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Got This Email Today from LRES has anyone heard about this Modified REO process?

Hello Everyone,

 

I cut and pasted an email I received today from LRES. Has anyone heard of this new modified REO program? 

 

 

IMPORTANT INFORMATION – IMMEDIATE ACTION REQUIRED

A Client has asked for a New Product
Please provide a response by 9:00 AM PST on Tuesday, April 12, 2011
if you are interested in this opportunity for the fees disclosed or provide the fee for which you would be willing to provide service.

Dear Valued Vendor:

LRES is pleased to announce we are participating in a new product that is expected to generate orders in your area. Our client will be purchasing homes in bulk and is requesting the following services:

Interior BPO with Sign & Securing services:

  • Provide a full interior BPO
  • Place 2 signs on the home with a specific 800 number
  • Secure the home with a combination lock
    • A combination lock with a hasp locking mechanism is to be placed on the door (Agent to provide the combination to LRES). Any old locks are to be removed. Window boarding, and lawn mowing is to be done as necessary as a reimbursable expense.
  • Signature on HUD-1 upon sale
    • Upon a Land Contract being executed by our client and the new buyers, the agent who completed the BPO with Sign & Securing services will sign the HUD-1 on our client’s behalf. POA will be provided.
  • List & Sell Property (optional) *
    • If an Agent desires to market and show the home, they may do so under a Modified REO process. If an agent brings a buyer that has cash or qualifies for their own third party financing, our client will pay the Agent 5% of the sales price of the home.  If a buying Agent is involved, the 5% would be split between agents. Agents will be provided a specific contact with our client for the case where they are involved in a sale.

A majority of the homes will be sold to low income applicants who do not qualify for traditional financing. All such homes will be sold on private Land Contracts (Contracts for Deeds) and will be financed by our client. Under this scenario, the agent (besides providing the above listed services) will not be required to do any additional work, with the exception of signing the HUD-1 doc upon sale. Applicants will call in to a provided (800) number and will be qualified by our client’s staff.

Pricing:

  • Interior BPO w/Sign & Secure - $75.00 plus actual costs for securing & signs
  • HUD-1 Signing - $50.00
  • Modified REO (List & Sell Property) - 5% commission (split with buying agent)

Remember to update your vendor profile to be eligible for this new product.

 

Thank you,

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Replies to This Discussion

I got it also but when I tried to update my profile it did not stick.
Got the same one.....

they have not even got the options supposedly ready to sign up......

anyone ever rec'd WORK from them?

 

 

I've got few bpos.

I have not received any work from them.
I got it too.  Land contracts can be very tricky from a legal perspective and as a Broker, I don't know that I want to "just sign the HUD" for them as one of their Menu Services without having been totally involved all the way through the transaction.  May let this product go.
Got this too and updated profile. Since I've yet to receive any work from them, I'm not holding my breath.
I got the same email and invitation from LRES to participate in their new product with the sign and security program, but being asked to sign a HUD-1 statement if I got the listing concerned me. I discussed this program  with my Broker's in-house attorney & she didn't believe it sounded "kosher".  I choose not to participate and I feel good about my decision. So far, I haven't had any BPO assignments from them yet, nor any standard listings.

I got this also... Still not heard anything else from them except for this email.

 

I got the email too.  I will not sign any HUD'S via power of attorney.  How do you know that they even own the property to be able to dispose of it?  Also What do they mean by a land contract?  That is only legal in my State if it is prepared by an attorney.  The liability for signing a HUD is huge.  $50.00 for me to put my license on the line?  Don't think so.  They are just trying to sell property without paying a commission to the broker.  I think we should all say no to this one it is dangerous.  If they do not have the right to sell the property and they are asking you to sign it what then?  I will not be locking or rekeying or doing anything to a property without full authorization such as a listing agreement either.  That is dangerous too.
I did get this, went through their update, etc. Haven't had anything further on this program, just BPO's. The good news on those is they are now paying 30-45 days which is a huge improvement.

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