REOPro - Real Estate Default Professionals

America's Largest Social Network for Default Real Estate Professionals

Got an email asking me to do business with them. They are an REO company that has a sign up fee. Anyone know of them? Thanks

Views: 821

Reply to This

Replies to This Discussion

Oh I didnt know they charged that much. Yikes! Thanks Julie I have plenty of business with my other reo companies :)

Brigitte Jones

Keller Williams

Associate Broker

BA in Business Administration

Certified REO Professional

Direct: 360-909-0550

Visit my website: www.vancouvermlsonline.com

Listen to my pre recorded KW opportunity call - 712-432-1284 code 358265#
The owner/CEO is Tom Di'Mercurio, who has been around a very long time. He is an upfront guy and formerly was the President at Fidelity National Asset. Paradigm was started in Jan '09 - their major client right now is SunTrust. If they do not have anything in your area, I would not sign up at this time. Go to their website http://www.paradigmdefault.com/ and read about them, especially under the FAQS tab. I spent several hours researching them and even called an agent that is currently with them and he gave a thumbs up even though he has only rec'd one listing so far. I spent several hours talking to Steve Hutchinson at Paradigm. This is what he told me, Paradigm is going back to the basics, the agent will be responsible for the re-key, trash out, etc as they have found that the agent has better control instead of farming it out to a field asset co. Also, your commission split is 2.5% and not 2% after their 1% referral fee. Invoices are guaranteed to be paid within 30 days. With Tom Di"Mercurio's reputation and his entire retirement money invested, I anticipate that this will be a success story for Tom. Also, they want experienced REO Agents who do not have a lot of inventory as they have also found that agents with a large inventory do not do an efficient job (which is what I have been preaching for years). They will be taking on short sale listings as well, expect this to grow next year. Anyway, I signed up after I checked the foreclosure list for my area and found that SunTrust has a lot of foreclosures coming up.
Thank you for the info!
Very much appreciated. the completeness and details of the posting can tell you are a very reliable person. Congratulations - To your success!!! Magda Robles,CDPE
Hi Brigitte,

Someone else just asked about Paradigm 2 weeks ago & here is what I posted:

Tom and Ruben who own and run Paradigm Default Services are great guys. I just had lunch with them a few days ago here in Austin TX this past week. I am part of the Paradigm Network and was referred to them by Dan Waterman from NFSTI, he knows them as well. Tom used to run Fannie Mae in Houston and knows just about everyone. You'll also see articles written by Tom in DSNews, & HousingWire. Ruben has been in the REO business for a long time & was Freddie Mac's #1 listing broker in 2008' for his area. They have a lot of contacts and are expecting more REO Inventory in 2010. You can read more about them on their office website www.themercuryalliance.com For anyone who is new to the business they are happy to help you in any way they can. If you're in their broker network they encourage you to visit their office in Colorado to see how they run their REO Business.
Is there any new information about the company and their current inventory?  I signed up a year or so ago, paid the $1495 but was given only 1 property which was transferred to another REO Outsourcer (Phoenix Asset) shortly thereafter.  I have not heard anything from the sense.  Today I checked their website to see if they had inventory in my area but I couldn't seem to get anything to come up under "Properties 4 Sale" in any area.
I know there is a way to search for inventory by Lender in the State of Florida... I forgot the link, anyone? Greatly appreciated
They have a very strong team and business model and have allowed visitations in the past to observe not only Paradigm's operation, but also Mercury (the REO division). They've been very flexible and accommodating in the past and Tom's a wealth of information.

Tom was my managing broker for a period of time when I was an REO specialist in Denver. That's how we met. Ruben and I (along with his wife Tiana) were colleagues prior to working together at Mercury. I've also worked with Suzanne Hutchinson and Garrett from their office and have nothing but nice things to say about them....Tom even was thoughtful enough to send my wife and I a wedding gift last month.

Just communicate with them and be upfront and I think you'll be happy.

Dan
The tact they use is asking one for all personal information and then later tell the applicant there is a CERTIFICATION FEE.
"Taking the next step: Get Certified

Paradigm assesses a certification fee of $1,497.00. This non-refundable application fee is required to offset the cost of detailed processing which includes:

* Reference Checks
* Real Estate Licensing and complaint history
* civil litigation reports and verification of professional liability insurance coverage

Additionally, we allocate a portion of the application and recertification fees to fund an on-going, independent quality control program and marketing support. "

The first item costs anyone NO more than $14.95.
The second item costs nothing available online.
All realtors are required to submit E&O and disclose coverage to practice. So looking at an insurance coverage taking
how long?
The QA, marketing support is coming out of this $1495 1 time sign up.
OK, They don't even have CA, HA yet so how valid is the QA?

Oregan: 4 So there are already a few affiliates who gets a 1 listing 200 miles away.
NY: none
CA: none
FL: A piece land

The top REO agents in any city normally have way more than 54 listed (12/12/2009)....
Do your research and you will be the judge what will come out of this sign up... Good luck!
As Realtors, we are bound to disclosure. Perhaps REO companies should fully disclose upfront fees when signing up or requiring fees for certification. In addition, REO companies should disclose and provide proof of the states, regions, counties, etc that they are conducting business in. Failure for an REO company to disclose this information may be an indication that the company is charging Realtors for fees unnecessarily. This gives the Realtors an opportunity to judge whether it is a company to give hard-earned money to.

Courtney Peace Hagins ABR CDPE
RE/MAX Island Realty
Hilton Head Island, SC
keep your money!!!!

Unless the lender who has approved you already and referred to specific asset management companies, Save your money.

Most have to be with tracking systems(repair etc setup up fee $35 each submittal is $5...). Sign up thinking listings are coming is unlikely to happen these days.

 

RSS

© 2020   Created by Jesus (Jesse) Gonzalez.   Powered by

Badges  |  Report an Issue  |  Terms of Service