I'm doing my first deal with VRM and they can not put HOA cost on the HUD. This has been like pulling teeth . Does anyone have experience with this? Also I have a feeling hey are going to ask me to pay this upfront it is around $2500 and more than the commission on this condo. Is that standard also? Any info or advice would be helpfull. I have another listing with them and would like it to go smoother than this has. Thanks in advance.
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Zac,
If it helps to ease your mind yes they are a little bit out but I just took the new mandatoryinvoicing training and they are working to tighten reimbursement times. I have never been denied a reimbursement from them and have been working with them since August. Its a new account and they are working out the details. Sounds like your PAS account is/ was awesome! I would like to get in with PAS someday but in my own expereince VRM/VA is not much longer than other servicers. Seems to take longer with non in-scope repair reimbusremnets and yes HOA/deliquent utilities.
Rest easy my friend I think they are and will be a good client.
I agree with Derrick. We are seeing shorter timelines on reimbursements and so far VRM has been good to their word on anything we have been asked to do and submitted.
I am not concerned with VRM but I am with a couple of my small clients who are stretching reimbursements to 90+ days.
Thats great feedback. I'm hoping this turns into a great account for me. Thanks again.
I guess I am the odd person out ont his one. As I recall in the VRM a\pplication we state they we have the financial backing to cover exspenses in the listing of REO's. Not until I got on with Bank Of America, did HOA come off the HUD 1! In the past I remember shelling out over $5,000 in HOA fees in one week between 2 different assets! That was COMMON my friend, very common. I then filed for the reimbursement. This used to be VERY, common in REO here in Florida. If you cannot carry the exspenses, bow out my friend. Simple at that. This is all about the Golden Rule - ie (from an appraiser I had for a training class many years back)- 'He who has the GOLD, makes the RULE'. We do not dictate to our clients how they structure payments, we either accept the terms or move on to someone else.
Frank, I guess thanks for your response but I understand carry expeneses. I've carried utilities on 20 properties at a time in the past. I've just never had to pay HOA liens expenses etc in 10 years of doing REO.
So do you work for VRM or sell for VRM?
My biggest concern is reponse is very limited on their end. Also I've never had to carry a expense or wait 90 Days for turn around time on repayment. I'm not a lender.
I guess my concern stemmed from doing my first deal with them and the fact I have only 2 assets and that I'm going to have more laid out than I make in commission. .
So again thanks for responding but not sure of your point.
Take care.
Its true - they will not pay HOAs or property taxes that are in arrears. I had four assets where I thought I was going to have to pay a years worth of taxes on all four. I was prepared to do so but they actually sent the checks to me for payment to the county.
Zac, I also work for VRM on the VA account and I am assuming that is the same account you have. If I am not mistaken it is the VA as VRM's client that does not allow HOA fees on the HUD. You are correct that this is not "normal" but it is their method...
You may want to get this from VRM directly but we have to pay HOA fees to bring the balance current and we also must have permission/approval from VRM to do so. This is not typical for us but we obviously tailor processes to each client individually and this is the specification given to us by VRM. My HOA coordinator has been great to work with.
Hope this helps!
Thanks Owen. That is another problem I have also. They are not very good at Replying. I've been emailing the person that ok's the HOA payment for a couple of weeks and don't get a response. I stopped because I had to get a new payoff but it is frustrating. I go a couple of days sometimes before I get a response from my asset manager. Then when I do it's urgent this has to be done etc. Just different than any company I've worked with and much different that PAS/Wells Fargo.
Thanks again. Take care.
I hear you Zac. I will say it's gotten better over the last couple of weeks. When I really need something I've found a phone call is fastest (opposite of most). I think VRM was overwhelmed by the new contract but again, I am seeing improvement. I still have some occupied properties that have been seemingly forgotten lol. Notices posted months ago and no CFK or evictions starting... but I'll still be here to sell them when they are ready lol.
You might try calling. My AM is awesome once I get her on the phone, but I can hardly get anything done otherwise. I think this account has some potential though, especially when they get staffed up and processes are smoother... maybe in 3-6 months?
Well I'm not happy your going through it to but I thought maybe I was dropping the ball. I've been doing REO for 10 years and never ran in to this. HOA's are helping. I have to shell out about $500 just to get the 2 status letters to get this closed. I would like to know I'm getting reimbursed for it. I've already had at $600 furnace repair and I get a email from them that says sorry but we are now at a 45-60 day turn around time on re payment. This commission is about $2400 and I'm going to have about $3600 shelled out if I have to pay the HOA off. I really hope they will pay this direct. I guess just nervous since this is my first deal with them.
Have you dealt with the Mike Moyer the guy that approves the HOA payoffs? He has never responded to me.
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