Has anyone worked with PAM before? I got a call from an AM on Friday asking me if I wanted to take a new assignment from them.How is there reimbursement turn around time?
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The task you will be required are exhausting. Every week inspection with dated photos to all sides and back of house. I won't take their business. ReoWorld is another that task you to death. Reject solid offers and then sends it to auction for 1.25% commission. I negotiated a $750 bonus then the auction co sent their instructions and I rejected the listing a second time. More agents need to say no now before it becomes the trend of working for nothing. We can't do that!
DO NOT work with PRECISION ASSET MANAGEMENT (PAM) in Torrance, CA and work with any CHASE REOs. I was their agent last year and I quit doing REO listings for them. Most of their REO listings from Chase as seller/owner. I guaranteed you that they will be ended up with the program called Chase Communitiy Revitalization Program (CCRP). The program allowed other NON-PROFIT organizations/builders/contractors to purchase the REO below market value directly from banks without going to public and finally they fix them up and Sell more than the Market Value for FHA folks or low/moderate income people who made very little down payments and bidded over the listed price on the MLS... They called that REVITALIZATION AND STABLIZATION PROGRAM???? I DON'T GET IT!!!! They will explode again in the near future or BUBBLE market will follow for these REO properties....Finally you will be paid ONLY $1,000 despite you worked your AS*S off for the pre-listing such as Evictions, CFKs, Weekly inspections, Utilities paid on their behalf, obtaining BIDs.... THAT'S RIDICULOUS!. Also, most of their asset managers have no clues about Asset Management at all. They are RUDE to Realtors and blasting emails to us with many stupid questions. They don't work with each others... Also, their payment is worst and long. The accounting department are CLOWNs and demanding many long proofs via LPS Invoice Management.... Boycotting THEM both PRECISION ASSET MANAGEMENT (PAM) and CHASE because your time is worth doing other real stuffs instead of spending wasted times and finally got paid ONLY $1,000. I am working with other Real estate agents to file complaints with CA Consumer Affairs, FTC, DRE and CAR and NAR about their UNFAIR Practices toward Realtors like us
The folks who work there are so nice. I could not get a report on my software and they were a great help. I rather work for a company who pays less than other asset managers. These folks at PAM ANSWER phone calls and are just easy to work with.
Trang Lam > Donna StollNovember 4, 2012 at 12:23pm
Yay, Great! Donna, if I have any questions do you mind if I shoot you an email? I promise I won’t bug you. Just incase.:)
PAM is horrible. I had one asset manager yell at me about a REO deal in Arizona!!! I have ALWAYS lived and worked in PA. I never even traveled to arizona. When I said you may have the wrong agent, they verified they did send the email to the wrong person - no apologies, nothing.
Then they yanked a property I had TWO valid CASH offers on, and sent it to auction where you know it will pull in less than near list cash offers.
And their 1.25 % commissions? Seriously, I'd rather go back to dealing with estates and divorce sales!!
Unprofessional and on top of that they want a 35% referral fee. Now they want to auction a property I had listed for 1.25% commission listing . Sorry I do this for a living . I decline. It was there atitude form the beginning and I should have known better. Live and learn
Replies
The task you will be required are exhausting. Every week inspection with dated photos to all sides and back of house. I won't take their business. ReoWorld is another that task you to death. Reject solid offers and then sends it to auction for 1.25% commission. I negotiated a $750 bonus then the auction co sent their instructions and I rejected the listing a second time. More agents need to say no now before it becomes the trend of working for nothing. We can't do that!
DO NOT work with PRECISION ASSET MANAGEMENT (PAM) in Torrance, CA and work with any CHASE REOs. I was their agent last year and I quit doing REO listings for them. Most of their REO listings from Chase as seller/owner. I guaranteed you that they will be ended up with the program called Chase Communitiy Revitalization Program (CCRP). The program allowed other NON-PROFIT organizations/builders/contractors to purchase the REO below market value directly from banks without going to public and finally they fix them up and Sell more than the Market Value for FHA folks or low/moderate income people who made very little down payments and bidded over the listed price on the MLS... They called that REVITALIZATION AND STABLIZATION PROGRAM???? I DON'T GET IT!!!! They will explode again in the near future or BUBBLE market will follow for these REO properties....Finally you will be paid ONLY $1,000 despite you worked your AS*S off for the pre-listing such as Evictions, CFKs, Weekly inspections, Utilities paid on their behalf, obtaining BIDs.... THAT'S RIDICULOUS!. Also, most of their asset managers have no clues about Asset Management at all. They are RUDE to Realtors and blasting emails to us with many stupid questions. They don't work with each others... Also, their payment is worst and long. The accounting department are CLOWNs and demanding many long proofs via LPS Invoice Management.... Boycotting THEM both PRECISION ASSET MANAGEMENT (PAM) and CHASE because your time is worth doing other real stuffs instead of spending wasted times and finally got paid ONLY $1,000. I am working with other Real estate agents to file complaints with CA Consumer Affairs, FTC, DRE and CAR and NAR about their UNFAIR Practices toward Realtors like us
I just got connected wit PAM also, super excited.
The folks who work there are so nice. I could not get a report on my software and they were a great help. I rather work for a company who pays less than other asset managers. These folks at PAM ANSWER phone calls and are just easy to work with.
Yay, Great! Donna, if I have any questions do you mind if I shoot you an email? I promise I won’t bug you. Just incase.:)
Does anybody know how to do a MMR?
Yes - its almost like a BPO but they also want a condition report of the house as well including any new damages etc.
Lisa
Thank you
PAM is horrible. I had one asset manager yell at me about a REO deal in Arizona!!! I have ALWAYS lived and worked in PA. I never even traveled to arizona. When I said you may have the wrong agent, they verified they did send the email to the wrong person - no apologies, nothing.
Then they yanked a property I had TWO valid CASH offers on, and sent it to auction where you know it will pull in less than near list cash offers.
And their 1.25 % commissions? Seriously, I'd rather go back to dealing with estates and divorce sales!!
Unprofessional and on top of that they want a 35% referral fee. Now they want to auction a property I had listed for 1.25% commission listing . Sorry I do this for a living . I decline. It was there atitude form the beginning and I should have known better. Live and learn
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