How to Pass the REO Contractor Quiz
As a small property preservation company, majority of your business operations will rely heavily on larger property preservation companies. Once you comply with their standards, they will then invite you to become part of their list of vendors.
One thing that surprised me, when I first started in this business, was the requirement of passing a property preservation contractor quiz.
This quiz tested my knowledge of the HUD & FHA Property Preservation Guidelines. Since there is very little to no training provided by most large property preservation companies, it is up to the business owner (you) to read the manual and find the necessary knowledge and experience required to pass the test.
As long as you read the manual and ask questions, along the way, to gain clarity on best practices and policies, you will find that this industry is not that hard to comprehend.
One of the things you need to be mindful of is knowing the purpose of your business. To help you out in this quest, just remember these three essential things. Always bear in mind whether the property is:
- 1. Clean
- 2. Safe
- 3. Secure
Remember these three essential rules of thumb and you are guaranteed to excel in your business.
1. Is the Property Clean
When you are completing properties, it is important to make the property as clean as possible and restore it back into marketable conditions. To get a property clean, make sure all debris and trash are properly removed in the vicinity.
The property will also require some thorough broom sweeping.
2. Is the Property Safe
If there are any safety hazards in the property, it is your responsibility, as a vendor, to fix this dangerous materials and ensure that the property is safe and fit for conveyance.
3. Is the Property Secure
You are the eyes and the ears of your client, thus it is your job to report if the property was/is secure upon arrival and after departure.
Each client strictly expects that the vendor keeps their assets all secured and well maintained in their best interest.
When you are studying your property preservation vendor manual, be sure to keep these 3 things in mind. Here is an example of a property preservation reo contractor quiz.
Property Preservation Contractor Quiz:
1. If you go to a property and find 17 c yards of exterior debris and/or hazards you should:
a) Remove 12 c yards and bid the rest.
b) Bid only, remove nothing.
c) Remove all 17 c yards and charge allowable per yard amount.
2. What does conveyance condition mean, and what loan types are affected by the term?
3. If you go to a property and it is for sale, what should you do?
4. What 2 bids are required if you go to a property with a moldy refrigerator?
5. What 2 bids are required if you go to a property with a roof leak?
6. What 2 bids are required if you go to a property with a broken window?
7. What items need dimensions added into your bid or added to your invoice?
8. What item in the house determines the difference between a steam system winterization and a radiant winterization?
9. What photos are required to support that a winterization has been completed?
10. Explain step by step how to complete a dry winterization.
11. Explain the important steps you need to go through in determining your bid to place property into conveyance condition.
12. Explain the minimum photos required EVERYTIME you go to a property.
13. When you go to a property to place it into conveyance condition per client.