I have written a few offers on Carrington listings and got the pre-qual through them as they required, jumped through hoops, waited.... jumped some more, followed up with the listing agent, waited..... re-sent counters, waited, called, waited.........then Nothing ! No I am NOT Bad mouthing Carrington. Read this post to the end.
The listing agent was quite aware of their VERY over priced listings and hinted that they don't really care. They have their price and it needs to be less than 10% of the list price before they will even review it. When I wrote my offer I sent the recent sold comps and active comps to justify my lower offer. I was highly confident we were still offering too much and they just did not ever respond to our 2nd counter offer.
Oh well. I am going to follow up with a good connection I made their to try to get some listings too. Hey, I will get my buyers agents a bunch of leads and keep banging this market ! They have the right to price it where ever they want. I will always just get them the accurate data and keep doing my job honestly and ethically and not worry (so much) about crazy management decisions I have NO control over. Maybe they are following their plans perfectly, We will never know.
Just keep swimming.... Just keep swimming.... Just keep swimming... (as they say in FINDING NEMO)
How about a new movie called... "FINDING REO" Yes.... that could be good. I have now registered that title for copywrite coming soon.
this is an email sent to CMS from a broker who listed there properties for 18 months.
Body: Carrington Property Services, LLC (“CPS”) would like to thank you for your assistance in marketing this property. However, due to investor requirements we have been instructed to make a marketing change which requires us to terminate the Listing Agreement entered into with you regarding this property.
Thanks for thanking me for my assistance in marketing CMS properties. After 18 months of actively marketing with monthly reports, updated BPOs, managing lawn and yard maintenance along with snow removal. Had a full price offer only to have the client increase the asking price. And now to have the investor terminate my listing agreement. I wonder what I have done wrong. All I see is Carrington investor wants hardworking, honest agents to work for free. I have requested price reduction, actively marketed the subject and completed numerous BPOs to support a lower value.
Now the that the marketing area is starting to increase in value CMS investor decided to go a different route with a new Realtor. So for the past 18 months CMS investor had their property manager for FREE. Where is the justice in this?
I was an REO Broker for Carrington Mortgage back in 2008-2009. They decided to farm out their properties to Atlantic and Pacific RE, for all of California. I went from 45 properties to zero in 2 months time. I'm now a referral broker for Atlantic and Pacific with an inventory of 79, but the Broker cut is .5%
Sure. Basically, it's like REO Lite. I check occupancy, get the locks changed, do a BPO, complete an AVID, and wait for APRE to put property on the market. I check on the property weekly and turn in a MSR once a month. Other than that, I wait until it sales to get my .5%.
No utilities, No MLS, No repairs to be project managed.
Is that a half of 1% or 5%? I noticed that some agents in my area are now signed under Atlantic Pacific and the company is not anywhere near here. They are actually listed as agents under that company in the mls and listed as coagents on the mls profile.Is that how it was with you?