Whats the up date on your BPOs?
Did they turn to listings? What platform did you have to do your BPOs on? Were they done on the ABSREO website, or on a platoform website like REOTrans or RES.Net?
How indepth were these BPOs? Did you have to make adjustments or just plug your info in?
I too filled out the application and did not pay the $295 fee. I thought the way the fee was disclosed after the application was completed was deceptive. Stephen Johnson called me the next day to tell me I had been "approved". He just needed me to pay the fee. He sure talked the talk, and knew the lingo. Some of the answers did seem too good to be true? No referral fees, they will hire a property preservation company, some paid BPO's, a listing guaranteed in the 1st year or a refund!
He claims they have signed a deal with the Independent Community Bankers of America - ICBA "4,500 mid-sized banks and credit unions" to dispose of their REO's. I checked their affilates on the website, Absolute REO Solutions is NOT listed. I also talked to someone at the ICBA. They could not verify his claims.
When Stephen called me again, I asked for a referral. He gave me the name of another local agent. Turns out he also just signed up and has no idea if this company is for real either!
I hate to be such a pessimist, but this would not be the first company to pull this scam of collecting fees. Maybe they are just trying to expand nationally, but if it quacks like a duck...its probably a duck! I would like to hear about some successful listings please. Anyone can ask you to complete a free BPO for them.
I am in Northern California. I went through their sign-up and at the end saw they wanted $200 so I did not sign up, then someone called me and tried to get me to join. They admitted they had no assets in California but were working on getting some, they said they work mostly with small banks and credit unions and said they would soon get so-and-so as a client in Southern California - but said they had nothing firm for Northern California. I said OK, call me back when you get some assets up my way. He implied I'd be missing out if I didn't register ahead of time. Whatever.
Signed up a couple of weeks ago after getting the invitation through REOPRO. Didn't pay the sign up costs. Later someone called to interview me to see if I would fit in with what they are looking for. I paid the money and now I will see what happens. Nothing in my area of course right now. We shall see. I will update this once I get something. So far no BPO's, just confirmation they got my money! :-)
Anything come from Absolute REO Solutions yet?? Which state are you in? There site appears to have property listings , but when you choose a state, it asks for login info. Just wondering if you see any listings showing in your state with your login data.
Just be sure to research and read as much as you can about all of these companies that you pay with your hard earned money, your money, and make sure that they have listings in your specific area. Caution companies that say "we are expanding to your area"...REO assets / listings are in short supply these days, and you may not want to be the guinea pig for their new territories. I have personally fallen for this sales pitch only later to find that the asset management company serviced areas far far away from where I am. So do you research, check REO Professionals (any and all blogs) and be prepared to say.."No thanks!" There are other companies out there that may be more legitimate.
Courtney Hagins CDPE ABR
RE/MAX Island Realty
Hilton Head Island, SC
Just letting you know I still have not heard anything from these guys. I keep getting requests to join the facebook page, but don't want it linked to my facebook page until I know it is actually generating leads. They were diligent about calling and making sure I joined after that..... nothing. I emailed again today for an update. I will keep everyone posted! Just a good reminder to check out Jesse's recommended list before joining/paying anyone for leads.
CENTURY 21 A Property Shoppe
REO, Shortsales Specialist
Monterey County, CA
Got a call today from Steve Johnson, asset manager. Seems I had not completed the Master Servicing Agreement. If anyone has signed up with them I would suggest logging in, checking out the broker procedures, time lines, master service agreement, tutorials etc. Also confirm that your master service agreement is completed with your assigned asset manager.
Steve was very informative and emailed me what I was missing while we were on the phone. Sounds like they are running into the same lull in assignments due to loan mods. Hopefully some BPO and REO work soon. Stay tuned...
CENTURY 21 A Property Shoppe
Monterey County, CA
They are now on Facebook and have an "Ask the Asset Manager" area. I tried it and they were pretty helpful and quick.
You can find them by searching the name "Absolute REO Solutions, Inc." in the Facebook search field. I wouldn't discount the possibility that they are maneuvering for the future. They are pretty active in this and other communities online which indicates involvement and investment. I'd be interested in talking to them directly to see what their game plan is.