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My name is Jody Hagemes with Prepco, LLC we are a property management company in North Florida. We’ve been working in the REO industry for roughly 12 years. We are also licensed Certified Building and Roofing Contractors. We consistently receive phone calls from Brokers and Agents in the REO industry asking if we are a SAM vendor for Fannie Mae. The Brokers generally are upset with the poor quality of initial services that are being done on their new Fannie Mae listings and would like our company to service them. We have registered with Fannie Mae on their e-source web site for suppliers under their diversification program, but have yet to be contacted by them. Can anyone provide some addition information as to what steps should be taken to become a SAM vendor? Thank You prepco@prepcoservices.com

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The reason that brokers consistently complain about the service provided by Fannie Mae vendors is because Fannie Mae pays bottom of the barrel for services to national companies. The nationals pay even less to subs. We consistently get "emergency" work on our clients' properties that was either performed poorly, or not at all, by a SAM vendor. Our clients pay out of pocket, and then have to be reimbursed by Fannie. Overall, it seems to be an inferior system to what you have with Freddie Mac and many other institutions.

Personally, I would not break my neck trying to get in with Fannie Mae, regardless of the volume of properties. Establish relationships with their brokers and you should be able to pick up plenty on the side...
Thank you for this post....I recently was offered by a retiring / parent a Class B California Contractors License with a Women Business Enterprise designation. This is the family business I grew up in ... so many years. Sad that my mother is acting her age and stepping away. But considering options....I am going to maintain this license and see if a new venture may arise.

As a Realtor, when allowed, I have been able to use my own recommended tradesmen that provide top quality work. My clients have pooled from my resources with great results. I love real estate and construction.

Is there a way to merge my two worlds????
It may be difficult depending on what client your working with. You may possibly be able to work with some national servicers such as FAS,Safegaurd etc. Most asset companies frown on the contractor and the broker being affiliated, they refer to it as an "arms length policy"
Jody,

Thanks for the response....yes I have encountered "arms length policy" and affilation issues. One world or the other.

The opportunity to use both licenses has transpired in my Regular or Smaller Corporate client(s)...a mutual respect and a job well done is a great thing.

Thanks again...just thinking.

Denise Stovall
Northern California
(707)953-6133 cell/text/BBM

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