I completely understand you wanting to “get a little extra,” especially now that some of these AMC’s are taking such a big cut, but when it comes at the expense of my time and energy it really pisses me off.I am working with a company right now (which will remain nameless) that has completely revamped their property preservation guidelines.Here is a small example of what I’m talking about. This is direct from the preservation team:*ALL BIDS MUST BE SUBMITTED IN THE FOLLOWING FORMAT OR THEY WILL BE REJECTED IMMEDIATELY:*NO HANDWRITTEN BIDS WILL BE ACCEPTED.*ALL BIDS MUST BE TYPED ON THE CONTRACTOR’S OFFICIAL LETTERHEAD WITH THE CONTRACTOR’S CONTACT INFORMATION (NAME, ADDRESS, CITY, STATE, AND PHONE NUMBER), LICENSE NUMBER AND SIGNATURE.Seems simple enough, right? Keep reading…….**Vendors must send me proof of Workman's Comp or Liability Insurance and their Business License & ALL bids must be signed by Vendor****There can be no conflict of interest with vendors supplying bids for the listing broker/agent. Vendors who are owned by, or related in any way to broker/agent or cannot be used****PLEASE NOTE: All bids must be itemized by job description and price.Copy of workman’s comp? Copy of a business license? Must be signed? I don’t know about you guys but this is new to me........or was new. But honestly can you blame them? There is so much fraud, strong arming, agent kickbacking and good ‘ol boy crap going on out there that these banks had to do something!So now I have to find contractors that are willing to send in all their personal information, go do a free bid and send it in perfectly every time……and after all that, still only have a 1 in 3 shot of getting the work! All because a select few agents out there wanted to make a few extra bucks.Yes I’m complaining! Isn’t that what blogging is for???? But it’s a damn good complaint when what once took me a few hours is now taking me a day or two. And that costs me money!!!
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  • The GCs want cash for their time. They are willing to help me out on one or two bids, but then theyexpect something. Talk to your AMs and explain the situation. It is also taking longer to get the bids because they know the companies are shopping, or just using the bids to see if it is worth keeping the property or not.
  • Jim,

    I feel your pain! Last week it took me five days to find two licensed G.C. 's to go out for free and abide by the banks protocol for bid submission. Most in my area of So. Cal. charge $75 to $200 just to walk through the property. Several G.C. 's said they will not work on any REO anymore (the unemployment rate for tradesmen in my area is approx. 20% +) go figure.
  • California Workmens Comp, is just BS, all agents (ALL) I have one, she works when she wants, comes in when she wants, and is totally Indenpendant status, but in Ca., she's my employee. Gripes the S out of me.
  • My experience has been that more contractors (especially the good ones) are no longer willing to do these bids for free, in fact, some are charging $50 to $100 to cover their time and expense to do a bid that they know they will not get. The previous company I worked for had these guidelines: Under $1,000 - one bid required - $1,000 to 10,000 - 2 bids - over $10k - 3 bids. We really do need to conform across the board, wouldn't that be nice!
  • I don't work with the contractor untill I have thier insurance license and w-9. It a liablity issue. What if worker gets injured at the job, without a insurance, property owner (Bank) becomes liable and can be sued. As for as getting the signed bids not very many contactors sign their bids. It is a business relationship.
  • Having been around the construction industry for a few years, this is really standard proceedure when working with contractors and sub-contractors. But in Georgia, new construction has been king until the market changed. Quality, legit contractors would never have a problem with these requirements.
  • Jim.......this is a perfect example of the BS taking place in this industry. A necessary BS but, BS all the same.
  • I feel your pain. The AM's are always quick to say get me two bids but it's getting harder and harder to get those bids especially when there's no chance of a job.
  • Contractors that really have work comp and insurance build their bids with insurance premiums on their mind. In other words, look for higher bids.
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