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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 paid them yesterday because they told me they had and immediate BPO/listing available in a particular zip code.  After I asked where the order was, they sent me an exterior BPO order for a property in a different zip code, one that JUST SOLD THREE WEEKS BEFORE! So obviously there was no time for a mortgagor to go into default when the first payment was not even due!  When I complained, they sent me a new exterior BPO, the address in question showed nothing in default.  I am getting my money back, they called me after my second complaint and agreed to refund my money!  I suggest all of you who paid recently do your hardest to pull the money back!  The more people get charges reversed (if they do not agree to credit money back, that is) the more of a chance of their credit card processor to pull their account!

 

Copy of the second email I sent them:

This is not a property in any kind of default.

I have been researching your company and all I find is scam reports left and right.

Please credit my money back immediately or I will have it reversed by my bank, this will be easy to do
as I have a great relationship with my bank, and all I need to do is show them your BBB ranking!
You have an "F" grade!

BBB Accreditation

On 06/03/2011 this company's accreditation in BBB was revoked by BBB's Board of Directors due to failure to respond to one or more customer complaints filed with the BBB and failure to eliminate the underlying cause of complaints on file with the BBB.

Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.

Well its a scam. I wish someone would have warned me. I paid the $295, recieved one BPO and poof, that was it. That was over 4 months ago and when I tried to contact them, there is no response. I spoke to another agent in my office and she had the same exact experience.

 

Threaten to call your credit card company about a scam like I did - they replied within minutes almost with a phone call, and soon after I got two emails about a credit being refunded to my credit card!

 

Here is my new suggestion to everyone that has been burned by them - http://www.illinoisattorneygeneral.gov/consumers/index.html
Natalie, did you get the paperwork with your signup that you can get a refund after 1 year if you aren't satisfied?  It should be enough for a charge back at the minimum.
Don't wait the year!  Strong arm them - show some muscle - they will give in!

Thanks for the suggestion, Im working on it now.

 

Ok people,

First I want to share my experience.  Three weeks ago I got a BPO order from them.  Finished it and got paid promptly.  While in the two years I have been with them, I have not got a listing either.  For the most part I can always talk to someone when I call in for followups.

Now for the reality:

There was another company as well ... promoted by REOPRO that was supposed to be great and not all agents got to join them.  They have been fairly quiet and secretive as well.  They are about 1 year old. Only recently did 1 agent in Washington get a listing from them and it was a common everyday FNMA one.  My point...hefty fees to join them...$500 just to go to their mandatory seminar!

I get the feeling that everyone wants fees to get on a database for REO business.  Certain places like Old Republic Default make you take classes from A+REO and also pay to get on a vendor support database, another $200.00.  NONE OF THIS WILL GUARANTEE A LISTING!

Why is everyone beating up a system that is quite normal in this industry?

Can we not have a point man that will help to make REO a reality instead of something mysterious and sometimes political?

I was recently (well, last year) referred to Old Republic by BofA, as I am on of their preferred agents and they stated farming out more of their REO business to other companies..   I know other agents that work with them, they do get listings..    They're not in the same league as ABS...  not by any means..  Just checked my emails - discussion with another agent - he said he gets listings from them here and there, not many but one deal covers the $199 signup and $399 training...

 

This company is completly different than real REO companies with real BPOs.  Sure other companies charge for training and to join them. They have thousands of agents wanting to sell lietings for them, it makes financial snece for them to charge. 

 

ABS reo has no listings and no BPO work.  They send agents to random houses for one BPO. It is all a scheme to get your sign up fee of which they provide no training and no hope of any listings.  They flat out lie about having listings in your area that they will give you if you sign up. That is why the BBB has an F rating for them.  Other companies are very honest up front and tell you, you may never receive an assignment and signing up is no gaurantee of work. 

absreo, absolute reo solutions,  is a complete scam, do not give them your money, they are elaborate and well versed in this business. very impressive, organized system. im thinking ex asset managers, agents etc. i cannot get my money back. and yes they will send you a bpo quick, half the time its a fictitious address other times its just a house they pick, not in foreclousure, not getting refied, just to keep agents giving them money. the bbb is on them and they are acting under false advertising right now with having bbb logo on site. they have been banned by bbb and have a 'f' rating. theier address is an apartment building in chicago, which my friend is going to visit, i spoke to a resident of this building and shes been there for years and has never heard of any such place, im thinking its an overseas operation, using the chicago as address. i hope it is because than they can face some federal charges. i give them a 9 for effort and the ellaborate setup, figure it out, if 3000 agents give them 300 bucks...and believe me theres been more than 3000. ive been doing this for 20 years, been in reo for 15, i know some of the resnets, equator type systems are charging fees, but its a the web based system that several asset companies and banks use, they are legit. and please dont listen to the "plants" that the company can put in these forums,that very easy to do. i have spoke to these guys a few times, i very nicely said just give me back my money and move on. but no, i have to have my bank go after it.

I register with this company 3 months ago haven't received anything from them. I will think twice before I spend money with a company asking for money upfront.

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