The Dept of HUD has just adopted a new online property preservation estimating software provider to verify pricing on bids they receive for property preservation, maintenance, and repair costs on all FHA single family homes.
How does this help you?
A property preservation company can benefit in several ways. If you have access to the same database of repair costs used by HUD then you know precisely the highest price you can charge for each individual task included in typical property preservation repair jobs.
A savvy property preservation company will utilize this database to make sure they are maximizing each estimate or bid by charging the highest allowable amount for each repair item. Plus they'll have access to the same repair line item verbiage or language the clients are used to seeing.
The property preservation estimating software that HUD has selected to use is called RepairBase. Most vendors agree that it's cost is too expensive for most new Property Preservation Vendors, especially those who started on a shoestring budget and are trying to keep their company's overhead to a bare minimum.
Fortunately, here's a cost estimating system for REO Vendors that requires much less of an investment.
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