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Just got lied to by 24 ASSET management company regarding taking an REO listing. OK, nice house. They did not tell me it was an AUCTION.COM home til later in the paperwork. Had folks that would have paid more than it went for at auction but they refused to allow me to bring a buyer traditionally. Had to INPUT 2.5% for list agent in a software program (They even tell you you must put that in to allow program to accept) BUT....then they tell you OH it is really only 1% and there is no buyer agent %. I had been told if I held the open house and had sign ins and submitted the buyers names to auction.com that I would recieve a commission. BUT, after the bid was accepted the auction.com folks told...sorry, no % on this one for the buyer. Now realize, this buyer is local and I have to help him with all the paperwork and hoop jumping or look like a total....well you know..service is our name. So....I told them I quit. They do not have even the decency to contact me. It is a CHASE asset but 24ASSET is the company. BEWARE. You will be doing both sides of the deal, holding open house, and making a very small amount of $$. NOPE. I'm done.
Thanks for sharing your experience, it is crazy that they can get away with this kind of stuff.
Just wait there is more and more just like this to come. In my area, the Judicial Foreclosures are coming to the "end of time" and Foreclosures are becoming final more and more properties will be coming on the market as REO's. They will be finding more and more ways to SCREW US.. We do all the work, inspections, reports, etc..... and they will go to another avenue to market the property just to screw us out of the commisssion which is already reduced.
Sorry,I am NOT doing this anymore. Last company wanted a 35% referral fee to work the REO. That is when I called it quits.
We all need to watch our backs now... all these companies are starting to merge together because they can't sustain the expense anymore to stay in business and pay us a decent fee. They want huge membership fee's then they work with small private banks who pay them cheap and then they turn around and ask us for a referral fee on top of the low listing commission. Its time for us realtos to STOP SIGNING UP with these platforms like RES.NET,EQUATOR,REOWORLD ETC..ETC...They lie to our faces consistantly and no gaurantee's of listings. We need to find a way to get the BANKS attention to deal directly with Realtors on their own websites and then just list with the broker as it should be done. There is no need for 3rd party vendors they just SCREW UP EVERYTHING with their unprofessional tactics and have no schooling/license to really understand the market. They are always hiring appraisers that are 3-4 hours/100 miles from the subject and why our BPO's are always questioned. They get paid $500/$600 for their reports while we get paid a crappy $50, and at the end, the home is priced as the appraiser recommends and not what the local expert says it should be...go firgure? I don't understand why the banks use these idiots. Its high time we all get together and start writing complaints to the NAR and BANKS directly with our concerns. I personally will not change my opinions when I'm asked to unless they can show me real justification to change out comps. They hate my attitude but I don't care! I rather lose their business then lose my license.
I am seeing that as well. I am losing some of my properties that I have been babysitting and paying utilities on, inspecting and taking care of maintenance to pool sales or to other asset management companies. I also have issues with these third parties, which in my opinion are useless, incompetent entities and also cost the banks more money in the long run and take more money out of our pocket. I am getting hit with technology fees out of an already reduced commission and having to pay to "bill" on LPS and ICLEAR, further reducing my profit. I think it is time to join forces and do something about this. One more issue is Auction.com, and other similar venues, who are engaging in unethical tactics and burning both agents and buyers as well as sellers.
Collen Auction.com does alot of BPO business with LPS/Servicelink, so I would also be very careful doing any business now with Servicelink. LPS had already been in law suites before over dishonest REO practices and unfortunately Servicelink will become the next unethical entity now that they have merged. They are already mis-leading realtors with the "ACI" software reports that are only for "certified appraisers" they are getting standard BPO agents to fill out. I'm pretty sure they are making a HUGE profit by making the banks think they got a "certified appraiser" to do the report and really only got a std BPO agent to do the report and keeping the difference between. It would be pretty easy for them to get away with it because BPO and appraisel reports pretty much have the same questions and format these days. Realtors YOU need to be VERY CAREFUL and start asking questions about the forms YOU are filling out or YOU may end up in a LAW SUITE. I don't think a $40/$50 check will pay you bail. Anyway, Auction.com is now working with these third party asset managers to totally skip the realtor process and only be used for the BPO end. As I mentioned before, we need to come together and start complaining directly to NAR and the BANKS regarding our concerns. It would be nice if we could start some kind of formal letter on this site and get at least 100 agent signatures to forward on?
that is just great, no wonder this industry is going down the tubes........ I think maybe we should band together. things are getter stranger every day. Any suggestions? Wish the NAR would step in.
I do not normally post on this site but I just couldn't let this ignorant rant go without a response. I run an REO asset management company that is apparently one of those 3rd party idiots that just screw everything up". There is so much garbage in this post that I almost don't know where to start. First off, only a fool would believe that us 3rd party "idiots" get paid $500-$600 for a valuation that we are paying an agent $50 for. Also, banks contract with companies like us to act as their representative in listing and managing the marketing of their REO properties. As the bank's representative we list the property with a local broker to market "just as it should be" and the bank does not have to maintain full time employees to handle all of the emails, phone calls, and issues that arise in the process. The one accurate statement in your post is that we do list these properties at a commission that is less than is customary for a owner occupant sale. We disclose the commission structure very clearly up front and have never forced a broker to accept a listing from us and I would wager that you have never been forced to accept a listing that you didn't want as well. We have had brokers refuse a listing due to the commission structure and when that happens we thank them for their time and list it somewhere else.
As to your complaints about these "no nothing idiots" asking you to change your valuations; I'm sure that has happened to you in the past or you wouldn't have made an issue of it but do you think it is reasonable to paint everyone with the same brush? We have sense enough to know that it is not possible for us to know if the valuation is correct or not but we can tell if it is reasonable. If we determine that it does not look reasonable we ask the agent to explain the areas where we have questions. We do not ask them to change their valuation. I know that you think us "idiots" have no expertise in this area but after reviewing these valuations and dealing with agents on REO sales for over 43 years, we do understand that sometimes these valuations are rushed through and possibly the agent needs to take a breath and a little longer look at the product. We have dealt with same agents that have proven to be very lazy and basically incompetent. You can find folks like this in any industry but would it be fair to publish a post that says all agents are lazy, incompetent, and "idiots"? I think you should speak with some of the agents that we regularly work with and ask them if they think having us in the process makes there job easier or more difficult. You may be very surprised at the response. I can understand why you state than companies that you are working for "don't like your attitude". Hopefully things get better for you.
I agree totally with you. I have been doing BPO's and REO's for many years. There are companies that don't pay, but it shouldn't take more than 3-4 orders to get it figured out. I rarely ever have a report come back for revision and only one time have they asked me to change my value. After an explanation on my part they accepted it.
David, this forum is for agents, not Asset Managers, This is supposed to be a forum for agents to sound off, and we are not ignorant. All of us have been doing this for years and have valid reasons for discussing what we are seeing. I don't entirely agree with you and I have dealt with many companies in the last 13 years. I have dealt with several unethical companies who have not paid me and have changed my values behind my back or have tried to force me to use comps that I did not choose. I have had managers blow contracts due to dropping the ball or refusing to agree to a minor concessions or even failing to respond to offers at all. I am not saying that you are not doing the right things with your REO company, but some are not. I am dealing with companies changing my commissions or lowering my commissions to the point where I make little profit. I am having issues with even being reimbursed for some of the bills that I had to pay up front. I have been billing for years and I know how to bill promptly and properly so it is not due to my dropping the ball. Some of the companies have actually gone out of business and we have been left holding the bag. No one has said ALL REO companies are bad, but there are some out there. What is happening is lower pay, longer days to get paid, listings being pulled before we even get to list them. making us do inspections and turn on utilities in our name, which can be extremely time consuming and costly. You said it yourself, if the agent does not like the commission you will find someone else and that is the problem. your companies don't pay us fair market commissions if you take into consideration the amount of money that is spent up front with utilities, preservation and inspections, and you find another desperate agent who will take the listing. The agents on this forum are not lazy and we have the right to post our frustrations with companies. If you are being thinned skinned and offended by what we are saying, so be it. Things are changing and not for the better.
yeah-what she said