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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
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.
This email was sent on April 18th. Now Steffani is not returning emails.
Any advice or experince like this?
Sorry not so short.
You got screwed!
I saw a post that said IAS had filed BK, but not positive about that.
It is not a rumor, I received a notice from the bankruptcy court since
I am owed money from IAS that they have indeed filed bankruptcy. I am surprised that they are still in business. I am owed about $650 for BPOs. I have also gotten bk notices for Eval Online and a few others......
Hey guys, I have posted on these forums before. GHHopin someone somewhere is going to send yyou some business, is not smart business.
I used to do BPOs and REOs until I figured out I was not making any money.
You got a license to list and sell. So, if you will list, list, list, list and LIST some more, that's the way to make money in real estate. Let the other agents run their fannies off selling all those listings.
A good, saleable listing is like money on the bank.
I have 17 properties valued at over 4 million in my REO listing pipeline, which includes active,pending, and pre-marketing listings. I've been doing this for 15 years, and just took on a partner; Might I just be doing something right or am I lucky?
I have 41 properties in my "pipeline" and have just closed 4 worth about 400 K , I too have been working in the REO industry for some time now. 16 years to be exact.The commission for 5 months of work for the 4 closed REO properties was 4000.00 minus expenses and referral fees of 475.00. Net commission after expense about 2425.00 that is IF I get the utility expenses reimbursed.
I did how ever just close a traditional sale for 235000.00 yesterday and received a 9400.00 commission. (my co-broke commission) No property checks, no paying their utilities , no opens and no local advertising. Of course the deed was in their name so no waiting for weeks or months for the deed to file. No weekly pictures or property checks. No property preservation to over see or check on, no monthly BPOs. The seller was very happy with my representation. They sent a nice card and a small gift too. No assistant on that one to pay either!!
I guess feeling lucky is a state of mind. I do apologize but I do not feel 1.75 to 2.5 percent commission minus referral fees and expenses is anything I can feel lucky over. As far as doing something right, well again I do apologize. For me spending months being a servant to a listing to receive far less than minimum wadge is not doing things right. Me I am down scaling my REOs as fast as possible and working the real Real Estate market where I am appreciated, respected and really paid well.
you are right, I really like it when I can do even short sales or work with traditional buyers. It is nice to get a regular commission without thirteen different fees taken out. I ended up with one commission net of less than $200 after PNC bank took $750 of a $1250 commission. My then broker took his cut and also company fees out.
At least I own my own brokerage...... still pay myself a commission and give the company a cut so the nets are not great with reo.
you are correct, however, in some areas, like where I market, there are areas that are dominated by either REOS, investment properties or short sales..... I hate BPOs and REOS to a point, but they pay the bills. I am doing more fair market transactions and working more with buyers, however, they tend to gravitate towards short sales and REOS since it is in their price range......
If you can , call the asset owner and let them know your situation. Tell them nicely that you have no choice but to file a lien on their asset. There are time limits on mechanic liens. Check your local laws. If the time has passed just do another BPO or another property check to start the time over. Good Luck.