America's Largest Social Network for Default Real Estate Professionals
This is also on the GROUP discussion of Wells Fargo:
** I just got a listing agreement for a house I worked a long eviction for, put it on MLS yesterday and GOT FIRED today! Darn! I have been working so hard for PAS. I am crushed right now!!
Premiere Asset Services (PAS) is in the process of evaluating various markets and agent
performance including your own. Please be advised that PAS has made a business decision to remove you from our agent network. In doing this we will be
re‐assigning the following properties to different agents. Please remove these
assets from the MLS as soon as possible:
In reference to the following Listed files, you will have 15 calendar days to
submit any/all offers for review by PAS. Any property still in Listed status on
calendar day 16 will be reassigned. This includes the following:
You will still have access to the Agent Portal to continue maintaining those
assignments currently entertaining offers or in escrow as well as uploading
invoices for these assets. Any files that revert from Offer Pending, Offer
Accepted, or Under Contract back to a Listed status will be reassigned.
This letter serves as notice that you are no longer eligible to receive future
assignments from PAS. This is a final determination and is not subject to
you for your cooperation in this matter.
In June the Northern CA WF reo manager stated at a seminar the average listings per PAS agent was 3.5 and wasn't going to increase due to most owners being shifted into the short sale or loan modification process. Since Aspen Grove got involved, no listings from PAS since Feb. 2011. Done quite a few interior BPOs via corelogic on WF properties which seem to be assigned to only three different agents in the county. Odd when the assigned agent is 40 miles away and the listing is close to my office. REO life is not fair.....
Realtors do not deserve to be treated like this.
The same thing happened to me a few years ago. I had to pay to take their training class after handling REO's for 12 years and then got 3 or 4 really awful properties. I then received the same response firing me... I had a new Wells Fargo loan officer come by with his branch manager wanting to do business with me. I told them I would give them many new leads if they could get me back into PAS REO. They pretty much just got up and left. Most of their listings in my area have been with fairly inexperienced agents. I guess they will be fired soon too.
Where are you located? After you take the training class with Default School, did you sign any agreement
with PAS before taking the listings?
I don't recall ever sign any agreement after the Default School training in 2007.
You can email me back at email@example.com if you don't want to post.
Are you located in San Francisco Bay Area? Can you please email me back at firstname.lastname@example.org or call me
at (408) 868-9643. I have couple questions that I want to ask you about PAS.
We are a PAS approved team with a few asssignments. I feel bad for all that have been 'fired'.
For what it;s worth, at this year's Five Star, WF did say that they have steadily decreased their REO nimbers over the past 3 years (I believe). As someone mentioned earlier, they seem to really try to get short sales approved and loan mods where they can to avoid having the high volume of REO that many other lenders have. They also seem to take great pride (and make great effort) to sell many of their homes ot owner occs. If I recall correctly, they paln on selling less REO in 2012 than the previous few years.
Again, I do feel bad that many agents were let go, but I have to say that PAS/ WF is our favorite client.
If you want to see which agents in your area are getting the bulk of the assignments, export from http://reo.wellsfargo.com/WBREOHome.aspx by state and county. Then in excel sort it by agent name. For those of us still paying the $349 and not on the list it can be annoying.
^^^ Thanks for that Eric!
I just searched the agents in our area, and I am actually quite surprised. There are defintiely some 'normal' agents that have REO listings with WF. I guess many of the sentiments posted earlier are correct and assignments aren't distributed strictly based on experience.
Thanks again and hope your 2012 is off to a good start!
sorry buddy; if I was you I would ask for my annual memberhsip fee back and fees for taking the default course.. seems like and I havent confirmed it yet but all of their listings are going to Service link, and the Frederick, MD location and Aspen grove will be going away... will keep u posted all; we are family you know!
Wow, Julio, thanks for your info. I really knew something was going wrong with the changes that were occuring last year. But Wells seems to plug their mortgage consultants really bad. They keep telling agent to get buddy buddy with a mortgage consultant so you can get their Reo business. When I did talk to a mortgage loan consultant, she mention this is not true.
It is totally NOT true. I have asked around to Wells brokers here and none of them have a clue how to get in.
I don't think that is true either. Plus they just cut a bunch of us so adding more is not likely to happen! B of A I heard is the one where you need to be Buddies with a connected loan rep to "recommend" you to the right people. I dont' have an account with B of A.... YET. I am asking the Universe for that.
From my initial review of which agents are left with Wells and Wachovia assets, it appears to be Brokers, not sales persons under a Broker. I have not verified that and I am just moving on to what "IS" for my reality now.
I am going to manifest some $Milliion dollar ++ listings ! How about YOU ?
Thanks God, you are great!