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May 27, 2016 I learned that National Real Estate Solutions (NRES) will no longer be managing assets for US Bank. Properties not currently under contract will be transferred to another unnamed company. They will no longer appear under my Res.net accout 6/3/2016.
June 1, 2016 Old Republic Servicing Solutions sent me a notification that all US Bank properties with ORSS will be moved to Chronos Solutions effective 6/2/2016.
June 1, 2016 Loan Resolution Corp sent a notification that all US Bank properties with LRC will be moved to a new service provider effective 6/3/2016.
Does anyone know more about this than me?
This is not fair at all with all of us who were baby sitting all these properties for months and Chronos or whoever US Bank assigned to, assigned to some other agents. It takes lot of time doing BPO and weekly/bi-weekly inspection and on top paying $700 to Res.net.
I got a call from another agent who received the my listing from Chronos. It was bummer what can we do. Oh well.
I never really figured fairness had much to do with the assignments we get. Its important to remember that this change was not the doing of our clients, Old Republic, NRES, LRC or any others. They certainly would have preferred keeping the inventory on their roles and keeping us on the property.
We need to remember that dealing in REO comes with a certain security but no guarantees. I have sold over 250 REO properties in the past five years and, until now, there has only been one that I didn't close eventually. When you add in the 5 that were just reassigned, that makes a closing rate of 98%. If the brokers who deal with regular sellers had that kind of success rate they would be ecstatic. In my main MLS about 13% of the listings expire or are canceled and about half of those are picked up by another agent with the other half being relisted just to reset DOM.
It is a bummer, but we all have received assignments that were with another broker before. Its just the nature of this business.
I registered with Chronos Solutions yesterday and requested they reassign the asset I was managing with NRES back to me. I had been managing US Bank's vacant and unlisted property via NRES since July 2015!
I registered with Chronos the same day the asset manager sent out the email. It didnt' matter. I talked to Chronos yesterday and was told they were not keeping any of the agents that had managed these assets, their already established agents woudl get the listings and "if" they needed agents then they would look in their database. What a joke.
I lost two. One I had for almost one year. Those horrid weekly inspection forms, with all those interior photos. THen you had to resize and upload into res.net. What a nightmare. I feared for my life going in that house. They never took care of the lawn until the last week, it was horrible. The other was occupied by tenants from hell. They worked the system very well. They threatened to call the police on my husband when he was doing a weekly inspection and said they were going to tell that he was taking photos of their three year old child. Sick, sick, horrible people.
Now the assets are gone. They are with Chronos and they use Equator. The BPOs are coming through SAM. The agent they went to got a chunk of five assets last year and had never sold an REO before. He doesn't sell a whole lot at all, but he got these. He was the contact for the interior BPO.
Makes my stomach hurt thinking about the hours and hours I lost.
They reassigned our listings the day after the notice. Again, will never accept another REO rom US Bank - our score looks like this, two asset managed for over 1.5 years - one went to auction (the commission didn't even cover our inspection costs) another one managed for over year and another we managed for another 1.5 years - it was ready to go the market - would have been an as-is sale.
This is not about fairness as another post indicated - it is about rejecting any assignments from US Bank.
It is about fairness. Chronos should have assigned the listings to whoever has from ORDMS, LRC or NRES or 5Brothers. I had emailed US Bank and Chronos with no response. Oh well, I guess its time to move on.
here is where i got super mad. Equator sends out this email "we are so awesome, we assigned so many properties last Friday, you should pay more for ads in zip codes". Uh, yeah, that's neat...since some of those listings were MINE and through your awesome and amazing website they were assigned to another agent. Idiot!
It was a surprising course of action for all of USBs loyal vendors, including their auction companies of 10+ years. We are all licking our wounds for the years of management of assets to be kicked out by MMRE/Chronos as a single source provider for all of USB. Interesting how a large financial institution can only have one provider, massive management changes in REO and a company to get boarded as fast as Chronos. It took most vendors 12-18 months to make it through vendor management process. I'm sure someone will be looking into these practices very soon.
Thank you to all of our loyal real estate professionals and we are working on the next asset management client, so hopefully we will be working with you in the near future.
You can only deduct your actual expenses. Period. I looked into it years ago. It's like trying to deduct unpaid rent. It does not compute.
USB owes me expenses from over 10 years ago. They didn't pay the asset company. The asset company didn't pay me.