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Problem is the banks do not care. They get what they want a bpo, they do not care if we get paid.
They owed me $160 and never paid. 6 months and 3 letters demanding payment went by with no response. So I filed a small claims action against them and of course won as no one on their side showed up in court. Took the my court papers and filed liens against the properties. Now they not only owe me for the original amount but also interest, court costs and lien filings.
I figure eventually I will get paid by somebody.
They started sending orders to me several months ago. I realized I hadnt been paid for some that I did a long time ago. I told them to stop sending orders until Im paid, which they assured me would be sometime between 3 weeks and 3 months LOL. They have a new name. Stay away from BPO (Now First Valuation)
Ya know---LENDERS need to be told how bad FVs service is.
I just had one of my JP Morgan Chase Listings turned over to Auction.com and I have a letter and guidelines from Auction.com. In this letter it describes everything you have been talking about . It guarantees 6% commission to my office . They are paying seller and buyer agent commission of 3% each. No problems so far for me anyway.
I have one that went to auction too and they are offering 0% commission to the selling agent. As a result I cannot put it in the MLS and the asset management company keeps sending me reminders that my MLS is due even though I told them I cannot put it in the MLS.
Last one I did through Auction.com offered 1.5 to listing agent and 1.5 to selling agent. If selling agent wanted to get paid, even if it was listing agent, the buyer had to be registered with Auction.com prior to auction date. The commission may depend on the lender. I did one a little over a year ago for JPMorgan Chase and the listing agent got 2% on it, however if there was no selling agent registered with the buyer, the listing agent got both sides. Didn't really matter though because the buyer used a different agent to buy through. Williams and Williams pd. 2% on the last one I did through them and they had no contact with during the process, just sent a check when it closed. Too bad I had had the hunker listed for almost a year, lost money on that one.
I don't think I would want to do listings for Auction.com and did do them for GreenRiver either. Too much work involved with asset managers etc..etc.. They expect too much and you get no credit for the hard work you put into them much less a listing that is only going to pay you 1/3 or less and still no guarantee they will sell at the auction? Don't waste your time, your better off accepting BPO's, at least you have money coming in sale or no sale.
Because I work with a lot of REO's, I sometimes end up taking the bad with the good. Same as BPO's for that matter. There are only a few companies putting the REO's up for Auction, although more are doing it all the time. The REO asset managers are much better to work with and most do pay at least 5%. I enjoy them and I enjoy doing BPO's most of the time. I don't like auction properties but it's all part of the game.
I agree. BPOs pay my bills.
I think that they are starting to offer commissions because of complaints. They are crazy to expect that agents will work for nothing.
Yes I agree, these do pay some of my bills or at least alittle spare change (notice I didn't say dollars). Though, they all seem to come up with new ways to save more on us and get more work out of us at the same time. Corelogic has for the past year or so been going with the BID PROCESS. The more you agree to take less the better your odds of getting the order. But, how far will they go to get us to BEG for the work? Anyway, they have already started if you haven't notice yet, they now call their BPO'S INT/EXT in the drop down menu and you can't choose one or the other. I think they are going to just have the 2ffer deal and only pay for a 1ffer. So, in the future I for see ultimately no longer seeing BPO's just for exterior is my guess. This will cut their costs/paperwork in have as well as our income.
Speaking of CoreLogic which I used to do BPOs for, their company came up with ICLEAR for invoicing bills incurred from BMO Harris Bank for deposits and payments for utilities during the time you have the listing. They have an agreement that is confusing to me. I've asked, but haven't gotten an answer. It looks like a person would have to pay for an invoice to get reimbursed for things you pay for while you have the listing before it sells. Any knowledge of this? I just wondered how CoreLogic comes into the picture, but they do. CoreLogic stopped sending me BPO requests, but to be honest they were always so low in their fees and so far away from me, I rarely did any for them.