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I was curious to see if anyone here in the group had experience with Asset Management Servicing, LLC, which operates I received an email from them today to register for BPO & REO assignments, which includes a $200 fee. Their website is pretty basic and vague, so I couldn't see a way to search current properties listed or even if they operate in my part of the country.

Any input that you could provide would be appreciated!

AJ Heidmann, ABR, CRS, e-PRO
Cell 703-474-1260 ~ Office 703-518-8300 ~ Fax 703-518-8314
Coldwell Banker Residential Brokerage
310 King Street, Alexandria, VA 22314
Licensed in Virginia

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I signed up for in December and have not heard from them yet
Ok, so is anyone making any money or building their business with this service?
I have a friend who knows the owners and she said they are honest up front foks who have a good grasp on the industry. I signed up and will let everyone know how it turns out for me.
I met last year at REOMAC fall, Tom Oldefendt and LeeAnn Axcell, and until last month they were not accepting agents. I have exchanged some e-mails with LeeAnn since REOMAC, and I have received last month the notification from her that now they are accepting agents.

This seems to be a new company, and they are covering their 'bases' with agents, while they are getting their bank contracts.
By asking for $200, they are getting motivated people to sign, and they are covering some of the start-up expenses. The $200 should be considered one other expense of doing business....

I took a chance with them, because I met both personally, even if that was for brief moments, and what if they got some good contracts in your area, and you are the only agent, or one of the 2-3 other agents working with them...

There are some new start-up REO companies, started by former REO managers with bigger companies. They are seeing some opportunities in the field.

I have missed the opportunity to sign with PAS when they were still accepting agents, and since then I will no longer pass opportunities.....
Ok, I got to be honest.

This posting has been up since 2-20-09 and has had approximately more than 10 different people reply and out ot those, we have had a mixed bag of some people say the owners are good people and some who say they have never heard of them. Interestingly enough, out of all the replies, not a single person has said they have gotten any business from this company. I have read replies that talk about the opportunity, the chance and the charisma of the owners but, no one has endorsed this company to my personal satisfaction.

I want to know, has anyone gotten a REO listing from this company to close?

Sorry if this came off blunt.
I do not know Tom personally, but LeeAnn has been in the business for some time. She had previously worked for NDS. No business yet.
Please let me know if anyone gets an REO from this site. I don't mind paying for a legitimate opportunity, but this is the era of scams and we should all be skeptical.
Thank you for your help,
Ron Leis
Broker /Owner
Prudential NorCal Realty
(916) 765-1682
Interestingly, here's the testimonial from the agent Ryan Baker that's quoted on the site: "I just signed up on the AMS site not too long ago and have already received several assets."

A quick google of Ryan Baker shows that his brokerage address is out of the exact same office address as AMS. What do you guys think?
Great detective work Q. Kiet.

Personally, smells fishy to me.....but, that is just my opinion. I am still waiting for someone to say they got a REO listing.
It's the captive REO company for a hedge fund that is planning on raising a lot of equity capital, buying distressed pools of REO from banks and then flipping them out. My guess is that they haven't finished their equity raise yet, and thus they don't have any inventory. It could probably be good if they get traction, as they'll be buying thousands of properties at a time.
So, let me get this right....

Shaq, you're saying these people got together and are raising funds to purchase bulk REO from banks and then turn around and flip them?

If this is the case, I wonder if the "sign on" fee is going towards thier purchase capital and if it is, does that make me an investor as well as a REO Agent for them? If it makes me an investor, well then, I would like to see the prospectus.

If it makes me just a REO Agent, then how do I know when the purchase bulk REO's, if they ever do, how will I be assured they are going to purchase REO's in my area?

I have been involved in bulk REO Purchases before and typically they are limited to neighborhoods or market areas, for example a bank may have 20, 30, 50, 100 REOs in a area and they sell them in bulk because they can appraise for a similar price point. I have never seen a bank sell 20 home in a subdivision in Los Angeles, 15 homes in Dallas, 40 homes in New York and 100 homes in Florida as a single bulk.

Bulk purchases are typically held a below 70 cents on the dollar so, they only occur in REO markets that are extraordinarily distressed and my market here in Tn just isn't that bad so, logically thinking, it wouldn't be worth my time because most likely they aren't going to be buying in my area.

Either way, very intersting.........I am still waiting for someone to say, I just got a REO.
Jesse - that's exactly what I'm saying. Hedge funds have been doing it for several years now. I've seen tapes with over 1000 properties in them trade in one big batch. Typically, it's fairly geographically diverse, but I happen to know that these folks are going to be focused on Cali, NY, FL, LA, VA and GA.

Your $200 most certainly does not make you an investor.


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