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Pay for HUD/REO Work

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Rrebera

Thread Starter
Junior Member
Joined
Jan 21, 2002
Professional Status
Certified Residential Appraiser
State
Ohio
What is the fee for anyone working for an M&M contractor doing REO work?
 

seattle98116

Junior Member
Joined
Apr 19, 2007
Professional Status
Certified General Appraiser
State
Washington
I don't do it, but have heard that it is really cheap.
Justin
 

seattle98116

Junior Member
Joined
Apr 19, 2007
Professional Status
Certified General Appraiser
State
Washington
Though fees are typically higher in the Pacific Northwest, I think the figure posted is a "going rate".
Justin
 
Joined
Mar 30, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
$150 in Ohio

Thats not a fee, its an insult!

Our office has been doing them for about 8 years. We take a lower then normal REO fee from the M&M contractors, but we make up for it in volume.
8 years as our number 1 or 2 client is worth something.


Our lowest fee is twice what you get. and we do have some higher fees.
 

Jan Roseberry

Senior Member
Joined
Sep 25, 2002
Professional Status
Certified Residential Appraiser
State
Ohio
I am not at all sure the job is getting done in Ohio.

A management company has taken over the job and offering $150. To date, I do not believe anyone in my locale has bitten. Let me tell you the Cleveland and Columbus boys will stumble real bad in this area . . . I cover 2 counties w/ no road markers and the FHA REO's are not in the prominent places. You know -- marginal houses for marginal credit.

Several of my friends have done these for years (fees $300 to $450) and are watching this situation.
 

Diane Lagrou

Junior Member
Gold Supporting Member
Joined
Dec 31, 2005
Professional Status
Certified Residential Appraiser
State
Ohio
I agree with Jan. $300 is our starting fee. Of course, maybe this is why I haven't seen any in a while. $150? yikes!
 

Anthem

Senior Member
Joined
Mar 10, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
HMBI handles them around here, and it is extremely low. I don't remember the quote I was given. I also spoke to them about their Staff Reviewer and Staff Appraiser positions, they work for insulting pay as well. I have a friend who interviewed for an appraiser admin position, she said the pay would not cover day care expenses.
 
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