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.
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.
Weichert, Realtors - Hallmark Properties
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