RE: It's Repo Time
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RE: It's Repo Time - 8/24/2006 1:39:04 AM
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Medulus
Posts: 366
Joined: 4/19/2004
Home base: Lake Ariel, PA
Status: offline
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It's been a very busy day again, so here I am at 12:40 AM getting ready to post my answers. How do Roy or Tom handle moderating these forums while holding down assignments?
Anyway .... I think there is a valuable trove of information in many of the posts shared already. Some of the procedures I follow are similar to what has already been shared.
1. The equipment I carry are a head mounted flashlight to allow me to have both hands free. Often the property has no electricity or other utilities and the windows are boarded up. So the only light is the one you bring. I bring my laser measuring device to speed up the interior measuring (Fatmax is a lot less expensive for those on a budget.). A respirator is preferable, but I carry at least a few disposable painter's masks because the potential for mold and bacteria is high. A dead animal or a room where a dog was kept and allowed to relieve itself at will is not unknown. When the water is shut off to winterize the home, the crack dealers have still used the unflushable toilet. I leave the painter's mask in the house instead of taking the mold spores and bacteria to my car. Latex gloves are sometimes necessary as well. A cell phone almost always gets a signal in an urban area and I don't leave home without it. I personally never carry a gun, but a utility knife or mace is a good idea. Make sure you have a copy of the file with you to show police if they stop to check you out.
2. When I get a repo file, I call the contact (usually a local realtor or contractor) who may have the keys and meet me at the location. Often, however, when dealing with forced place policies like those issued by American Bankers/Assurant or Countrywide/Balboa the claim examiner or mortgage company will have keys that fit all the repos they insure in a given area. Ask them to overnight them to you. When they send you the keys, keep them in the office or with your equipment. You may find they fit other properties that are assigned to you. I have a collection of them. Sometimes they even work in more than one geographic area. You will possibly be given permission to take the boards off the windows or doors to gain entrance, but I don't do that.
3. I inspect these properties before noon and don't wear "gang colors" or any expensive clothing or jewelry when inspecting a repo. Before I arrive at the loss location - whether it is in an urban, suburban, or rural location - I have made arrangements with someone to be on call. This could be my wife, the claim supervisor, office clerical, or a friend. I call them when I arrive at the loss location and tell them the address and give a description of the property. I tell them I am going in and will call back in ten minutes after a cursory inspection. They are instructed to call the police if I do not call them back. I then go in, close or lock the door behind me (taking the padlock with me if the door was padlocked, call out to alert any squatters, make lots of noise and inspect every room, closet and basement to make sure I am alone. I then return to the front door area and call my contact back. I then make arrangements to call every fifteen to twenty minutes until I am clear and heading away from the loss. If the inspection requires roof climbing, I pull the ladder up behind me so no one takes it, stranding me. In addition to checking for people, it is a good idea to watch the floors for holes, the ceiling for rotted timbers or falling plaster, etc.
4. Before I arrive, I have made a three or four column scope sheet. The columns are headed "Wear and Tear", "Vandalism", and the reported cause of loss (e.g. Hail, Water, Freezing). On the first quick check of the house for squatters of a human or animal variety, I have made mental notes whether the damage is limited to a specific area or in practically every room. If it is in a specific area, I go straight there, measure, photo, diagram, scope and leave. If there is damage in many rooms (often the case), I walk through a second time and just take photos. Then I return to the front door area and call my contact. Then I walk through a second time while I diagram and measure. Then I return to the front door area and call my contact. Finally, I walk through a fourth time taking scope notes and entering them in the column on my scope sheet corresponding to the type of damage observed. If the roof or exterior requires inspection, I do that last. This makes me visible and obvious to the neighborhood only when I am almost done with my inspection. Then I get in the car, driving away while I call my contact to inform her or him that I am clear. It may seem that this method involves a lot of steps, but it actually speeds things up to do one thing at a time.
One more word about procedures: Sometimes the former owners or renters in a repo have been escorted from the premises by the sheriff's department. In these cases they may have left most or all of their possessions behind. This may be abandoned property, and it may be questionable who this property belongs to, but one thing is certain. It does not belong to us. Taking any of it is theft.
5. These reports should almost always be narrative reports. When writing the damage up, certain things must be considered. Some DP or other policies will not cover vandalism or theft if the home has been vacant more than thirty days. Vandalism to the home may have often been caused by the former owner when they realized they were being thrown out of their home. The damage I believe to be caused by the previous owner like fists through the walls or doors are explained in my report. This is not vandalism. Sometimes what is reported by the mortgage company is actually a failed attempt at renovation where the former owner ran out of money or energy to complete the repairs. A separate estimate should be written for each cause of loss. Unless the insurance carrier requests only one type of damage be written up, I write up all damage however many estimates that may take. Generally I add the estimates together for fee billing purposes.
Another very important consideration is that the proper amount of depreciation is taken. Often these properties are sold "as is" or only minimally repaired. The mortgage company will not be able to recover depreciation for repairs not made.
Once again, I thank all the experts that have contributed to this thread so far. I have learned a thing or two from you.
_____________________________
Steve Ebner
"With great power comes great responsibility." (Stanley Lieber, Amazing Fantasy # 15 August 1962)
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RE: It's Repo Time - 9/8/2006 1:05:18 AM
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FSUman01362
Posts: 4
Joined: 9/8/2006
Home base: denton tx
Status: offline
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Wow, I thought I worked in some rough areas but Ive got nothing on some of you guys.
Even with taking those precautions, how often do any of you actually run into trouble?
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RE: It's Repo Time - 9/8/2006 11:37:36 AM
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Medulus
Posts: 366
Joined: 4/19/2004
Home base: Lake Ariel, PA
Status: offline
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I have yet to run into a squatter, but I have come as close as finding a rumpled sleeping bag on the floor and a wet tooth brush in the bathroom.
I've seen mushrooms growing from the floors and walls of some of these places, the moisture and fungi presence being so high. On one repo one end of a gutter had fallen and pierced a rotted lower roof so that every time it rained the gutter directed all the water to the hole in the roof and into the interior of the house. I wore a mask and latex gloves while I inspected and went immediately back to the motel to shower and change clothes.
I have frequently had neighborhood people come over to check out who was at the property. Most of the time these are the good neighbors you want watching over the neighborhood, but occasionally it has been little thuggee boys. A hint: show no fear or disrespect; that may mark you as a potential victim.
_____________________________
Steve Ebner
"With great power comes great responsibility." (Stanley Lieber, Amazing Fantasy # 15 August 1962)
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RE: It's Repo Time - 9/8/2006 1:22:27 PM
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Hammer One
Posts: 10
Joined: 6/18/2006
Status: offline
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Steve's outlined method is excellent advice. I have inspected quite a few repo properties, especially this Summer. I've adopted Steve's method, and have reduced my time spent on sight. I have been approached by someone in the neighborhood nearly EVERY time I inspect, asking who I am, what I am there for, etc. Nealy every time I learn that the individual is a long time resident and provides useful information. Most client request a canvas. It's much easier and safer when the neighbors come to you.
In response to FSUman's question, I am licensed to carry, and do so in these areas. I have had two incidents this year that support my reason to carry; Once when met at the door while exiting the property by 3 young gentlemen requesting "donations". I politely refused, and continued toward the truck, hand in my concealment pouch quick release holster,(also carries my camera). Second time was when I went to a vacant house to inspect for stolen furnace and pipes and heard screaming in the basement after I entered the house, (making alot of noise). Seems a homeless man broke in and was residing in the basement. When he heard me upstairs, he stepped barefoot on some broken glass when attempting to hide. I gave him a few bucks and sent him out the door.
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Hammer
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RE: It's Repo Time - 9/8/2006 7:51:02 PM
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dhilton
Posts: 18
Joined: 2/18/2005
Status: offline
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Uh........anybody ever studied the subject of insurance adjusting in their life? I bring the same equipment for all insurance claims - it never varies. Personally, I've lost 2 jobs in my career by refusing to break into buildings and/or become a trespasser and not be invited to inspect the property. The first refusal involved reposession, the second involved catastrophe as many people had evacuated. Many times the mortgage company does not have access nor will they take responsibility for any of your actions on this subject. How would you like it if your home was broken into by a hated insurance company?Furthermore, although it is extremely creepy to enter these places even IF someone gives you permission and meets you there ( usually some type of maintenance, contractor, friend or relative ) I simply rely on the old Indian's logic " today is a good day to die". I can think of 50 reasons why you don't bring loaded guns, battering rams, explosives or automatic weapons with you when you inspect insurance claims. It would also be my luck that someone had stolen a bunch of stuff the night before.
Oh.........there is one more item that you may want to pack in this scenerio..........a crystal ball so you can document new from old damage without having to return.
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dhilton NW FL.
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