Does the bank require the broker of record to prove they are bonded?
In the event there is an emergency on a property such as a freeze-up, can the broker assure the bank that it will be taken care of quickly? That is not to say that the bank will not have insurance on the property. For example, it may be that the incident is shown to have been a result of negligence on the part of a vendor hired by the agent to winterize the property. There are many reasons that a problem ends up being shown to have been related to negligence. It is the nature of managing vacant properties. Some E&O companies will not indemnify REO properties unless they are made aware that the agents handling the properties are correctly trained to do so. – What will the bank require from vendors hired by the agent/broker who will be performing services on bank homes? Banks may ask for proof that the vendor has a current license, is bonded, has the equipment to handle the jobs asked of them, has references, etc. The bank will likely ask the agent to provide a list of vendors who work f
