Hey Guys,
Those of you who do Draw Inspectors, notice a steep drop in notifcations for Draw Inspections??? How about you Linas?
I think ever since Indy Mac was one of the banks that TANKED!!! Digital Draws inspections may be down… or is this nationwide among others as well, I assume with the economy in the dumpster.
Let me know.
Justin
www.americandreamhomeinspection.net
Indy Mac loan draws that DDN serviced went to Trinity Inspections and Trinity draws on Indy Mac loans went to DDN. Those loans are still good and they watch them closely resulting in more “status inspections”. Draw inspections are down about 50% from last year. The draw companies are adjusting and are offering a variety of services to the lending institutions such as commercial property evaluations, condition reports on bankrupt residential properties, more draws on renovation loans etc. I’ve also picked up a lot of mold inspections on REO’s. I still manage to bring in a minimum of $1000 a week in a slow market.
Thanks Linas for the info.
And yes for a while I was doing a ton of REO Inspections, Rehab inspections, etc. for DDN. But even those have slowed down… $1,000 a week, you must be their #1 Guy for your area. that’s awesome!
I think a lot of inspectors that did them are out of business and I’m picking up their work.
I started a three-week vacation on 10/17. Up until then (starting around April), I was steadily averaging over $600 per week with DDN, alone.
My draws are doing good. Even better than last year, but that is b/c I have gotten more banks under my belt. New home sales have dropped 30% compared to a year ago. Also there are only a hand full of banks now that are giving Spec house loans for builders. So most of the new homes under construction are customs. Specs are still selling here but not like they were. New houses over $250k are sitting for while until they sell unlike a year or two ago. Houses under $250k are not doing bad at all…for now.
Bobby