Hi All, I didn’t sign up anywhere to get these listings, they contacted me via phone & email asking If I would like to accept listings from them. I was then directed to Reotrans.com to accept and complete all tasks.
I think I impressed my AM as I received another one today. …… I guess its helps if you are signed up at Reotrans and complete all tasks on time with quality work.
I worked with Carrington for just over a year. They were requiring a 1.5% fee on some of my deals and generally a 1% fee. Additionally, there's a $150.00 fee that goes to REOTrans cut though escrow (in California).. Most of our listings were at a median price of 150k, and yes, someone on this thread was correct, you must offer 3% to the buyer's broker and then the 3% on the listing side is really less than 2%. Also, just beware that they are a Hedge Fund and not a Bank...so please take a look at this link.... (CLICK HERE: http://hf-implode.com/ailing/fund_CarringtonCapitalManagement_2008-03-24.html ) The biggest problem that I have had with them is grossly overpriced homes, in mostly very rough areas and homes are over priceds and do not sell.. Agent reimbursements are awful, we have had homes that we sold in August of 2008 and STILL have not received our expense reimbursements on the property even though we followed their contract to the exact word. Beware as they are also starting their own in house realty company and are planning to phase out all of the contracted realtors and have been sending out updated listing agreement addendums shortening the listing period. So, my biggest piece of advice is that you may want to stay away from them.. You may end up with thousands of dollars in your own funds (which is not uncommon) however, be prepared to wait 6 months to be repaid.. So have good vendors that you can either pay right away or they will be waiting on 6k to 13k rehab jobs for 6 months.. My biggest concern however is that they are listed to go under on the implode-o-meter website under hedge funds set to "implode" so just a bit of caution. Otherwise, they're a great company!
Well, i just got 5 listings from CMS and yes they are overpriced by alot. I dont know why they overprice them i sent them there first bpo and my price was way lower than what they are listed for. but i will ride the wave and get buyers out of it. anybody have any more info on this company? please share.
I have worked with Carrington Asset Management through AHMSI. Every listing has been grossly overpriced with no attention paid to BPO values, monthly reports, or any other requests for price reductions. Big waste of time for me.