I got the same email today:
It looks like you do their BPO's for FREE in hopes of getting a listing. This is copied from their email:
WHAT'S MOST IMPORTANT
This is not the usual AM companies that you are used to...there is a new trend in town...hedge funds and private buyers forclosing on distressed notes they bought...they also need our services!!!
How went with the 3PAM relation after all? any recomendation?
I sent an e-mail to them to ask about their service and the likely ROI and this is their response cut and pasted:
Our investor is PIMCO, considered the largest bond trader in the world. Our management is very experienced and 3Point Asset Management has entered into an arrangement with PIMCO to facilitate the management of residential assets all across the United States. There can never be any guarantees when it comes to acquiring assets or their location, not even for us as a firm. When we do receive various pools of assets, they are scattered nationwide. You would ideally be considered a “preferred” agent which will complete a BPO for the asset. Once we take over the asset, we would look to you to manage once acquired.
I guess I am a little weary of "pay and no play" companies and a bit skepical. I have heard of Pimco but not sure hwo they really come into play here.
I have, I received two BPO's fror their company and assumed I was getting paid for preparing them. Guess what I'm not. I have attached their reply to my question - When am I getting paid and how much? I paid them money to take their course. Hope this helps.
As a part of our business relationship with PIMCO, 3PAM is building a national network of Realtors that are focused and educated on providing accurate projections of current value so that we might provide the best possible valuation of a given portfolio. We ask that the valuations provided to support the bidding process do not result in compensation for the agent. In lieu of upfront compensation, we aspire to engage a single broker through the entire life cycle of the asset, bid through disposition. The most accurate value will help win portfolios and ultimately file referrals for our agents, however we are unable to make any guarantees for these assets. 3PAM is committed to score-carding brokers on the accuracy of the values they provide versus the ultimate outcome of the asset.
I hope this was helpful and provided enough clarification.
Let me know.