Before and After photos are a must in the REO business. Why? it insure that the vendor has done the work to your specifications and the seller requirements, it is an added guarantee that the REO bank will reimburse you for the work done, and it also shows as proof if any damages/vandalism is done to the property before and after the sale.
Additionally, it is also important to make sure you are taking accurate photos of the work being done before and after. Don’t just accept photos from a distance from the vendor, only accept close-up photos of all work. If you don’t, the Asset Manager may deny payment. If you have received approval for the work to be completed, make sure that your paper trail clearly identifies the property, approval amount, and the name of the person approving the work. Hence the reason why it is so very important to include the property address and description of the email in the subject header of the email, even if you are using a portal such as DARES, EQUATOR, CoreLogic, and RES.net. Vague emails tend to cast a shadow of doubt.
Finally, always require each vendor to submit the photos with the date a timestamp clearly visible, and all photos must be clearly identified as before and after with the area or room of the home identified.
Don’t be lazy, it can and will cost you money.
Carolyn Nelson | www.OnlineREPA.com