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I've used DispoSolutions in the past and although they were never the busiest portal, I always got a decent amount of work to justify the $300 fee.
In the past six months, I signed back up and have gotten a few BPOs out of them, but was wondering if anyone is still getting listing assignments through them. In your opinion, is it worth the $300 membership at this stage of the REO game?
Nothing in regards to listings... but I've still managed to pick up some more residential and commercial BPOs. The portal more than pays for itself, but I don't really want to be a BPO guy...
30 zip codes... must be highly populated metropolitan area. If I listed that many zip codes I'd be way out of my market territory! If I stretch it, I may be able to claim a dozen zip codes...
I pay the $300 fee because I have about 10 REO's with them on any given day. I also pay $700 to Res.Net as I have about 40 any give day. Although I don't have any REO;s on Equators, I used to have about 100 so you just never know...
Good to know.
I'm rocking through a handful of BPOs for Summit at the moment and was wondering if any company still used the portal for REOs. I guess they do.
I paid the $75 fee last year. (It used to be free, then $25 for the longest time) and have received 2 REOs. The downside is they both have a hefty 'referral fee' of 33%.. One property is about ready to close, the other has not completed the foreclosure process yet and is still in the redemption period.
They are now called Exceleras, not DeispoSolutions, so not certain what the fee might be this coming year.
I still get listings through Dispo and a few BPOs here and there, the upfront fee is ok, but the technology fees are killing me. Many of my sales are minimum commissions and not even a $1000 after my client takes out the additional referral fee, then I have to pay the technology fee. FYI, it is now $150, not $75 and the selling agent has to pay $150 as well at closing. It is not going over well with buyer's agents. This means that the technology fee has quadrupled. this makes no sense. I am now netting less than $500 on these minimum commissions due to the fees.
Colleen - are those 2 $150 fees from Dispo or are they client specific? I haven't closed one on Dispo in a couple of years.
It appears to be for SPS but they just started doing this a few months ago. They sent an email stating that they would be doing this and now the selling agent actually has to be the one submitting the offer on line and has to use a credit card when submitting for the guarantee that they will pay the $150 fee if it closes. It is not going over well with selling agents.
I know but lately it is getting worse. some reo companies now make the buyers pay all the closing costs and in some cases the assessments and back taxes and pay a lower commission. This is why I am doing other things to make additional money.
If the seller can not get a clear title with tax liens on it and if the buyer holds out because the seller can not close, it seems the seller would pay the tax lien off.
Here in Oregon, only the selling broke has to pay the $150 tech fee and they have never been asked for a CC up front because the fee is taken out on the HUD - so no guarantee needed.
Maybe different ways of operating because of different state laws?
Also, if you want utilities on for inspections, either buyers or the listing broker pay. I put the electric in my name, then shut it off at the panel. It is available for a HI but I just pay a minimal amount each month. The homes I get have been vacant for YEARS anyway, so already have had damage incurred.
But yes, I agree, it is getting out of hand.