Get it in Writing!How many "Denied Payment" does it take to get it right!When working with REO properties, you need to be very cautious when it involves being paid. Do not take for granted that the Asset Manager or representative will remember your conversation or have made a note in their little black book. The sad fact is that most, if not all, handle hundreds of properties and answer questions and emails regarding those properties on a daily basis. At this point, you are a number in their system and not at the top of the "thing to remember" list.If an Asset Manager or Representative calls and are requesting information or requesting that you perform a duty, GET IT IN WRITING! Too often, Brokers and Agents are so ecstatic to get the chance that they fail to create a paper trail that will guarantee payment. If the email or fax never arrives, send a email to the individual with a summary of the conversation. Ask him or her to confirm the request. If you do not receive a response, do not do the work.Never email the Asset Manager or representative outside of their portal if a portal is being used. Once you email them outside the portal, the conversation is most likely not considered acceptable because there will be a disclaimer listed in your service agreement and on the website regarding emails. PAY ATTENTION TO THE POLICIES! Also, just because the note is in the portal today, does not mean it will be in the portal tomorrow. Consider capturing the screen information for your file for backup purposes.If an Asset Manager or Representative requests repair, especially costly repairs, get the request and approval in writing (NOT YOUR WRITING). Do not try to store the information in your memory bank, GET IT IN WRITING! Too often repairs requests are asked to be completed by the brokers and agents without full approval from the seller/clients. If the client does not approve the invoice and the Asset Manager or Representative approves the request prematurely, you will not get paid. Having the request and approval in writing will provide a solid legal foundation in case you have to file a mechanical lien on the property or a claim against the asset company. Know the law for your area.When submitting your invoices, make sure you include a copy of the email with the pre-approval attached. If you have to submit the original invoice to the bank of reimbursement, include a copy of the pre-approval email along with the conversation to alleviate any doubts.Never assume that the conversation will be remembered and/or your invoice will be paid. After all, if the invoice is rejected, you will have to pay the vendor and/or suffer the loss.Carolyn Nelson www.onlinerepa.com
Sooo right! I have a court ordered sale which the attorney told me to get on the market. The judge ordered a bank who I have very low trust in, to sell and split the profit with the foreclosed owner, who was equity stripped. Long case, very convaluted...I told the attorney I would love to, as soon as I see the judge order them to also pay the commission. The attorney was surprised, and figured it was a part of the judges decree, but called the bank. The bank refused..and it is now back at the judge for a decision.. Even the lawyers are on new ground with the quicksand market we are in..he is still shaking his head..but I hate a cold breeze on a bare behind..when in doubt, cover your own behind!
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