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Does anyone have experience with 24 Hour Asset Management? I have had three properties assigned to me by them in the past 2 years. One was a vacant lot that they immediately put into auction status and sold, which was nice. The other two have been in my inventory for up to two years with no movement. One is in perpetual eviction, and the other has never been on market but is now being gifted to a veteran's charity. My problem is the one going to the charity. I have almost $1,700 in unreimbursed expenses on that one, all billed out through the LPS Desktop system. I have received one check for about $400, finally, last week, and it bounced! I emailed the asset manager who told me she was forwarding the email to accounting.
I'm tempted to take all utilities out of my name, and inform the asset manager that I'm liening the properties until I'm paid. My oldest unpaid expense is from 10/6/2014.
I googled the company and there are a few BBB complaints that come up, all with slow- or no-pay on reimbursements. I know that "bad" gets more noise than "good" on the internet, so does anyone have any info on this company?
I have been listing them for about 2 years now. They handle a lot of JP Morgan Chase properties that were part of the "phantom inventory" we all knew was out there. Most of these properties have been vacant for years and some do get donated or sent to auction. The good thing is we do get paid a nominal amount; but, barely enough to cover the cost of weekly inspections, monthly marketing reports, and updated bpo's!
We have gotten some "fresh" REO properties from them that are recent foreclosures. The referral fee is quite high.
So glad you mentioned about not being paid for reimbursements. I just asked my assistant about our experience and she has about $400 in unpaid invoices submitted through LPS from 2014. All that LPS tells her is that "check was requested". We just sent emails to the asset managers asking for their help in getting paid. Thanks for sharing your experience , hopefully, we can help each other.
I was assigned an asset with them last October with a commission of 3% with at 35% referral fee to 24 Asset. I took the listing even though it was a bit below my minimum of 2% with the hopes that it would lead to new business. I did all the up front legwork including weekly occupancy checks, bpo's, pictures, lock changes, utilities etc. The home was vacant so I was just waiting for the listing agreement. In December, I get an email that they are sending it auction and that the commission for me is now 1% with a 35% referral fee AND they want me to put it in mls for them with a buyers agent fee of 0%. Also, they wanted me to run open houses on the Saturday and Sunday before Christmas. I called the asset manager to complain. Told them that their practice was unfair and deceptive that I never would have accepted if I knew that I would end up with .65% commission. he actually agreed that this was ridiculous, then they reassigned. Oh, then I got stuck with the electric bills and the lockchange bills. Bottom line is BEWARE!!!
how long did it take you to get your reimbursement (utilties)?
Put them on notice ASAP, if you have not gotten your money from them. File a lien on the property if they do not reimburse you. I have an asset with them right now and they are just awful.
I have refused all orders since the military donation one "closed" and they asked me to keep utilities on in my name, etc. until notified otherwise from the company taking the donation. I declined to do so, and transferred utilities out of my name as I on all other REOs. I did receive payment on the initial $1,700 referenced last year, but I still have about $1,000 that they owe me. I have filed claims.
Run, do not walk, from this company. Slow pay, no pay, bounced checks, and unless you escalate it directly to Chase you get the runaround. The only way I was able to get through to someone with Chase is because I was cc'd on the military donation paperwork and their contact at Chase was on it. I firmly believe that's the only reason I was paid on my initial year-long reimbursements on that particular property.
I am considering what to do with Chase due to the two month lag in signing contracts. Everyone is getting very irate and of course I get the blame. I have more than one asset management company dealing with them. Some are better than others. I was dealing directly with CHASE USDA then they transferred them to three different asset management companies, all of them are my clients.
Threatening to put a lien on the property is idle chatter. Just "Do It"
Thanks for the information. I received an asset referral from the same asset manager last week. I had initially accepted the assignment however declined based on the feedback of this forum. This personal didn't even respond to my email when I informed why I was declining the assignment. When I asked for the master listing agreement, they informed me that this property was gong to auction due to it's eviction status. So at the end of the day I was lucky to get a check for $750.00 based on the minimum commission structure and then have the risk of not getting reimbursed for expenses that would have easily exceeded my commission- NO WAY!. Chase should be made aware of this situation. I work with several other outsourcers for Chase and have no problem receiving payment.
Today I was able to contact someone directly at Chase who has asked me to provide documentation so their vendor management can review it. Please note my original post here was in April, it is now July, and I'm still trying to make headway with this.
As an update, the bounced check has been replaced and they issued us a separate check for $12 for our returned check fee. There is another check they claim was cashed, but our accounting dept has no record of it. I asked for a copy of the front and back of the check and it hasn't been provided yet. They say another (third) reimbursement was denied (though they never told us) because they want a "release" (which we were not asked for, and I have no idea what they want). When I asked about this particular reimbursement (ie, what kind of "release" do they want, and why would they want it from us?) there was no response.
I have more faith in Chase right now in getting to the bottom of this. I am hopeful that I'll get some kind of resolution now that I've been in touch with Chase directly.
I had an email from them earlier in the year for an REO listing. It was in a rural area that has a very slow resale market and very low market values. So I didn't want to get bogged down with a property that would take some time to sell and not be worth my time. So I passed it up. After seeing these other comments about them I'm glad I passed on the listing offer.
Didn't they go the Auction Route? A few years back I had 2 listing with 24 Hours, my Asset Manager was great to work with, my 'pain and suffering' was LPS. LPS operates in the dark ages!
RUN LIKE HECK!!