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I just received a call from a representative from Absolute REO Solutions. There is a $295 fee associated with their 'service'. Does anyone know if this is legit or if it's a scam? I'd hate to throw away nearly 300 bucks.

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I have received an invitation from ABSREO to complete a registration which I did and did not pursue seriously due to the $ 295. One of these evening when I was not feeling well due to a bad cold, I have received a call and the speaker asked me what I was offering in case of an assignment. I started to explain the local market and all the goodies I was providing to sell asset at their highest price. I realize he was interupting me all the time and I was doing a mistake to provide details, so I ansewered that I would log the property on the local MLS. I was suddenly the best agent on the planet and just by coincidence, a listing in my area was just coming on his screen...just like that. I just had to provide my credit card information for $ 295 to secure this asset. He could not provide the address neither the city. The listing was dissipating progressively from his screen when I was showing my hesitation to give a donation of 295. I was suddenly the worst agent and it was a great mistake to have contacted me for further business when he realized that I was reluctant to pay the donation. What kind of business is it? Is it ethical? Is this the only way to atempt to get some REO business? Is this the best interest for lenders to sell their asset at their highest value? Can I do the same with my client when I need 295 ? (just asking!)... We all have paid some kind of fees with hope of business. Is this really justified ? Is anyone will regulate this one day ? Why don't we pay a fees once we sell the listing after all ? Our commission is already reduced in many case.
I have asked them 5 times for a refund, only got one bpo assignment. No word from them yet on my refund

My broker received a letter from Sal's attorney about 1 or 2 years ago because I spoke out here about this company at it's beginning. They are not going away as long as people are stupid with their money!

 

I too am tired of reading about this!

Hi, I got a call today as well, she sounded pushy and just wanted me sign up right away on the phone....I needed time to research on the cmpany so I told her if I could sign up online at first she said that wasn't possible....then she called back in an hour, I didn't answer, and she left a voicemail saying that it was possible to sign up online and I should call her back.  So, any of you out there in california and actually recieved an REO from them yet?
Don't take this the wrong way, but are you serious? Just go to the various different threads about this company and read all the post. If you still do not have an answer to your question, then I suggest you just go ahead and sign up and see what happens.
yeah, just got done reading them allllllll. thank god i didn't sign up, just had that gut feeling!!
WOW, Amazing how many scams can be busted with a simple copy and paste from an email...something like this ... ABS REO.....AND ALL THESE WONDERFUL, agents who take the time to share these stories.  Thank all of you.  I will now go UNsubscribe to these phoney scammers! 

Yes, Richard Hartel is an asset manager, has been for about 20/30 years. And he has been an active and productive member here for a long time. Sal, you make that comment like it's suppose to be a dirty word? It tells most of us that he works his butt off for a living!

I would prefer working for Richard, Than with you. I WAS an "approved BPO Vendor" in the HEART of the Foreclosure Market (California), and only received the token BPO. It was a waste of my time and money to sign up with your company.

Sal, you still have failed to answer my question. 

 

Why do you use an email to prospective agents that says you have a new client with assets in an agents territory, but have no agents to handle these assignments?

 

You have even admitted to me and the better business bureau this is an automated email campaign you send out.

 

Since this is an automated email campaign you obviously dont have a new client and are misleading agents at best.  Some might consider it a blatant lie. 

I was contacted by this company and after speaking with the representative I was dubious -- I've been a heavy lister in the REO market for the past three rounds and I work mostly with banks directly through their programs such as Bank of America, Premiere Asset Services, Citi, etc. But I listened to the gentleman's explanation and his assertion that they had a BPO immediately in my area, and that they wouldn't call me if they didn't have one. I know there are some smaller companies out there who want you to do 50+ BPOs before you get assignments, and I'm always looking for something to train my team on, so I could see the initial layout as education provided there was work to be done.

 

To be honest, the first thing that set off bells and whistles in my head was when he asked me for my credit card information over the phone. In this day and age, I would NEVER give out credit card info over the phone, and he was  trying really hard to get it from me. I declined, and he sent me information for a PayPal account. That also makes me nervous. So to anyone from the company who is reading this, you might take that into account. Some of us are very nervous, and rightly so, about anyone who asks us for credit card info or sends us to a 3rd-party site such as PayPal, TransUnion, etc.

 

What stopped me completely after that was speaking with other agents whom I know personally, who felt they had been taken advantage of by this company, and had been assigned one BPO or even hadn't heard from the company again after paying their initial fee. When I googled the company I found several references to them, mostly negative.

 

Then I came here, and I saw their company representative's words and actions. There is a difference between defending your company, and being a hostile bully. Luckily, I am successful enough in my business that I know how to hire or fire a client if things aren't a good fit, and seeing the attitude here told me enough. I don't want to affiliate myself with someone who speaks for a company in that way.

 

I emailed the gentleman who sent me the PayPal link, etc. and told him this:

 

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After consideration of my current business model, feedback from other real estate agents, and the high volume that I already cover, I have decided to not move forward with subscribing to your company. Please remove my contact information from your email and mailing list. Consider this a request to be on your “Do Not Call/Do Not Contact” list.

 

Thank you, and I wish you the best of luck. There’s plenty of business out there, and plenty of other agents to work with. 

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I am now getting hang-up calls from this company on my cell phone. In a week I will be filing a copy of the email sent with the DNC registry and filing a complaint. It's my understanding that every call made to someone who has specifically asked to be on the DNC list is a $1k-5k fine for each call if they continue after a certain time period after being notified. I don't want to go there, but I've been extremely polite up to now, and I believe "no" means "no".

 

 

I received the phone call soliciting Absolute REO Solutions, from one of their representatives.  He said he had a BPO he needed to get done right away in my area, Paso Robles, CA.  I signed up and he kept me on the line while he was entering my credit card.  You could just about hear his joy when it went thru.  Then, nothing further. Usually, when a company has an immediate BPO, they want it done, and they give you the assignment immediately.   I thought about, researched the company the same day, saw Magda's posting, and emailed Sal, the owner,  that I wanted out and mentioned I would be following in her footsteps.  He called me and agreed to just charge the $75 and credited me the balance.  They caught me as I was running for an appointment and I didn't take the time initially to research it. 

Thank you Magda!

With so many agents trying to get the REO and BPO business, there are less than honorable people out there attempting to take advantage.  Do your research first.

 

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