# Is Fannie Mae Work Slow Everywhere?



## Guest

I do a lot of work for a realtor who does about 85% Fannie Mae, although I am not a SAMS vendor. Is everyone noticing Fannie work slowing to a crawl or is it just (central) Florida?


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## Guest

Now it's called the calm before the storm. Isn't this supposed to be the year the banks liquidate homes.


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## Guest

JustaFramer said:


> Now it's called the calm before the storm. Isn't this supposed to be the year the banks liquidate homes.


You would think but I've been hearing that "calm before the storm" routine for two years now. Never been this slow......


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## Guest

Curb Appeal REO said:


> You would think but I've been hearing that "calm before the storm" routine for two years now. Never been this slow......


We are talking record foreclosures from last years records. Coupled with the last 5 months of depreciation on home values.


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## Guest

JustaFramer said:


> We are talking record foreclosures from last years records. Coupled with the last 5 months of depreciation on home values.


Exactly. So where's the work??? It may just be Florida --- we're a judicial foreclosure state and we've had huge problems with robo-signing fraud.


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## BPWY

I'm actually buried this week.

Not necessarily Fannie work tho.


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## mtmtnman

9 Fannie homes since the 1st of the month here. Routines on 37 of them...........


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## Guest

We have slowed with Fannie PP work but have picked up a ton of all different kinds of inspections, maybe its due to the "Lets try to work something out so you don't loose your house". Which is really good for the people. Unfortunately if that doesn't work then I guess the PP work will pick back up.


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## Guest

Been swamped with Fannie for the last 3 years non-stop! Fannie hasn't slowed down but maybe some contractors have? Dunno. 

The only time we got "slow" we reduced about 20% was during the 3 month moratorium we had in our State but they still serviced the homes and fixed/repaired the damage.


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## Guest

Hmm...sounds like Fannie vendors outside of Florida are busy. I guess it is the fact that we're a judicial foreclosure state and all the robo-signing news that's been out lately. 

Thanks for the feedback.


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## thanohano44

Either that or a larger regional has all of the work.


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## Guest

thanohano44 said:


> Either that or a larger regional has all of the work.


There is a national that does a lot of the initial work but it is my understanding that the Fannie reps are not happy with them....and the brokers _really_ can't stand them. I can't see Fannie increasing what they send to them.


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## Guest

Curb Appeal REO said:


> There is a national that does a lot of the initial work but it is my understanding that the Fannie reps are not happy with them....and the brokers _really_ can't stand them. I can't see Fannie increasing what they send to them.


So who's the National?


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## Guest

Talked to broker client yesterday. She said that everything is very hush-hush so something must be brewing. Unusual because there's usually some chatter to be heard. She said Fannie has been complaining a lot lately about repair costs.


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## Guest

Still very quiet. Not a complete dead stop but close............


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## thanohano44

Curb Appeal REO said:


> Still very quiet. Not a complete dead stop but close............


Wow


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## Guest

thanohano44 said:


> Wow


Wow is right. Not used to just sitting around. :whistling


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## Guest

Get down and sign up with Home Despot for the Fannie Repair work. 

If your State has started this yet? Good luck.


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## Guest

FremontREO said:


> Get down and sign up with Home Despot for the Fannie Repair work.
> 
> If your State has started this yet? Good luck.


 
Don't know what you referring to. Home Depot???

Can't find anything through Google in refernece to any deal between Home Depot and Fannie Mae.


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## Guest

I haven't been able to verify it either but I have certainly heard chatter regarding such.


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## Guest

Yep its happening. In 11 States right now. Home Repot (Depot) is doing repair work. They supposedly are cheaper? Better work? I highly doubt it but thats the thinking. 
Supposedly (from a course instructor at an environmental class) there are 2 of the MAJOR banks are starting the same thing for all repair work but this was supposedly starting Jan 1 so I figure June 1 at the earliest. We'll see. Most can't find their backside with the lights on so we will see when this actually starts.


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## Guest

FremontREO said:


> Yep its happening. In 11 States right now. Home Repot (Depot) is doing repair work. They supposedly are cheaper? Better work? I highly doubt it but thats the thinking.
> Supposedly (from a course instructor at an environmental class) there are 2 of the MAJOR banks are starting the same thing for all repair work but this was supposedly starting Jan 1 so I figure June 1 at the earliest. We'll see. Most can't find their backside with the lights on so we will see when this actually starts.


Seems to me they'd (Home Depot) be cutting off their nose to spite their face. Why would they want to piss off their customer base by taking food off their customers' tables? The foreclosure crisis has a finite timeline, after all. New construction, remodeling, handyman repairs will go on indefinitely. Seems like Lowes ought to be the ones happy to hear this news.


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## Guest

Are you sure it isn't just the arrangement Fannie has made with Home Depot and Lowes to work with DYIers buying Fannie REOs and getting the 203(k) loans?

http://<a href="http://www.tampabay...g-to-move-foreclosed-homes/1149420</a></p><p>[URL]http://www.tampabay.com/news/b...gram-helping-to-move-foreclosed-homes/1149420[/url]


FTA: 
_Wells Fargo partnered with Home Depot, Lowes and Sears and created a "Remodel Express" program to purchase, refinance or remodel a home. The retailers find contractors for the work. The lender screens contractors to ensure they are licensed, insured and not fly-by-night companies._


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## mtmtnman

Curb Appeal REO said:


> Are you sure it isn't just the arrangement Fannie has made with Home Depot and Lowes to work with DYIers buying Fannie REOs and getting the 203(k) loans?



Home Depot will be using THEIR contractors to do the work that the banks ask them too. It's a NATIONAL ACCOUNT SITUATION. This will not be initial secures and such but replacing windows, Building deck rails, roof replacement, plumbing repairs Ect. This will also be PERMANENT work not temporary repairs like a P&P contractor normally does. In the long run this will save the banks/Fannie, Freddie Ect. an enormous amount of $$$$ as it is done right the 1st time. You cannot believe some of the half azzed stuff i see on properties that i am getting from my brokers and FNMA. This is mostly caused by the low bidder phenomenon. Guys are bidding things so cheap they CANNOT do it the right way!


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## Guest

mtmtnman said:


> Home Depot will be using THEIR contractors to do the work that the banks ask them too. It's a NATIONAL ACCOUNT SITUATION. This will not be initial secures and such but replacing windows, Building deck rails, roof replacement, plumbing repairs Ect. This will also be PERMANENT work not temporary repairs like a P&P contractor normally does. In the long run this will save the banks/Fannie, Freddie Ect. an enormous amount of $$$$ as it is done right the 1st time. You cannot believe some of the half azzed stuff i see on properties that i am getting from my brokers and FNMA. This is mostly caused by the low bidder phenomenon. Guys are bidding things so cheap they CANNOT do it the right way!


Hmmm....interesting. Well, that still doesn't explain what happened to all the small repair work.


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## Guest

I understand the frustration....
Example: I went in to a Home Repot (no I don't like them) and talked to 1 manager and he hadn't heard of any such program, went into another store and they also never heard of this program (Both in Iowa). 
Went to a store in Minneapolis/St Paul and they knew all about it and wanted to give me forms to get signed up to do repair work....
I ran


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## Guest

Curb Appeal REO said:


> Hmmm....interesting. Well, that still doesn't explain what happened to all the small repair work.


Thats exactly what the repair program is suppose to complete. Your in Orlando and I would think that with Florida being one of the top foreclosure States that the program would be in your area before most other States. If you get time see if you can get ahold of the Store Manager and ask him/her. 
It would be good to know everywhere this is happening. 

Personally I do not think this will work because:::::::: *timeframes and due dates* :clap: OR are they going to look the other way and let an independent contractor work at their own pace? We'll see :whistling


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## Guest

FremontREO said:


> Thats exactly what the repair program is suppose to complete. Your in Orlando and I would think that with Florida being one of the top foreclosure States that the program would be in your area before most other States. If you get time see if you can get ahold of the Store Manager and ask him/her.
> It would be good to know everywhere this is happening.
> 
> Personally I do not think this will work because:::::::: *timeframes and due dates* :clap: OR are they going to look the other way and let an independent contractor work at their own pace? We'll see :whistling


Last I heard from my client, Fannie was asking them for more vendors to apply as Fannie vendors. That was just a few weeks ago.


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## Guest

The logistics alone would make this a nightmare for HD. They'd have to hire a bunch of office types who are used to doing dispatching and managing vendors, deadlines, etc. Plus, now they'd have the expense of addtional office space, salaries, benefits... I just don't see this being a viable business model for HD.


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## Guest

Curb Appeal REO said:


> The logistics alone would make this a nightmare for HD. They'd have to hire a bunch of office types who are used to doing dispatching and managing vendors, deadlines, etc. Plus, now they'd have the expense of addtional office space, salaries, benefits... I just don't see this being a viable business model for HD.


 
I know where you are going with that thought...I did too. 
I called their call in center. The lady I spoke with said she had heard the "rumblings". They field 11,000 calls per day right now. I don't think another 1000 a day is going to effect much. 

Sam vendors? Being one ourselves we were told that they (us) are a thing of the past and won't be needed by year end. Only thing that will be "outsourced" is the environmental work and the normal P&P (lockchange,wz,trashouts). Doesn't bother us personally since we don't do the repair work but we do 80% of our workload is environmental work so hopefully someone with another "bright idea" doens't hire Waste Management to start doing environemental... You know those garbage guys can do it all....just ask them!


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## APlusPPGroup

Does it seem like Fannie is picking back up again for anyone?

Linda


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## Guest

a1propertyclean said:


> Does it seem like Fannie is picking back up again for anyone?
> 
> Linda


We are still busy with environmental work but everything else is dead. Last week completed carpeting entire home and informed from Realtor that he was told that they won't be "handling " anymore repair work...
they were happy, I was sad


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## thanohano44

FremontREO said:


> We are still busy with environmental work but everything else is dead. Last week completed carpeting entire home and informed from Realtor that he was told that they won't be "handling " anymore repair work...
> they were happy, I was sad


Home depot in AZ has begun selling pp and Reo locksets at $5 a piece if you buy them in packs of $20


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## APlusPPGroup

thanohano44 said:


> Home depot in AZ has begun selling pp and Reo locksets at $5 a piece if you buy them in packs of $20


Interesting. Are they standard key codes or random?

Linda


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## thanohano44

a1propertyclean said:


> Interesting. Are they standard key codes or random?
> 
> Linda


You give them the keycode and they do it for you and cut the 2 keys for you.


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## APlusPPGroup

thanohano44 said:


> You give them the keycode and they do it for you and cut the 2 keys for you.


That's a great service. It will save vendors from having to place orders or have too much stock on hand. Thanks for letting us know. We'll have to check our local Home Depot stores.

:thumbsup:

Linda


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## BPWY

a1propertyclean said:


> That's a great service. It will save vendors from having to place orders or have too much stock on hand. Thanks for letting us know. We'll have to check our local Home Depot stores.
> 
> :thumbsup:
> 
> Linda









I buy the main key codes I use the most of and then rekey to the odd ones.

Rekeying is so easy once you figure it out.
I drill out one door for access and then rekey the other doors. Get paid full price and only spent a FEW CENTS on tumbler pins.


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## thanohano44

BPWY said:


> I buy the main key codes I use the most of and then rekey to the odd ones.
> 
> Rekeying is so easy once you figure it out.
> I drill out one door for access and then rekey the other doors. Get paid full price and only spent a FEW CENTS on tumbler pins.


Me too. But when it's busy season I keep them loaded. Saves me much more time. The cost to cut 2 keys for the lockboxes is the same as a lock.


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## BPWY

I vary the key codes I buy at times just so that I have keys and save all the ones in the truck door pocket.
Works for me............... most of the time. lol


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## Guest

a1propertyclean said:


> Does it seem like Fannie is picking back up again for anyone?
> 
> Linda


No Fannie has not picked up here. It is now March so hopefully it will start picking up.


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## mtmtnman

BPWY said:


> I vary the key codes I buy at times just so that I have keys and save all the ones in the truck door pocket.
> Works for me............... most of the time. lol



I bought an old Curtis Key-Matic key cutter from a guy for $50 last summer. Blanks are 12 cents each..........


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## mtmtnman

Fannie work has been steady here. I'm liking it better than being swamped. We are a NON JUDICIAL foreclosure state..........


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## thanohano44

BPWY said:


> I vary the key codes I buy at times just so that I have keys and save all the ones in the truck door pocket.
> Works for me............... most of the time. lol


How many initial secures can you do in a day?
I do about 14 per day durbgvthe busy season with myself and 1 helper if that's all I'm doing. I spend about 1hr to 1.5hrs max. It took me 4 hrs when i started. If I'm doing BAC work I can maybe get 5 done a day. In between hold times. Lol.


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## BPWY

thanohano44 said:


> How many initial secures can you do in a day?
> I do about 14 per day durbgvthe busy season with myself and 1 helper if that's all I'm doing. I spend about 1hr to 1.5hrs max. It took me 4 hrs when i started. If I'm doing BAC work I can maybe get 5 done a day. In between hold times. Lol.









14 :blink: :blink: :blink: :blink: :blink:



I doubt I've ever been issued that many in a month.

Probably not been issued more than 3 in a day either. It'd be pretty tough 
to do 14 in a day here with drive time being what it is. Every thing is so far 
apart.


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## Guest

thanohano44 said:


> How many initial secures can you do in a day?
> I do about 14 per day durbgvthe busy season with myself and 1 helper if that's all I'm doing. I spend about 1hr to 1.5hrs max. It took me 4 hrs when i started. If I'm doing BAC work I can maybe get 5 done a day. In between hold times. Lol.


That's rolling!

Are they all on the same block...lol:notworthy


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## mtmtnman

DreamWeaver said:


> That's rolling!
> 
> Are they all on the same block...lol:notworthy



If i where to do 14 it would involve close to a week and near 800 miles...................


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## Guest

mtmtnman i'm with you, not to mention the extra week just do all the bids, pictures, PCR's etc.


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## mtmtnman

Rich51 said:


> mtmtnman i'm with you, not to mention the extra week just do all the bids, pictures, PCR's etc.




We had a QC out here that just quit. He was constantly getting griped at for the miles he was putting on in a week. He was supposed to be QC'ing FNMA completed properties and he was an EMPLOYEE of a national. Just an example from the town he was based out of to my town and back home was 460 miles and this did not include Any property visits. They told him he should not be putting on more than 500-600 miles a week...........................


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## thanohano44

I'm in AZ. They're very close.


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## Guest

*Fannie Mae Contract*

Hey just wondering if anyone knows when the Fannie Contract is up for bid in MI? My client does not currently have the contract, and Im just curious to know when its up for bid.

Thanks!


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## Guest

In 4 more years. Jan 2015. Its a 5 yr contract but any company can lose it at anytime for non-performance. That is my understanding


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## Guest

I did a home depot rehab job a couple of months ago. I understood they are already doing work for a couple of the big banks. It was work. Unfortunately I was subbed the job, so the money was nothing to write home about. It has been slow, so I did it. If you worked direct for them I think it would be decent money. The whole appliance deal through them was a joke. We had to install their appliances.


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## Guest

2Bros said:


> I did a home depot rehab job a couple of months ago. I understood they are already doing work for a couple of the big banks. It was work. Unfortunately I was subbed the job, so the money was nothing to write home about. It has been slow, so I did it. If you worked direct for them I think it would be decent money. The whole appliance deal through them was a joke. We had to install their appliances.


 
Can I ask what part of the Country you are from. We were notified several months ago that Home Repot was starting the rehab/repair work on these homes for banks but it seems to be spotty where in the Country this has started. I know in MN it has "begun"....at least in several of the stores. 
Doesn't make sense how they are doing this? I can understand phasing it in but I would think it would be an ENTIRE State at a time?


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## Guest

FremontREO said:


> Can I ask what part of the Country you are from. We were notified several months ago that Home Repot was starting the rehab/repair work on these homes for banks but it seems to be spotty where in the Country this has started. I know in MN it has "begun"....at least in several of the stores.
> Doesn't make sense how they are doing this? I can understand phasing it in but I would think it would be an ENTIRE State at a time?




Oklahoma.


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## mtmtnman

Got this from a friend who does FNMA inspections in another state. My concerns are in *RED*.


_"3/30/2011 :: Fannie Mae Quality Control Inspections

Attention to all those who complete Fannie Mae Quality Control Inspections:

Please be aware that due to recent feedback from our client, Fannie Mae, we need all Reps to increase their standards when performing Quality Control Inspections (Initial Inspections, Routine Inspections, and Redemption Inspections). Fannie Mae is putting greater focus on ensuring their homes are being critiqued to VERY high standards. To the point that virtually no home will be free of deficiencies! Fannie Mae requires their homes to be in pristine condition, and expect them to be as clean and well-maintained as a brand new model home. *(How much can you polish a turd??)*

Do to the fact that Fannie Mae needs confirmation that you have walked through every home with access, effective immediately, we will require a minimum of two interior photos (as well as photos of any interior and/or exterior deficiencies). As always, the more photos the better!

You will find that our report template will soon require you to enter (and photograph) a ******minimum number of deficiencies******,(__*Are they going to "MAKE" deficiencies if they find none?*) as Fannie Mae feels that it should be extremely rare (almost impossible) to find a home that has no deficiencies at all. (i can take you through many) We greatly appreciate your attention to this matter, and your continued hard work."_


We get a fair amount of "dumps" Around 25%. 50% are decent homes and the balance are nearly new. On the nearly new homes we rarely find any deficiencies. Usually something with the lawn but rarely anything inside. We have properties that have to be mowed with bush hogs even on routines because they are:
#1, rural properties that have natural landscaping and where not meant to be mowed in the 1st place.

#2, Properties that have not been finish graded as in new construction.

Are the QC's gonna nix us because a bush hogged lawn looks like crap?

On the dumps, you can only polish a turd so much. We get them clean but even a clean dump looks like crap. Had a 4000 sq ft Victorian last fall where we had over 100 yds of debris and a filthy mess. Took a crew of 5, 3 solid 12 hour days to clean. (for a flat rate plus an extra $1200 for debris i might add) Got it turned in JUST under our 3 day initial threshold. While it was clean it still didn't show well. 100 yr old plaster falling from the ceiling when you slammed the door to shut it, wallpaper peeling, 50 yr old mineral stains in the toilets, showers, you get the point. Luckily the inspector used common sense at the time. With this new letter i don't know how i would have stood on the property.

I have been sent back to properties ON MY DIME because the floors where dirty WEEKS after initial services where complete and the house has been being shown but the inspector was there BEFORE the monthly routine services where due and long after initials where completed. Are they going to nix us on this?

My company takes pride in it's work. We have been recommended by our local FNMA brokers for work on some very high end homes. I just wish there was more of that work as the work for the Nationals is getting to be ridiculous!!


Then you go on to HUD properties and they just have to be "broom swept"  Both government agencies and 2 different sets of rules........


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## BPWY

I guess now that every one has the P&P work ruined they are on a mission to ruin REO.


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## Guest

mtmtnman said:


> Got this from a friend who does FNMA inspections in another state. My concerns are in *RED*.
> 
> 
> _"3/30/2011 :: Fannie Mae Quality Control Inspections_
> 
> _Attention to all those who complete Fannie Mae Quality Control Inspections:_
> 
> _Please be aware that due to recent feedback from our client, Fannie Mae, we need all Reps to increase their standards when performing Quality Control Inspections (Initial Inspections, Routine Inspections, and Redemption Inspections). Fannie Mae is putting greater focus on ensuring their homes are being critiqued to VERY high standards. To the point that virtually no home will be free of deficiencies! Fannie Mae requires their homes to be in pristine condition, and expect them to be as clean and well-maintained as a brand new model home. *(How much can you polish a turd??)*_
> 
> _Do to the fact that Fannie Mae needs confirmation that you have walked through every home with access, effective immediately, we will require a minimum of two interior photos (as well as photos of any interior and/or exterior deficiencies). As always, the more photos the better!_
> 
> _You will find that our report template will soon require you to enter (and photograph) a ******minimum number of deficiencies******,(__*Are they going to "MAKE" deficiencies if they find none?*) as Fannie Mae feels that it should be extremely rare (almost impossible) to find a home that has no deficiencies at all. (i can take you through many) We greatly appreciate your attention to this matter, and your continued hard work."_
> 
> 
> We get a fair amount of "dumps" Around 25%. 50% are decent homes and the balance are nearly new. On the nearly new homes we rarely find any deficiencies. Usually something with the lawn but rarely anything inside. We have properties that have to be mowed with bush hogs even on routines because they are:
> #1, rural properties that have natural landscaping and where not meant to be mowed in the 1st place.
> 
> #2, Properties that have not been finish graded as in new construction.
> 
> Are the QC's gonna nix us because a bush hogged lawn looks like crap?
> 
> On the dumps, you can only polish a turd so much. We get them clean but even a clean dump looks like crap. Had a 4000 sq ft Victorian last fall where we had over 100 yds of debris and a filthy mess. Took a crew of 5, 3 solid 12 hour days to clean. (for a flat rate plus an extra $1200 for debris i might add) Got it turned in JUST under our 3 day initial threshold. While it was clean it still didn't show well. 100 yr old plaster falling from the ceiling when you slammed the door to shut it, wallpaper peeling, 50 yr old mineral stains in the toilets, showers, you get the point. Luckily the inspector used common sense at the time. With this new letter i don't know how i would have stood on the property.
> 
> I have been sent back to properties ON MY DIME because the floors where dirty WEEKS after initial services where complete and the house has been being shown but the inspector was there BEFORE the monthly routine services where due and long after initials where completed. Are they going to nix us on this?
> 
> My company takes pride in it's work. We have been recommended by our local FNMA brokers for work on some very high end homes. I just wish there was more of that work as the work for the Nationals is getting to be ridiculous!!
> 
> 
> Then you go on to HUD properties and they just have to be "broom swept"  Both government agencies and 2 different sets of rules........


So then they should have NO PROBLEM when legitamate companies BID sales cleans and everything else to there requested level of satisfaction. Mind you, 99% of which they will NEVER approve. This is merely another money grab requirement. Can you say CHARGEBACK!!!!!!!!!!!!!!!!!!!!!!!! Cha-Ching


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## Guest

Curb Appeal REO said:


> Don't know what you referring to. Home Depot???
> 
> Can't find anything through Google in refernece to any deal between Home Depot and Fannie Mae.


A few years ago a supervisor for AMS said they were getting a work contract with Home Depot. Now I wonder what kind of contract it is.


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## Guest

This Home Depot thing is new to me, I have been a SAM vendor for some time now and spoke with my fannie team and management and no one has heard of any deals with the box stores and are still placing us and others in new territories as SAM vendors. I think this is likely one or two banks, not Fannie that this is happening with. I will know more after my visit to Fannie first of next month.


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## Guest

Skyboy, where are you located ?
I would love to talk to you.


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## Guest

How does a person get into this line of work is there any licences that a person needs fro property preservation and does a person get contracts from Fannie Mae or Hud ect. Please Reply as clearfully as possible I'm in Michigan. Thanks for your help.


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## thanohano44

tmikeshauling said:


> How does a person get into this line of work is there any licences that a person needs fro property preservation and does a person get contracts from Fannie Mae or Hud ect. Please Reply as clearfully as possible I'm in Michigan. Thanks for your help.


Read through the thread.


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## Guest

tmikeshauling said:


> How does a person get into this line of work is there any licences that a person needs fro property preservation and does a person get contracts from Fannie Mae or Hud ect. Please Reply as clearfully as possible I'm in Michigan. Thanks for your help.


W E L C O M E ! I' M S U R E YOU W I L L F I N D 
S O M E T H I N G IN THE 1 0 0 0 ' S 0 F P 0 S T S:thumbsup:

Sorry I just couldn't pass that up being to reply as "carefully as possible since I'm from MICHIGAN" :clap::clap:


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## APlusPPGroup

FremontREO said:


> W E L C O M E ! I' M S U R E YOU W I L L F I N D
> S O M E T H I N G IN THE 1 0 0 0 ' S 0 F P 0 S T S:thumbsup:
> 
> Sorry I just couldn't pass that up being to reply as "carefully as possible since I'm from MICHIGAN" :clap::clap:


Boy, are you gonna hear it for that post, Fremont! You should read comments very *C A R E F U L L Y* before responding. :laughing:

Linda


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## Guest

Lol  "in" "from" ah gotta have some fun. Ok to set the record straight "I love Michigan" EXCEPT on a couple of Saturday afternoons in the fall!! Fooootbaaaaaaall


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## APlusPPGroup

lol. Nope.:no: Read very *C L E A R F U L L Y* then.

:laughing::laughing::laughing::laughing::laughing::laughing::laughing:

Linda


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## Guest

OH....

I suppose if its suppose to be super "Clear" then to be "clear" you have to read "carefully" ?  LOL


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## APlusPPGroup

LOL. Someone's putting in too many hours.

All in good fun, you know. I misread stuff all the time but it's a lot more fun to give you a hard time than it is for me to give ME a hard time.:whistling

Linda


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## Guest

Fannie Mae work has stopped completely now. I wonder if this is a result of the debt limit debates going on in Washington?


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## mtmtnman

Curb Appeal REO said:


> Fannie Mae work has stopped completely now. I wonder if this is a result of the debt limit debates going on in Washington?



Got plenty here..............


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## HollandPPC

Curb Appeal REO said:


> Fannie Mae work has stopped completely now. I wonder if this is a result of the debt limit debates going on in Washington?


I got lots O Fannie grass cuts.


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## HollandPPC

tmikeshauling said:


> How does a person get into this line of work is there any licences that a person needs fro property preservation and does a person get contracts from Fannie Mae or Hud ect. Please Reply as clearfully as possible I'm in Michigan. Thanks for your help.


Good luck. There seem to be a million of us up here.


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## Guest

I don't know much about Fannie Mae But I am working with a young couple who qualify for an FHA loan but the home needs a little work.

Fannie Mae Turned them down it seems they already foreclosed on that same house once & felt it was a bad idea!


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## Guest

Figures.. fannie changed the code after I placed this months Lock order . Bummer.


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## mtmtnman

mbobbish734 said:


> Figures.. fannie changed the code after I placed this months Lock order . Bummer.



Order a rekey kit and rekey them instead of replacing them. I rekey 75% of locks anymore. I have boxes of locks at home i rekey for initial secures. If you replace 100 locks, you can buy a used key cutter, key blanks and a rekey kit for the same price and rekey the existing.......


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## Guest

mtmtnman said:


> Order a rekey kit and rekey them instead of replacing them. I rekey 75% of locks anymore. I have boxes of locks at home i rekey for initial secures. If you replace 100 locks, you can buy a used key cutter, key blanks and a rekey kit for the same price and rekey the existing.......


I know, I re-pin too, just sucks I was on a roll. Usually I can replace faster than re-pin and the locks come with keys. Takes me a few minutes to cut one key, I supply two to the client. So 100 locks times two keys I've got better things to do than grind keys. But hey its work.


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## mtmtnman

mbobbish734 said:


> I know, I re-pin too, just sucks I was on a roll. Usually I can replace faster than re-pin and the locks come with keys. Takes me a few minutes to cut one key, I supply two to the client. So 100 locks times two keys I've got better things to do than grind keys. But hey its work.



Figure your time and 5 buck a lock. 4 locks on an average property takes me less than 1/2 hour to rekey. That means i put 20 bucks in my pocket for less than 30 minutes work. It would take me 10 minutes to swap out all 4 so re-keying adds very little time. The houses show better with original locks VS cheap repo locks too. My brokers are happier as well. I am rushed sometimes and swap locks and on rainy days i rekey a few dozen in the garage. I did over 300 rekeys last year for local brokers on REO's. Figure 4 locks per house average and 75% rekeyed i saved $4500. My key cutter is an automatic machine and i can cut a key a minute. Blanks are .26 cents a piece bulk. I have hundreds of extra keys though.


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## BPWY

Did you mail me the new key code???


I bet I already know the answer.


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## Guest

mtmtnman said:


> Figure your time and 5 buck a lock. 4 locks on an average property takes me less than 1/2 hour to rekey. That means i put 20 bucks in my pocket for less than 30 minutes work. It would take me 10 minutes to swap out all 4 so re-keying adds very little time. The houses show better with original locks VS cheap repo locks too. My brokers are happier as well. I am rushed sometimes and swap locks and on rainy days i rekey a few dozen in the garage. I did over 300 rekeys last year for local brokers on REO's. Figure 4 locks per house average and 75% rekeyed i saved $4500. My key cutter is an automatic machine and i can cut a key a minute. Blanks are .26 cents a piece bulk. I have hundreds of extra keys though.


I'm doing a hundred plus a month. And most already have a repo lock. For me I just swap and keep the old to repin for something else, or when I get enough I scrap them. I need to get me a better cutter, but really don't use it that much.


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## thanohano44

mtmtnman said:


> Figure your time and 5 buck a lock. 4 locks on an average property takes me less than 1/2 hour to rekey. That means i put 20 bucks in my pocket for less than 30 minutes work. It would take me 10 minutes to swap out all 4 so re-keying adds very little time. The houses show better with original locks VS cheap repo locks too. My brokers are happier as well. I am rushed sometimes and swap locks and on rainy days i rekey a few dozen in the garage. I did over 300 rekeys last year for local brokers on REO's. Figure 4 locks per house average and 75% rekeyed i saved $4500. My key cutter is an automatic machine and i can cut a key a minute. Blanks are .26 cents a piece bulk. I have hundreds of extra keys though.


Yup.


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## Guest

Holy crap, what is going on with Fannie Mae in Florida?! It gets slower every week and "shadow inventory" continues to accumulate.

Are any of you other Fannie vendors steadily busy?


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## BPWY

With the credit crunch and the money issues I am not surprised in the slightest that its slowed down.


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## thanohano44

Curb Appeal REO said:


> Holy crap, what is going on with Fannie Mae in Florida?! It gets slower every week and "shadow inventory" continues to accumulate.
> 
> Are any of you other Fannie vendors steadily busy?


Not a Fannie vendor but I do direct work for a few realtors. Last month was slow but i just got 18 rekey requests from 1 of the 3 brokers i do work for.


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## Guest

Just crunched some numbers. July bids were down 61% from what we did in June. So far in August, 2/3 of our bids are for AC repairs. Without those, we'd be on track for about the same as July.

I too wondered if the debt ceiling fight was slowing things down. But Fannie was still requesting bids and appoving them (just not as many).....so who knows.


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## APlusPPGroup

http://www.housingwire.com/2011/08/11/fannie-mae-details-new-property-preservation-pricing

New matrix from Fannie Mae, as reported by Housing Wire.

Linda


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## mtmtnman

Did y'all look at the Cu. Yds list???? 125 1 gallon paint cans per Cu Yd??????????????????:laughing::laughing::laughing::laughing:


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## brm1109

mtmtnman said:


> Did y'all look at the Cu. Yds list???? 125 1 gallon paint cans per Cu Yd??????????????????:laughing::laughing::laughing::laughing:


 I have to pay at least $4.00 per gallon to dispose of paint. I will still bid it at what I have been. If they don't accept it they don't.


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