Understanding Contracts: AM vs FSM

AM:  Asset Manager.  FSM – Field Service Manager.  The Field Service Managers will be responsible for property maintenance and preservation and the Asset Managers will be responsible for the sale of the homes.

Field Service Managers (FSM) are companies that provide property preservation and protectionservices consisting of, but not limited to, inspecting the property, securing the property, performing cosmetic enhancements/repairs, and providing on-going maintenance. Properties acquired by HUD will be assigned to FSMs. There will be multiple contracts awarded through each HOC, with the FSMs competing for new acquisitions through their respective HOCs.

The Asset Managers (AM) are responsible for the marketing and sale of REO property. Multiple AMs will be contracted to market HUD-owned properties within their selected contract area within their geographic HOC areas. FHA property listings and property agent contact information are available at HUD’s new REO listing site, HUD Home Store.

It is vital that Contractors understand the difference as Foreclosurepedia reports on a wide array of information which impacts not only Contractors.  The reality is, though, that AMs may reach out to a vetted list of Contractors to assist them with tasks necessary to facilitate a sale.  While not officially sanctioned, this happens every day.

Whether it be an off the book dewinterization, a lawn cut, a porch built after sale — many things are required that Brokers simply do not want to deal with Safeguard Properties and other Nationals (pre or post conveyance) because of the obscene mark ups which would be deal breakers for many other than Institutional Buyers.

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