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I have had several listings from them that all were assigned through Res.net. I am here to tell every agent/Broker to proceed with caution when you work with Bayview. They assigned me several listings that required me to prepare the properties for marketing prior to going on the market. As a result, I had to hire and supervise contractors, since I was assigned the listings this was the normal process in REO. I paid many of the contractors upfront because the contractors do not want to wait 3-4 weeks for payment. After being promised these listings and even signing Listing Agreements, Bayview started reassigning the properties (about 8) stating that they have implemented a new 8 mile rule. Even though I had signed Listing Agreements and prepared these properties to go on the market they were reassigned. It's funny that no one cared about the 8 mile rule when I was supervising and hiring contractors to prepare their properties for marketing. After being used a few more times and having properties reassigned, I emailed the Asset Manager and told her to reassign the rest of her listings since they were not honoring the listing agreements. To make a long story short I tied up my resources, staff and contractors preparing their properties to be placed on the market just to have them snatched and reassigned to other agents. In one instance, the Asset Manager had a nerve to call me and inform me that she needed to reassign some of my listings because they were more than 8 miles away. To add to this the Asset Manager asked if I could refer some other offices and Brokers to help her assign my listings to..smh! The last I checked I am building a REO business so that I can be profitable, not to help an Asset Manager find other Brokers to reassign my listings too after I have do all the upfront work. Bayview will assign listings based off any address you put in Res.net, even if it is not your office location. Many agents have figured this out so that they can work around the so-called 8 mile rule Bayview claims that is being implemented. So agents beware of Bayview and this 8 mile rule when accepting assignments. Even though they know that you are 15-30 miles away from the properties when they assign it to you, they will use you to do all the work for them and then they will reassign the Listing and claim you are not 8 miles from the property. In New Jersey, we have many rural areas and it is almost impossible to be within 8 miles of some of these listings. I remember HUD tried to implement a similar rule a few years ago and that went out the window. I refuse to accept anymore of Bayviews Listings.
Go infomation to have. Thank you for sharing. Did they reimburse you yet?
Yes I am being reimbursed. I feel like we are putting money out upfront as a non-interest loan and we will be paid back in 30-90 days, and what have we earned? No Broker wants to tie up money, staff, resources and take on additional liability to supervise contractors for a property that will be snatched and given to some other agent when the work is completed. I am a REO Broker not a Contractor so I am getting "Nothing" for supervising contractors, completing BPOs and other tasks. When we take on these REO listings and these tasks, we only agree to do so because we have been promised the listing. We have signed several listing agreements and they are not being honored and properties are being abruptly reassigned. This is not profitable if we continue to allow these Asset Management companies to use us. So it's not about the reimbursement, it is about the agreement. We put a lot of time into these properties preparing them and marketing them for FREE! At least honor the listing agreement.
Did your listing acceptance read: Acceptance of this assignment is no guarantee that the property will be assigned to the broker (or something like that)?
You are right. Can you email me: email@example.com
Can you provide any information on how they pay, commission wise.
Wow! that is an ugly experience We have had a very different experience with Bayview, We have worked for them and had numerous listings, here they have an field asset manager they do the contract work. They send out our cash for keys in a timely manor.We get our reimbursement back fairly quickly.Our asset managers Rafael Pichardo and Mark Miller have been great to work with I am sorry to hear you have had such a bad experience. May be it is the Asset Managers assigned in your area? We enjoy working for them.
Okay yesterday I called Bayviews one asset manager Mark Miller his name is actually Marvin Miller! just want it to be corrected:)
file mechanics lien on each property. Also file a lawsuit and a lis pendens on each property- That is how you get these people's attention.
Depending on how much you spent on each one, you may be able to sue without a lawyer thru small claims court.
You do not have to put up with kind of shabby treatment.
And this is one reason I have quit listing REOs.
I have been working for Bayview for several years and have had a positive experience. I did have one property pulled from me due to the mileage rule, but it was not Bayview's rule, it was their client's rule. I have always been reimbursed in a timely manner. Now, they have a different company completing any work at the property other than the initial rekey - this is much better since some times the commission is only 2%.
It says on their website that they are not accepting new brokers. Anyone know a way around this?