Field Services

Hi Chris, the benefit is that you have control of the preservation of your REO, the pifall is that it is a conflict of interst and you would have to disclose it to your clients and in most cases they wont do business with you or your field service company or both. Also another pifall is the time, you can't be doing two things at once, and if you hire someone to be a foreman or to do the work but you own the company and pay the insurance, bonds, etc. you have the liability and if something goes wrong you will be responsible.
I recomend to have good relationships with several preservation companies, and be fair and honest with them, tell them if the bank just wants an estimate for insurance claim, or if they are competing with other contractors for the job.

Replies

Tessa Spigner - SC Realtor November 8, 2010 at 2:31pm

Most banks will not allow you to be the listing agent and have ownership in the preservation company.
Jose Rivas (DGRA) CDPE, SFR November 1, 2010 at 5:22am

Hi Chris, the benefit is that you have control of the preservation of your REO, the pifall is that it is a conflict of interst and you would have to disclose it to your clients and in most cases they wont do business with you or your field service company or both. Also another pifall is the time, you can't be doing two things at once, and if you hire someone to be a foreman or to do the work but you own the company and pay the insurance, bonds, etc. you have the liability and if something goes wrong you will be responsible.
I recomend to have good relationships with several preservation companies, and be fair and honest with them, tell them if the bank just wants an estimate for insurance claim, or if they are competing with other contractors for the job.

This reply was deleted.