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Asset Manager - Contracts Awarded - HUD

Discussion in 'FHA/HUD and VA' started by Kenneth Chase, Sep 24, 2010.

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  1. Kenneth Chase

    Kenneth Chase Junior Member

    0
    Feb 4, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Just received a post card solicitation from an outfit in Newport Beach, CA to do FHA work, if I'm a certified FHA appraiser (I am).

    Following states were noted as recruitment venues. AK, AZ, CA, HI, ID, MI, NV, OR and WA.

    Name of the (broker) outfit is BLB Resources HUD and REO Services.

    I need to do some more research on the "contracts nature" of the asset management aspects of HUD, in the meantime, has anyone done any business with this group?

    Much obliged!
     
  2. sunster

    sunster Junior Member

    7
    Oct 27, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I received the same postcard announcement in the mail today too. I was gonna call them and ask about their fees first, but the phone number on the back of the post card is smudged out. I guess I'll just have to ask by e-mail instead.
     
  3. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    These inquiries have been going on all over the country from various "asset managment firms" .. personally I think they are fishing for government business by building a "staff" of appraisers / brokers / title companies first .....

    Im not going to say its a scam but Id bet they have no contracts in hand from HUD or anyone else.
     
  4. Offshore

    Offshore Senior Member

    0
    Dec 25, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    I agree. Based on a few telephone calls I've received from those type companies, that's exactly what they were doing. They were not able or willing to answer any specific questions.
     
  5. LadybugLover

    LadybugLover Junior Member

    0
    Sep 30, 2007
    Professional Status:
    Licensed Appraiser
    State:
    California
    We got a call from this company and had quite a nice conversation with them - Having had HUD contracts in the past, we understand what they are doing and will be happy to work with them. Fees were reasonable and from our experience with HUD contracts, the work is very consistent. You can always check the HUD site for contracts awarded and verify that they were awarded the contract.
     
  6. Kenneth Chase

    Kenneth Chase Junior Member

    0
    Feb 4, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Good to know. Thanks for the post, will check the HUD site for follow-up. Good players in the field are hard to come by.
     
  7. AnonApprsr

    AnonApprsr Elite Member

    0
    Jan 21, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Massachusetts
    I was contacted by the supposed contractor for MA. They were offering $350 per REO. It's 400 for a non-reo, minimum. C&R is what THEY'RE getting paid.
     
  8. Pilgrum

    Pilgrum Senior Member

    29
    Mar 6, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    I just received a post card from them I went to their web site and was going to create an account just to see what thier fees were (are).
    The firest thing that turned me off was the statement that it could take 1 1/2 hours to complete the application. Next was the request for insurance. All of it. Workmans comp, E&O, Liability and Auto.
    Then I come on here to investigate further and see they are paying less than I get for a 1004 for an REO.
    I'll pass.
    A pretty post card though.
     
  9. Flygirl 152

    Flygirl 152 Senior Member

    0
    May 3, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    They do truly have a contract, and are sending out appraisal orders. When I booted up this morning, I realized they sent an order over during the weekend. Not able to complete the order by the due date though due to high volume this week.

    I'm not sure what Ladybug is getting paid, but I think in my area their fee is $350 which is about $50-$75 on the low end for this area.
     
  10. Flygirl 152

    Flygirl 152 Senior Member

    0
    May 3, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    After attending their webinar, many have realized that the fee they are paying is far under market value for the work they are expecting you to do. Not only do you complete the FHA appraisal and inspect the attic & crawl space, but they also want you to include a copy of the subjects public record information within the report, and an environmental form as well as lead based paint form within the report. All that for $350.00! In my opinion, that is way too low of a fee for the work involved, and the liability.
     
    Last edited: Oct 14, 2010
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