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#373281 - 04/20/11 04:03 PM FNMA Form 571
renet Offline
Member

Registered: 10/07/08
Posts: 25
Loc: California
Can an agent listing FNMA properties utilize local contractors for rehab and preservation work if they follow FNMA price guidelines and are willing to be paid when agent is paid?

The typical response is that the agent has no choice the contractor and preservation company are the preferred vendors and assigned by FNMA. What than is the purpose of Form 571 in regards to the portions that relate contractor and preservation costs?

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#373302 - 04/20/11 10:38 PM Re: FNMA Form 571 [Re: renet]
Chris OH Offline
Member

Registered: 01/06/09
Posts: 90
Loc: OH
If the agent gets approval from A.M. they can use non-SAM vendors. So to answer your question, yes.

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#374185 - 04/29/11 03:43 AM Re: FNMA Form 571 [Re: renet]
OverTheEdge Offline
Veteran Member

Registered: 08/24/08
Posts: 1008
Loc: Middle of Ohio
I always send bids in from non SAM vendors because our SAM vendor list here is quite short. I have much better luck with my crew and now that the AMs I work with have seen my crews pricing - they want a non SAM vendor bid as well. The 571 is how I submit the bills, but depending on how much the bill is - it is sometimes a 1093 payable to me. Ask your AM if they want two bids - and ask if you can submit one bid from a SAM and one from a non SAM.
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"No cause is lost as long as there is one fool left to pursue it". Wil Turner

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