out there will vouch for that.... we spin our wheels quite often and hope that we will receive some type of compensation at sometime in the future.

Ask the questions and find out exactly what the situation is. As a suggestion, you might consider charging an upfront fee for your estimate with the agreement that you'll give a credit back if you get the job. Most likely the party requesting the estimate is getting paid, why shouldn't you get paid for your time and gas?

It's a difficult time in which to make a living... I wish you much success.

Thank you for looking to Trulia.com for answers to your questions.

Suzanne Ogden, Realtor
Charles Rutenberg Realty
(407) 234-1098
sogden2@cfl.rr.com
Web Reference: http://www.suzaneogden.com
0 votes Thank Flag Link Fri Jan 15, 2010
Not sure Danny hopefully someone on here will know.

I know Banks keep asking me for Repair estimates when I do BPO's and I tell them find a GC I can't do repair estimates.

John
0 votes Thank Flag Link Fri Jan 15, 2010
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