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I will let you fill in the blank - Please add a direct person you spoke to in the company so that your fellow brokers can also know not to listen to the nonsense that they keep spouting about "we are in a reorganization [as in insolvent/bankrupt] ...merger hasn't come through yet...etc.
First companies are brokerpriceopinion.com , valuation vision..
ATX BPO Inc.
valuation vision keeps sending me orders, I keep hitting DELETE...
According to my records, the only significantly outstanding payments in terms of when the order was completed, are from Valuation Vision, Broker Price Opinion and one from Goodman Dean. The VV are from Feb and March of this year, the Broker Price Opinion are from Aug, Sep last year and the Goodman is from Jan of this year. Any company that doesn't pay in regular intervals lose me as one of their vendors.
These companies should be held more accountable for their practices. Some of them seem to think they can suck as much profit out of their business and then not care about unpaid balances when their companies go bankrupt. In my opinion this sort of practice is just plain, old fashioned, fraud and deception. Consuming a service that you have no intention of paying for is theft.
Lawyers are starting to take notice to agents complaints. Three law firms that I know of are taking on these deadbeat BPO mills and bundling them together in a class action suit. We should be all hearing something about the class action suits in the coming months.
I've been fortunate enough to have a friend who is a lawyer who has given me the tips and guidance to sue some of the companies through small claims and then be able to place liens on properties after obtaining the judgement and start charging 10% interest on unpaid amounts.
I know I'm eventually going to get paid, now that I have created a legal cloud on title that can't be disputed so long as I have followed Calififornia specific legal proceedures.
The problem with a class action lawsuit is that it usually does finally put the business out of business. The only people who get paid, then, are the attorneys.
I'm not sure if this is what happened to evalsolutions but their client, Chase, owed them over a million dollars....so that is partly why they couldn't pay the agents. Chase admitted it. I'm not saying they were right to make false excuses about not paying. I'm saying that some of these companies have/had really bad management.
Willie - are you placing the liens on the properties you do the BPOs on? California law must have an odd twist to it. Many of the borrowers do not even know anyone has ordered a BPO on them. And BPOs are done for many reasons as we know. The property may never come up for sale as a distressed property and then when the borrower goes to sell, they have a lien with interest for something they did not order.
Some agents have been able to get partial payments from Broker Price Opinion by making a complaint to the BBB where BPO.com is located. I found that info by looking the company up on line. You just have to refile when they don't pay the whole amount because the BBB considers any payment is a settled complaint.
Yeah, you are right about Goodman, I think the mistake is actually at my end. Ironically Goodman contacted me yesterday to do a BPO and I mentioned the outstanding order. It turns out they did send the check but it seems that they sent it to my old brokerage firm. So now I need to go digging at my old brokerage to find out what happened to the check that was apparently cashed/deposited.
I started my own brokerage back in March, so there has been a transition period where checks have been coming into both my new firm and the old one. I started my new firm because I had a disagreement with the owner and his broker about paying a percentage on my BPO income. The owner had originally promised that I would keep 100% of my BPO fee but a year later went back on this and wanted to start taking 15%. To make it worse, the owner was my father-in-law. This caused quite a bit of bad feeling, but ultimately gave me the desire to set up on my own.