# Wells Fargo Preservation



## Guest

Need some insight here...

I have been getting spotty work from an agent for the last 2 years when her main contractor is unavailable, just locks, wints and a few trash outs here and there. She has finally contacted me last week and asked if I would be willing to take on all of her Wells Fargo work in the area and of course I have been hoping we could get this from her at some point but now I have an issue with licensing, or maybe I dont.
She asked for all of my info again w-9, insurance and also my contractors license which I explained I did not have a GC license but shouldn't need one for what was being completed. She checked back with WF and responded saying that they wouldnt allow me to do anything without my 'contractors license.' 
Can someone tell me if it is really a requirement to have a GC to do WF preservation work and not remodels or is there a misunderstanding.


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## BPWY

That is a question for your local and state licensing boards. 

In my area there is no such license available. Dunno about your area.


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## Guest

YEP WFHM requires you to be a contractor so you KNOW the codes and other issues of taking care of a home properly. This is not to be a smarty but anyone can do a trashout or a grass cut and not worry about codes BUT to replace a sump, outlet, switches, winterization, minor or major repairs they want only licensed contractors with an insurance policy for licensed professionals. Basically the knowledge that hopefully comes with licensing and experience. 

Otherwise this can be a gold mine for you. Good luck.


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## Guest

Thanks for the quick reply Fremont, I was afraid you might respond with that answer though because I do realize this had the potential to be a goldmine. I do not currently hold a contractors license in TN and there is no way for me to get through the testing before the window of opportunity gets slammed. Was nice to think we might be able to make some decent money in this field again though


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## Guest

Can you hook up with a licensed GC and use him as your qualifier? Don't think the door has slammed shut unless you have visited all available options. Check on Craigs List....there's a slew of out of work license holders that will "sell" you their credentials for a fee or profit sharing.


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## Guest

Builderbob 72 said:


> Can you hook up with a licensed GC and use him as your qualifier? Don't think the door has slammed shut unless you have visited all available options. Check on Craigs List....there's a slew of out of work license holders that will "sell" you their credentials for a fee or profit sharing.


Someone would have to be out of their mind to take full responsibility of all jobs of someone who contacted them by CL. I also believe that this is illegal, it is rubber stamping.....if he just uses his license.


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## Guest

Kent Whitten said:


> Someone would have to be out of their mind to take full responsibility of all jobs of someone who contacted them by CL. I also believe that this is illegal, it is rubber stamping.....if he just uses his license.


Yep its a no go here.


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## JDRM

Builderbob 72 said:


> Can you hook up with a licensed GC and use him as your qualifier? Don't think the door has slammed shut unless you have visited all available options. Check on Craigs List....there's a slew of out of work license holders that will "sell" you their credentials for a fee or profit sharing.


Find someone who has a License and would be interested in teaming up. Let him oversee his interests for a payroll.Let him earn it in some way. If you are really looking at a goldmine, it should not hurt too bad by padding his pockets while you deal with all the Bull#### from the agent.Although even transfering a license could take 60 to 90 days, depending on your state.


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## Guest

JDRM said:


> Find someone who has a License and would be interested in teaming up. Let him oversee his interests for a payroll.Let him earn it in some way. If you are really looking at a goldmine, it should not hurt too bad by padding his pockets while you deal with all the Bull#### from the national. LPS does wells fargo properties.Although even transfering a license could take 60 to 90 days, depending on your state.


LPS does PPO work for Wells, so do others. REO work is handled by Wells' in house service company. 
As far as business relationships go with service companies, IMO, this opportunity IS a goldmine. At least it has been for me.


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## Guest

Kent Whitten said:


> Someone would have to be out of their mind to take full responsibility of all jobs of someone who contacted them by CL. I also believe that this is illegal, it is rubber stamping.....if he just uses his license.


Perfectly legal if you PARTNER with a GC as a equity investor in your business. I wasn't suggesting a rubber stamp, I was suggesting to build his business by alliance, instead of throwing his hands in the air. The CL suggestion was just a comment as to the number of out of work licensed builders who lack the marketing skills to locate their own work.


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## Guest

Builderbob 72 said:


> Perfectly legal if you PARTNER with a GC as a equity investor in your business. I wasn't suggesting a rubber stamp, I was suggesting to build his business by alliance, instead of throwing his hands in the air. The CL suggestion was just a comment as to the number of out of work licensed builders who lack the marketing skills to locate their own work.


If you can find someone, legally....sure....it could be a good option. If I had the license, I would want to make damn sure who I was partnering with though. 

I would think that partnering would require legal partnership, as in an LLC.


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## Guest

Kent Whitten said:


> If you can find someone, legally....sure....it could be a good option. If I had the license, I would want to make damn sure who I was partnering with though.
> 
> I would think that partnering would require legal partnership, as in an LLC.


I think you must've meant LLP. 
LLC is 'limited liability company'. 

I do agree that a legal entity would need to be in place for this concept to work. Legally.


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## Guest

mt4closure said:


> I think you must've meant LLP.
> LLC is 'limited liability company'.
> 
> I do agree that a legal entity would need to be in place for this concept to work. Legally.


LLC or LLP, both are for partnerships. Either one works.


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## Guest

*GC (vs) HIC*



tenec said:


> Need some insight here...
> 
> 'contractors license.'
> Can someone tell me if it is really a requirement to have a GC to do WF preservation work and not remodels or is there a misunderstanding.


Not sure about your state, but I do work for Wells fargo (PAS) under a Home Improvement License. 1 page form (+ fee) submitted to the Dept of Consumer Protection
No need for a General Contractor license
Done over $100k since last summer through their REO Brokers, 
get on that $ train!!


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## Guest

Ding, ding, ding Danny you sir are the winner in my book! Thanks a bunch for your response because thats the ticket here in TN. $250 app fee, $10,000 bond, $100,000 liability and work comp. No other financials or testing required and it covers you for contracts between $3,000 and $24,999.


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## Prestigious Property

I have been working for WF in NC for 2 years now doing Lawn Maintenance, Trash-Outs and Winterizations. I have never been asked for anything except my insurance... Crazy how things can be so different from town to town.. If you can get onboard then your set cause they are about the best bank to work for and get paid your worth...

GOOD LUCK!


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## Guest

*Re: Wells Fargo Preservation *
If you can get onboard then your set cause they are about the best bank to work for and get paid your worth...

Always have great experiences with them. Work approved at my regular contractor pricing, paid in 7-10 days, No haggling, No hassles, No charge backs


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## JDRM

danny1217 said:


> *Re: Wells Fargo Preservation *
> If you can get onboard then your set cause they are about the best bank to work for and get paid your worth...
> 
> Always have great experiences with them. Work approved at my regular contractor pricing, paid in 7-10 days, No haggling, No hassles, No charge backs


I agree!!! It is beautiful working for them, although I get mine from LPS, still no problems!! Pay on time all the time, never threats of chargebacks! (safeguard)


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## Guest

I've been spoiled with strictly investor and brokerage clientele until now....now i gotta get on board with the nationals like every other P&P company  trust me i'm sad too BUT i've heard good things about LPS and PAS.......info about both of these would be great and requirements needed or just business license, GL at 2mil & WC ins like all others?? 

also whats required to be a LPS inspector?


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## Gypsos

What does LPS and PAS stand for?


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## Guest

Gypsos said:


> What does LPS and PAS stand for?


Lender Processing Services
Premiere Asset Services


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## BPWY

D&R Services said:


> I've been spoiled with strictly investor and brokerage clientele until now....now i gotta get on board with the nationals like every other P&P company  trust me i'm sad too BUT i've heard good things about LPS and PAS.......info about both of these would be great and requirements needed or just business license, GL at 2mil & WC ins like all others??
> 
> also whats required to be a LPS inspector?






Good luck getting on with LPS as a small company.


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## Guest

Mike
usual requirements needed for PAS, easy to work with. LPS said they require E&O. I don't do e&o so i don't work with them. Hook up with REO Brokers that get their props from Wells/PAS. Usually a pretty smooth experience from inital secure through re-hab work.


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## JDRM

Not sure who pas is but lps is lender processing service


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## BBJP

D&R Services said:


> I've been spoiled with strictly investor and brokerage clientele until now....now i gotta get on board with the nationals like every other P&P company  trust me i'm sad too BUT i've heard good things about LPS and PAS.......info about both of these would be great and requirements needed or just business license, GL at 2mil & WC ins like all others??
> 
> also whats required to be a LPS inspector?


Be prepared to cover an entire state or 3 and submit your RFP bid for LPS. 

I rank LPS right next to Safeguard as useless idiots.


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## williamh447

*How little we know*

It is so sad to see people on here that don't know anything about business. First it is not against the law to use some ones license to pull permits you would still be a sub contractor and not hold the contarct. because it is against the law to hold a contract with out a license. big companys do this all the time they hire a contractor just to use his license for a set fee on a job the law is kind of narrow here but you can not pull a contract but lets say you want to build a hirise and you own every thing but the license then you would hire a contractor to pull your permits. And your company would be a construction management company. being you manage construction but dont hold a contracting license. the other is to hire a contractor to work directly for your company and have them qualify your company he must get a w2 pay check or own 20% of your company. And just because some one dont have a license dont mean they dont know code or could not do a better job than most contractors. Most contractors never done the work side of the job they had some one who gave them a hand. And now when it gets bad they are the ones that get hurt the most because they cant down size to a 2 to 3 man crew and work with there guys.


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## shsr

Great post William. You really know yo bizness good.


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## Craigslist Hack

williamh447 said:


> It is so sad to see people on here that don't know anything about business. First it is not against the law to use some ones license to pull permits you would still be a sub contractor and not hold the contarct. because it is against the law to hold a contract with out a license. big companys do this all the time they hire a contractor just to use his license for a set fee on a job the law is kind of narrow here but you can not pull a contract but lets say you want to build a hirise and you own every thing but the license then you would hire a contractor to pull your permits. And your company would be a construction management company. being you manage construction but dont hold a contracting license. the other is to hire a contractor to work directly for your company and have them qualify your company he must get a w2 pay check or own 20% of your company. And just because some one dont have a license dont mean they dont know code or could not do a better job than most contractors. Most contractors never done the work side of the job they had some one who gave them a hand. And now when it gets bad they are the ones that get hurt the most because they cant down size to a 2 to 3 man crew and work with there guys.


MOST cities have rules in place to prevent this practice. Here they call it Piggy Backing. If I use my license to pull a permit for an unlicensed contractor it could result in a series of fines, or worse fines and a loss of my license. I know a guy who has had two strikes and paid $7,500.00 in fines so far. One more incident and he faces a $10,000.00 fine and a loss of his license. Even the large home builders are having to send their employees through the classes to get licensed.


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## P3+

Who opened the vault and let the dust bunnies fly off this ancient thread?


Oh and williamh...I challenge you to go down to our Building Department and pull a water heater (or any other plumbing related permit) permit off my plumbing license. Report back here and let me know what Bob says please. Good luck with that.


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## williamh447

I'm out of Miami we have the hardest codes and rules in the country I can go to any state and pull any permit i need just for the fact where my license is from. Just cause you don't know laws don't mean it's not true. I have a Construction lawyer if you want pm me and I'll let you talk to him. As long as I hire you and give you a pay check my company can be qualified by you and your license. And any one can pull a permit for your company it don't have to be you it must just be signed and notarized . We use company's that do permit running so you don't have to be stuck there all day


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## northeast1

*Wells fargo*

Bs we do this work everyday go direct skip the agent skimming you.. Vendor app on w fargo website


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## PropertyPreserve4U

How do you go by joining PAS i been looking for a vendor portal?


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