CHASE - PAM - Forum - REO Pro Network

John Duncanses February 18, 2013 at 11:52am

DO NOT work with PRECISION ASSET MANAGEMENT (PAM) in Torrance, CA and work with any CHASE REOs. I was their agent last year and I quit doing REO listings for them. Most of their REO listings from Chase as seller/owner. I guaranteed you that they will be ended up with the program called Chase Communitiy Revitalization Program (CCRP). The program allowed other NON-PROFIT organizations/builders/contractors to purchase the REO below market value directly from banks without going to public and finally they fix them up and Sell more than the Market Value for FHA folks or low/moderate income people who made very little down payments and bidded over the listed price on the MLS... They called that REVITALIZATION AND STABLIZATION PROGRAM???? I DON'T GET IT!!!! They will explode again in the near future or BUBBLE market will follow for these REO properties....Finally you will be paid ONLY $1,000 despite you worked your AS*S off for the pre-listing such as Evictions, CFKs, Weekly inspections, Utilities paid on their behalf, obtaining BIDs.... THAT'S RIDICULOUS!. Also, most of their asset managers have no clues about Asset Management at all. They are RUDE to Realtors and blasting emails to us with many stupid questions. They don't work with each others... Also, their payment is worst and long. The accounting department are CLOWNs and demanding many long proofs via LPS Invoice Management.... Boycotting THEM both PRECISION ASSET MANAGEMENT (PAM) and CHASE because your time is worth doing other real stuffs instead of spending wasted times and finally got paid ONLY $1,000. I am working with other Real estate agents to file complaints with CA Consumer Affairs, FTC, DRE and CAR and NAR about their UNFAIR Practices toward Realtors like us. Please contact me for further information of forming a group of Realtors against PAM and Chase. Seriously, thanks!

Derrick Emmert > John Duncanses February 19, 2013 at 6:52pm

My expereinces with Precision Asset are quite different. I find the asset managers to be friendly and responsive. I have never had one go to an NSP program but had one considered but right now they are a fact of life in REO. This will probably change to an extent as REO inventory levels fall. Reimbursements do occur in 60 to 90 days and I have never been denied a reimbursement.. All of my assets have sold, the majority in under 30 days. I enjoy working for them.

Justin Kim August 2, 2011 at 5:07pm

Way to go Jerry! Where is the asset located?

Lee Frank August 2, 2011 at 2:26pm

Marcia, How does the Short Sale assigned as an REO work? I thought that you had to hold title in order to sign a listing agreement. Do they somehow hold title to the property? Hearing a bit about REO companies assigning short sales.....

Marcia Peacock > Lee Frank August 2, 2011 at 3:20pm

I get the listing agreement with the owner after the bank has gotten the owner to agree. I do a bpo, the bank sets the list price. I put it on the MLS and market as usual. Except, the owner is not completely involved. When I receive an offer, I submit to the bank, if they agree on a price, then they or I present it to owner and the bank works out the terms with the owner at that time for closing.In this instance, they receive a 0 deficit,reported as a short sale instead of a foreclosure. AT closing, the owner will sign the necessary documents to the bank to complete the transaction.I have had others where the owner was paid up to $7000 upon completion of the sale.Some go through an asset company.I am in direct contact with the decision maker much like an REO with an asset manager.Does this make any sense to you?I know it is out of the box.

closing.in: available for sale
- Lee Frank > Marcia Peacock August 2, 2011 at 4:53pm
  
  Thanks Marcia, That explains a lot. I apprreciate that. I have never ran across it before.

Sandra C Brown August 2, 2011 at 6:42am

The have a been known not be the quickest payer of invoices. My understanding is usually stays at 60 plus days.

The require photos of every task

Marcia Peacock August 2, 2011 at 3:59am

I received a listing from them last week. It is a "short sale" classification but handled as an REO. So far so good as they have been very communicative and supportive and seem to appreciate my input and feedback.

Crystal M. Bush August 1, 2011 at 12:41pm

Does PAM stand for Precision Asset Management?

Vitaliy Mikshanskiy August 1, 2011 at 7:24am

they good, but very demanding on the tasks....

You will need LPS invoice management on their reimbursements.

AM is great.

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