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Last night I got the strangest call from a party that represented herself a an Asset Manager for FANNIE MAE. She said she got my name from an application and she was recruiting an broker to help them sell some of their properties. She went through how she paid commission etc. the kicker was that FANNIE MAE required the Asset Manager and the broker to front $500.00 for property preservation which would be refundable in 150 days. Now I do REO sales for others and have never had to front money for preservation before so I took a pause. My question to the group is" Has any body had the same experience? Is this a FANNIE MAE practice? Is this just another way unscrupeoulos individuals have developed in order to scam us out of our hard earned money?
IT IS A SCAM!
It sounded that way to me. Could not vet AM anywhere.
Total Scam. I have never heard of anyone requesting money from an Asset Manger. That right there tells me it's a scam.
It is a scam. Fannie Mae has an extensive application you are required to fill out, for free, in order to even be considered to become a FM listing broker. They are very selective and usually have few openings this late in the game.
No AMC that is on the up and up asks you to pay to 'sign up' with their network. Many do charge fees that are paid out at the close of escrow.
I have heard of this as a scam. I would call Fannie Mae directly and ask. That way you know who your really talking to.
This sounds like the latest incarnation of "Broker REO" but they've boosted their "fee" to $ 500. Beware these con artists.
That is a scam.. I never paid anything when I signed up with Fannie Mae. Please report it.
I had the same call last summer for a property in Scottsdale. The property was vacant and was a foreclosure. Since I would not pay I did not hear from this company again. They were from Minneapolis, they had a web page but that's about it.
Sounds like the people from Optimal REO Solutions that has been out there scamming a number of agents, myself included. They are based in Minneapolis so when Scott mentioned that, I can guarantee that's them. Sounds like they had to "change" their m o since many of us have filed complaints and have reported them to Attorney Generals offices and other agencies. Did she happen to mention her name?? The 150 days also caught my attention. Optimal REO told me that if I did not receive a property from them, I would get my "guaranteed" refund in 150 days!!! Sounds too familiar, right?? I would definitely report them to BBB and the A G's office in Minneapolis, like I did! Can't believe they are still out there trying to scam us agents!!! Let us know what happens.
A couple of you have mentioned that these birds are located in Minnesota. I was given their telephone number and address from a fellow NRBA member. I called the number and left my name and return number and did not receive a call back. I also went to their office address and although it was a multiple business office they were not even on the roster. Make your own call.
Sounds like the scam used by Lear, Broker REO and others. RUN do not walk. Turn them in to NAR