I am going to start charging $75 more for REOs beginning the first of the year! They want 6 comps (3 sales, 3 listings..all gridded) lots of additional photos, and a repair addendum. It is becoming a major seqment of my business and is quite time consuming now. Seems I rarely get any easy ones right in town. The last one was over 100 miles round trip.
Fannie Mae only pays $325 for REOs which is $25 below the market rate for a conventional report. MAKE THEM PAY!
Our company always charges more for REO work. It makes up for the additional work, listed sales, REO addendum and added risk do to required cost to cure list. Plus, it helps me get through some of the nastier houses. :shocked!: If you told me people could live in some of the homes I've been through, I would have said your full of crap. I have proven myself wrong several times over the past couple of years. Nothing like going through a flea infested, soggy house full of dog droppings in 90 degree heat :roll: Now that it has gotten colder, I fully expect my REO requests to go up. Now I can freeze while I'm going through these homes. Guess I'll take my flask along to keep warm
Our fee for a REO is 50% over the standard URAR fee due to the additional requirements for listings and the additional calculations for the various values they want and the estimated repair costs, etc.