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I was contacted by Banker REO to sign up for BPO and REO Assignments, for a $345 annual membership fee. I didn't find any posts for this company, so I thought we better get this one out there! I did a WHOIS search for this company's website and it shows that it was created on June 14, 2011, and they are based out of Illinois ... the same state as the infamous Absolute REO! There website address is: www.bankerreo.com Does anyone have any experiences that they would like to share with this one?
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Its like deja vu!!! We have an asset in your zip code. You can use our platform to list all your properties, not just the ones we assign. No monthly fee, just an anual fee for $345. What a deal...No Thank You! My money is staying in my pocket!
I went around and around with them yesterday (see my post from Saturday) and the address they said they had for me on Friday was gone and they had an new address (which he gave me) and said that I would get the BPO assignment ( which they would pay for)and if it became a REO...I would get the listing. They did e-mail me the "Master Servicing Agreement" where I found an error...They pay $120 for an Exterior BPO and $75 for an Interior BPO...do you think they should have caught that one? Again I told them that I was not comfortable paying money in advance of a "promised listing". Of course...it is all "guaranteed" and I can get my money back after a year if I don't get a listing (fine print...full refund within 72 hours or if I cancel before 1 year they keep $100). I replied that the guarantee means nothing if they are not in business or just don't send trhe money! What am I going to do...sue them in Illinois? I told them that "I guarantee" that I will pay them the $350 after my 1st listing. He said that it didn't work that way! What's wrong...don't trust my guarantee? Why should I trust theirs? I told them that I would think about it and would call them back today. I just received an e-mail from them stating: "We appreciate your desire to join our agent network. We regret to inform you that we are unable to accept you into our agent network at this time. We are constantly adding services and coverage areas to our network. Should our business needs change in the future, we will contact you. Thank you for taking the time to speak with us regarding your experience and qualifications." I guess that they figured out that I wasn't a lemming. Do you really think that they will call me again?
Also, when I asked if they were affiliated with Absolute REO...there was a pause...and " No...why do you ask that? My gut tells me that they are just working with a different name and a different angle.
I did a search for the State of Illinois corporate records and it appears that Absolute REO and Banker REO are one in the same. At least they both have the same registered agent, a man by the name of ALEXANDER NAROD. Here is the links to search the corporate records
Great Job Ralph...I suppose this clears up the concern about their affiliation.
I just got the phone call, the name is miss leading, First I thought it was BAM, but when he started to ask 2 questions and went right to asking me about platform and how I can benefit from subscribing to their platform, etc. and ended his pitch with "what type of credit card would you be using today?"
Yes this sounds very much like Absolute REO, and I have been to many interview with AM that I know the type of questions they ask, and they usually have my resume and my application before they call.
No asset management company will call you out of the blues to give you listing and to ask for your credit card over the phone.
I just got a call from them. Same presentation as others have said. They need a pre-foreclosure BPO done (only the Zip code was disclosed) in 3 days and they will give me the subsequent REO assignment, after I give them $349 to sign up for their platform.
It sounds like everyone got the same solicitation, but I don't hear anyone getting an assignment.
I will say that I eventually did get a full refund from Absolute REO, with a bit of arm twisting.
Just got the call too. He asked me a multitude of questions about my business and told me that he an REO that he wanted to assign to me but that I needed to do the BPO first. Then he said that they take a referral fee on the back end? And, they want $395 up front to have access to their portal.
He didn't know how they got my name? Sounds fishy to me.