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Long story as short as I can make it is I finally got a listing from IAS after 3 years being in there system. I rekey it, sales clean it and the furance needed repair. They approved it. Then we don't list and we don't list. I get a email from my AM who changed from original. Well the client is trying to decide weather or not to rent it. Ok . Then about5 weeks in we list for a day. Then urgent take it off the market. Client still trying to decide weather or not rent. String me along for about 3 more weeks. Then looks like client is going fix it up and rent it. Can you do us a favor and leave the lock box on? Well sure can you pay me the $800 you owe me. I would like it expidited since I"m not listing the property. Email forwarded to 3 people then this poor person has to send me

 

Hi Zac,

I sincerely apologize for the delay in payment you have experienced.  You will
be paid, however at this time I don't have an estimated date as to when the
check will get mailed.

Thank you
Steffani Rink
AP Supervisor

This email was sent on April 18th. Now Steffani is not returning emails.

 

Any advice or experince like this?

 

Sorry not so short.

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Zac . .. my friend, I think you are in the position a lot of agents who have worked with IAS are in.  IAS used to be one of the premier asset management companies in the business, but right now they are in deep financial trouble.  This information comes directly from a couple of sources I have that used to work with IAS but were either laid off or quit.  Just recently, they laid off about 27 from the valuations staff, and the word is that they are going to be axing the valuations department.  I don't really know what happened or why it happened, but IAS in not paying anyone.  I have worked with IAS for more than 7 years and was considered one of their top go to guys for REO and BPO.  A couple of years ago, I noticed that they were starting to get later and later in bringing their accounts payable up to speed.  I would literally have to ask for money I had earned.  Bottom line is that they now owe me over $1600 for past BPO's and $2800 for reimbursements.  I really don't expect to get any of that money back, but the sooner they close the doors the less likely it is that they will screw anyone else out of money.  More importantly, agents won't lose any of the time they spend on the REO's or BPO's.  Let's face it . . . the most precious thing a person has in life is our time.  If we expect to be compensated for it and are willing to make that trade off, that's one thing, but to be promised compensation with the expectation that we will receive it and then be knowingly screwed over . . . well to me, that borders on the profoundly immoral.

I agree. I don't think they were every really going to get that listing and to me if there was any question. They should have never had me pay for a rekey, order a sales clean,put utilites in my name and especially ok $500 repair on a furnace. I agree that is wrong. Especailly when they know they can't pay. Then have the nerve to ask me to keep my lock box on for the client. Some one once mentioned I could file a Mechanics lien. I need to check on that. Thanks for your input.

Just put a mechanics lien on the property and tell IAS you are doing that Thursday morning.

they have shut down there bpo department and laid off a bunch of people...we are screwed

You point me to where that is? In a odd turn of events I got a email from another person at IAS that said now they want to list this asset and are having me do another BPO. However I have some concern that they need someone to start paying lawn and utilitly bills. I'm a little nervous but I would like to list and sell this to get some of money back. This is really odd.

I have turned over IAS's bill with me for intensive collections. I work with a collection company for the property management side of my business, so it was the natural thing for me to do. I hate being a debt collector! IAS did respond, but disputed the amount due. I will keep you posted on my developments. A court judgement can only go so far...namely until the BK is filed. Which I hope they don't file for. I'll be watching your thread. Sorry to hear about your troubles, but I think we all feel reassured to know we aren't the only one.

I closed an IAS asset September 2012 and am still waiting (actually not any more) for final utilities reimbursement- at least it's only about $100.  I received the generic emails for weeks on end, then filed a BBB complaint against them in June 2013- they never responded.  If you look them up on BBB, it would appear there are numerous other agents in the same boat as me.  You've been warned!

heard they are bankrupt now - no money there. Suggest you place a mechanics lien on the property - the owner/seller will have to list it w/someone else & they will have to clear liens to sell.

Got the same thing from her regarding BPOs.

Take them to court, however, they have filed bankruptcy. It is companies like this that give REO a bad  name. I wish the lenders and REO clients would get a clue about companies like these.

 

I would contact the client directly and advise them that you have not been reimbursed. If no response then put a lien on the property.

I had the same experience as Don Meriweather, IAS used to be great, got out only owed $300, goodby IAS, too bad

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