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Anybody know if its worth $199 to get on Lamco's network to get REO listings??

Singletary (Tary) H. Snyder, e-Pro
Broker, Texas Lone Star Realty
1015 North Sunset Canyon Drive
Dripping Springs, TX 78620
Off/Vm: (512)892-6800 (512)892-6800 Fax:(512)288-5595 Mob: (512)751-6360 (512)751-6360
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NAR (National Association of Realtors) "2006 Good Neighbor Honorable Mention"
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I had a Lamco sales person trying to get me to buy into the service this week but I was not convinced doing so would be worth the dollars considering how many other Agents pop up on the screen in the same area. I asked him ok then, when an asset manager sees my name along with 13 other what are the chances he is going to pick me? I said I doubt an asset manager would read the Bio's of more than 2 agents. And my guess it would be #1 and #2 picked for review, just like you all do when searching Google or yahoo.
I am not doing it.
They auction nearly all of their properties. They send you a $65 BPO and tell you the asset is yours if it becomes one of their REO's. What they do not tell you is they plan to auction that property and between the date you receive the BPO and the date of the auction - they are going to ask you to update them on a monthly basis (which requires trips to the property of course). So... in moxt cases (not all) you wind up doing a BPO and keeping an eye out on a property for them for a few months with the hopes of obtaining the listing - then they auction it off and thank you for your time (if you are lucky). It is a great business model for them. For $65 they get a BPO and an agent watching the property while they prepare it for auction!
You can get on the network, and maybe get some BPOs, but you won't get any listings. They used to list, and I have had a lot of their listings. But in the past two years, I have received nothing. I understand that all their properties go to auction now.
Lamco sales rep convinced me to sign up first of the year. Paid the fee, completed profile, etc. Called about a couple months or so to inquire about inventory, etc in this area. He recommended just hold tight, it will come. I willl be making another call to find out if any changes. Additionally, I will pose the question about their properties going to auction now. I will be watching this closely.
Find out who the auction company is and sign up with them. REDC charges $199.00 to be one of their agents for auctions....
Thank you, Donald! As always, you are a wealth of good information. Appreciate your willing to share.
I haven't replied for several months to any thing on here. Usually I just delete messages especially the ones from 'Absolete Solutions' or however their company name is....Now Sal will come on and discuss with me about forgetting the company name and he is the one that solicted me in the first place. Williams and Williams is one other auction company. If you find them let me know as I just received a REO property that didn't sell at their auction........
Hello there,
Does any one knows how to register with Citi bank?
I too signed up around first of year and have received one BPO..they've got 5 months to get me enough business to cover my expenses or I'll be spending $199 somewhere else. They told me same thing after I signed up....we'll get you in front of our AM's. Apparently they have no AM's. This is not the first $199 I've blown in 12 yrs in business but I'll not do it again unless things change, SOON!
i recieved a couple of BPO's and nothing more
Now they have raised their fee to $259. Is it worth to join them? Do they have any business in California?

I was doing occupancy check every month on a property they sent me, hoping I would get the assignment but come to find after about 6 months worth of checking the occupancy the property went to auction. I never got anything for the work I did.

Luckly it was only about a 1/4 of mile from my office. I have been receiving the emails to sign back up, but I'm not..


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