Who can tell me about Spectrum Field Services

[Robert Foster]

I just got a call from a company out of Utah called Spectrum Field Services. They asked if I would be interested in inspecting an 18 unit apartment complex which is broken up into 3 buildings. I was told Citi Bank and Fannie Mae are involved and I would be filling out Fannie Mae Form 4262.

This is a small town and if the units are the ones I think they are they are just a few streets over from me and from the exterior look in nice shape.

What can everybody tell me about this situation ? You should assume I know nothing about the ins and outs of this, cause I do know nothing. :D

They want me to inspect the entire exterior and the interiors of 5 units...and of course they want a price. She said they offer a fixed price within a range but I need to come back with an estimate prior to her and I bartering. :eek: Is there any money to be made in this or is this the realm of low ball inspections?

Anything unique about the liability and my insurance I need to be aware of while working on something like this.

Thanks for any and all help.

[Scott Patterson]

I just got a call from a company out of Utah called Spectrum Field Services. They asked if I would be interested in inspecting an 18 unit apartment complex which is broken up into 3 buildings. I was told Citi Bank and Fannie Mae are involved and I would be filling out Fannie Mae Form 4262.

This is a small town and if the units are the ones I think they are they are just a few streets over from me and from the exterior look in nice shape.

What can everybody tell me about this situation ? You should assume I know nothing about the ins and outs of this, cause I do know nothing. :D

They want me to inspect the entire exterior and the interiors of 5 units...and of course they want a price. She said they offer a fixed price within a range but I need to come back with an estimate prior to her and I bartering. :eek: Is there any money to be made in this or is this the realm of low ball inspections?

Anything unique about the liability and my insurance I need to be aware of while working on something like this.

Thanks for any and all help.

My guess is they will not be willing to pay you very much. I'm not familiar with from 4262, so before I gave a price I would need to see what they are wanting and looking for in the way of an inspection. Based on the little amount of information given, I would price it between $700 to $900. But all of that depends on what that form requires.

It does not take long to inspect a typical apartment, 15 minutes max.

My guess is that they will want to pay you around $300

[Jim Luttrall]

https://www.efanniemae.com/mf/applications/assetmanageservicing/hcdinfoexchng/

Check here for information on the form

[Robert Foster]

Thanks for the replies so far.

I was wrong in my assumptions about what apartments it is. The location is actually some 3 year old units built across town where I drove by frequently while they were being built. Nicely done little complex.

They sent me a copy of the Form 4262. Looks like they only want 1 form filled out for the whole 18 units. It is very cursory and basically asks you to provide an overall grade of 1-5 for each category of systems in the whole complex. If there are what they refer to as deferred maintenance issues you are required to provide a cost estimate for the necessary repair. They also ask for a VERY DETAILED explanation which the form provides a comment box for which might have the space for 2 or 3 sentences.

Seems this "inspection" is the equivalent of a drive by appraisal.

[H.G. Watson, Sr.]

Use JL's link and click on the multifamily tab. On the new page click on the Property Inspectors box on the right. </p>

[Robert Foster]

After some investigation and a few emails this is the reply I received regarding the compensation....needless to say I wont be doing the inspection....calling it an inspection is a gross exaggeration IMO...there should be an entirely different name for what they want done.


Robert,

Well, for this particular inspection, our competitors pay $90.00 for the whole inspection. However, we start our fees off at $120.00. We feel like this fee is adequate for what the inspection entails.

[Tim Hardy]

Unfortunately, Spectrum sends me a few jobs such as merchant site inspections, vacant dwellings, or drive by photos each year paying $8 up to $15 with travel distances of 70 miles, its just not feasible to do work for them. Several years they had some loan inspections that would pay around $60 that were local but lost that account. They also expect the work done in 72 hours.

[Jim Webb]

I have worked for Spectrum Field Services. This company is definitely what I would consider a 'bottom feeder.' They wanted me to drive 200 miles RT to complete a $10 "rush" inspection for them. It was some remote place and I didn't have any other work in that area. I told them I couldn't do it for that price. They must have contacted me 4 times about it, but never offered any more money for the job. After lots of weeping, wailing and gnashing of teeth on their part, they dumped me from their system over that one inspection. The work that I had done previously for them always paid ridiculously low, but I was new to the field back then and didn't know much better. I recommend taking a pass on them for anyone who might be considering working for them. Until people stop working for companies like Spectrum, who consistently put the screws to inspectors with their embarrassingly low rates, inspection rates will never increase, because these companies know that there are people out there who are desperate enough to do that type of work for nothing. There's my two cents...

[William Brady]

Funny I just got a call form them on an inspection they described as a condition inspection. It is in town and they said they pay $9.00. I started to laugh and I think he woman on the other end of the phone did to. Anyway I told them what I needed to do it and a couple of days later they called back to say OK. All kinds of paperwork to get set up with them and I am waiting to see what the inspection report looks like. I will advise when I see it. My question is do they really pay $9.00 and who would do it for that price. I also told them that I charge travel milage out of town and depending upon the location the price of my inspection changes.

Just my input.