Bank owned inspections

Hey all. Just got a call from a local agency that does mostly foreclosure sales. My mother in law works for them, I’ll hold the mother in law jokes for now. :slight_smile: Anyway, was wondering if anyone has done any of these. They want to pay $175 per inspection and tell me that they have 5-10 a month. That is way lower than my base fee, and working for the bank, I’m thinking that it is a pain to get payed. I’m not super busy, so I would like the extra income, but it just seems like half the pay for the same amount of work, even though they told me that it isn’t as involved as a buyer inspection. Also, they had a different guy doing them, and I guess he backed out. Any thoughts would be appreciated.

Why should you give them a deal? Maybe they do not need a full inspection? Then it “may” me OK price?

Tell them your price and be done with it.

If you want the work give them a deal.

I personally never find it in my best interest to lower my prices for most instances. Especially when working for friends because they are always more hassle.

I’m totally with you on that Mike. The agent told me that they aren’t as involved as a buyer inspection, but wouldn’t really say why, other than the fact that they are vacant. I asked if there is some guideline and I got “no”. So I guess if it’s basically like a four point, then it would be worth it, but a full inspection, then it wouldn’t be. Thanks for the reply by the way.

And, if it was such a good gig, why did the other guy back out?

You should find out Exactly what they want. If you can do it in half the time of a typical home inspection, well it might be worth it. Also, ask when to expect payment.

Thanks guys. What about liability? More, less, the same? How about an agreement. I’m sure that the bank doesn’t want to sign anything. Just want to think out all my angles before telling them yes or no.

You need to get a scope of work that details exactly what they want. I have done similar inspections for that type of fee. You didn’t have to walk the roof, get in the attic or remove the dead front from the electrical panel.

Foreclosures always seem to have a lot more issues.

Greg, from what I was told, I still have to remove dead front, and give an estimated life on the roof. If they told me to not do all of that, it would seem better. Thanks for your response though. And that is the other thing I worry about Ken. The problems with foreclosures. Still thinking on this one. I’ll let you guys know how this all plays out.

ALWAYS trust your gut…

ALWAYS…It took me 45+ years to learn it and I still forget sometimes but DON’T

As said above you need all the info. I do them often for two banks and its like a 4 point inspection. Takes me 1/2 the time. But you need allot more info before you agree to anything.
Repo homes can be dogs as i charge an added fee for full inspections on these