I have been (and still am) waiting months for reimbursement from PASREO. I have received ZERO dollars. I thought they were one of the good ones. Not! And this stupid class? I can't believe they want me to give them $400 when they still owe me thousands. I've tried to get asset managers to help me. No luck. I've resubmitted everything more times than anyone would believe. No luck. I've sent emails to that stupid general accounts payable address. No luck. No one will put me in contact with a person in the AP department. What a nightmare! What should I do?

Anyone?

ever read the book "How to ruin your career in 15 minutes or less"?

The last few months I have had the same problem and PAS was my most favorite co.Now that they have it so you can upload the invoices it's even worse! I have contractors that refuse to work for them anymore and anything more than $500 we are not suppose to pay,they are suppose to pay them direct and don't! The utility co's here will not put gas,electric in Pas's name and try to get reimbursed for utilities!

THE BEST ADVICE I COULD EVER GIVE YOU...

PAS is a Great company to work with, They could be worth $20,000-$40,000 a year to you if you do a Good job for them...

The biggest difference between REO Agents & Resale Agents is that we are capable of floating Invoices for REO Companies for periods at a Time...

BE PATIENT...

or as FOSQBJ stated, you can ruin your REO Career (Most AM know tons of other AM from different Companies, bad news spread Fast)

I agree ChrisWorksHard, Pasreo is a great company to work for; however, there is no excuse for floating invoices for 4 or 5 months (which some of mine are). The contractors are the ones I'm mostly concerned about, they have refused to do bids.

It would probably make a difference if Pasreo would price their properties to sell, but they don't! So if you're managing 22 properties and each costing about $1,500 at the beginning, it adds up, especially here in California where properties are sitting for months.

I've been an REO listing broker for years and have never had to wait six months for reimbursements (I suspect it will pushing a year when/if I get my money). I am not "ruining my REO career" by asking when I will be paid what I am owed or expecting to be paid what I am owed or asking other agents and brokers if they have the same issue with this company. Erskine748 and Relady4u - I too have the same vendor issues. Both my best remodeling contractor and field service company have indicated that they will not work on a PASREO property unless I pay them directly. That puts me in an impossible position since we CANNOT pay invoices over a certain amount but MUST submit them to PAS for payment directly to the vendor. And yes, most of the properties I have through PAS are overpriced. By the way, I never contacted PAS; they contacted me to be a listing broker in this area. The facts remain the same: they owe the money and it does not take months to generate a check.

I spend every Sun. just doing invoices.Last Sun.I spent trying to follow up on unpaid invoices for myself and my contractors.Before the "portal" we could e-mail accounts payable and would usually receive a response within a day or two.Now I'm lucky to receive a response within a week. Let's see since last Sun.nothing. Asset mgr wants bids for mold but one of my best mold contractor that would quickly go to a property will not go because they haven't paid him for the last one and it's been submitted 3 times! Oh and their "policies & procedures", confirmation period, don't do anything. Turn on utilities,don't turn on utilities. Don't get me wrong, I have been doing this a long time and know how to kiss a...However this is my money they are playing with and some of these properties have closed.

i received an email from firstamreo saying they were taking over disposition (outsource deal) from indy which is okay with me either way, but has anybody heard if indy is outsourcing some or all of their reo? Thanks

Been working with PAS for a couple years and up until the new system they paid like clockwork - I'd have a check right at 30 days from the day I mailed the reimbursement request. I emailed AP last week about reimbursement requests submitted on 4-23 and they responded the next day with:
"We are processing invoices on a 30 business day time frame. If the allotted time has passed, please resubmit online."
The 30 business days stands out - that'll bump things back a bit.
Not sure what to say to you guys that have been having ongoing problems except I hope the issues delaying your re-payment are resolved soon. Floating all that money then having to chase after it for months can wear you out.

Bumping this up. Has anyone been paid? I'm starting to get worried; I have six properties with PAS and I haven't been paid for ANYTHING in months. The last time they had to pay a contractor direct, it took over 60 days and that company was really upset.

Hmmm, maybe that's what the $399 for the training is paying for...didn't they just extend that to July 15th or somehthing.

OH REO,

I haven't been paid for a few months either and I now have 7 in pre list that needs rekeying and I am going to forward the locksmith bills directly.

After numerous emails, I haven't had a response from AP. On monday, I'll try the vendor client services department.

They did send me two interior BPO's at $100 each, it helps if they pay!

I followed up on Fri to accounts payable with many I have not been reimbursed for.Some of the invoices have been submitted 3 times.Some of the properties closed a couple months ago.They told me to resubmit AGAIN by fax to "Steve".No mention of uploading again to the portal.Tomorrow I am going in early to my office and go through all my invoices with PAS and the ones that have not been paid will be resubmitted every day until I get a ck.

Erskine748, I noticed that in my que the invoices no longer show. No status or anything! Have your invoices disappeared?

I checked each individual property and those I just posted says 'pending review'. The others from a few months ago aren't even listed!

I probably wouldn't feel so bad if some of them sold and closed. I've had one, so far, about 3 months ago out of about 14!

Yep exactly. I have been at my desk since 12pm going over all unpaid invoices. When I tried to upload the more recent ones it says invoice denied.I have faxed this "Steve"person about 25 invoices,starting from last Feb. I will refax tomorrow and everyday until I get an answer and a check. I have also e-mailed the asset mgrs that were involved and all approved e-mails.Many of the invoices are for properties that closed 3 months ago.Several of them are for gas & electric bills and delinquent water bills I had to pay so they would turn the water on for the buyers to do inspections.
And then they throw out their MANDATORY class that cost us $399!!!

Well it is now 9pm est.Not done with invoicing but I'm going home.I am fed up with Pas and they were one of my more favorite co's.Their "online class" says they want the contractors paid within 2 weeks but it's 6 months and I'm still waiting on alot of reimbursments. Cal REO used to be my worst co as far as waiting on my money.PAS has them beat big time!

I'm sure we're not the only ones having this problem, there must be tons of us. I tried holding the checks until I was reimbursed for other companies because I'm paid within 2 weeks; however, I think we will continue to have problems since the foreclosures are mounting. PAS is definitely overwhelmed! Most banks only have about 15 - 20% of their foreclosed properties on the market, so they must be swamped.

I've already dropped one bank for failure to pay bills and not accepted any offers presented. Most of the properties were on the market for more than a year!! Go Figure!

overwhelmed is no excuse.When you've submitted invoices numerous times and still no response there is no excuse.

I'm starting to receive checks for invoices I submitted on April 23rd - right at 60 days. Up until the new system, they were 30 days from submission. All my May submissions were uploaded to the website and most of those are showing approved for payment as of 6/26. Getting the check is another story, of course.
Wish I had a suggestion here - I haven't had problems getting my money from PAS or responses from AP. Guess I should be knockin on wood though - probably just jinxed it.

Ohhh, now I'm really starting to get concerned. I've got a lot of money out on their stuff. Think I should panic yet? :-)

I wouldn't be too concerned - at least the process is working (although slower) for some of us. How old are the majority of your unpaids?

relady4u:

Change the service date range... Change the start date to March 1, 2007 - you should then see all invoices submitted on the new system...

REO Pro,

Thank you.

I still don't see them! I will submit them again with this month's invoices

Erskine748

I just thought of something! Bills for closing properties have to be sumitted 15 days before the property closes unless they are closing bills for utilities, etc.

Not sure if this helps.

Already thought of that.Some of my invoices were submitted before they started having us upload them to the portal. I have confirmation with each one that was faxed .Whatever good that will do.Also have confirmation EVERY time they were faxed, which with some of them as of yesterday were 4 times!!!

"small" amount of good news! One of the asset mgrs helped me get $495 back on a property that closed 6 weeks ago.Invoice was sent 3 times starting March 1.The other asset mgrs haven't answered me back which is no surprise me but I will continue to e-mail the asset mgrs and fax the invoices.

Just to update - per PAS accounts payable email a couple of days ago, faxed closing statement of expense are no longer required 15 days prior to closing. They indicated all invoices should be submitted online, with final invoices online within the normal timeline - 30 days from closing, I believe. I checked my submitted invoices - have a batch I submitted end of May that were approved for payment on 6/22 but still waiting for payment. Looks like it's going to be at least 60 days for payment from submission. Joy.

I have a rather large one, $600+. First time submitted was on 3/4.Property closed 3/30. Inquired about my reimbursement in May, they told me to resubmit.I resubmitted with the confirmation.Since then it's been submitted 3 more times.Last week they mailed it to me with a denial. "submitted to long after close".#@%*# Resubmitted every day last week. They finally e-mailed me accounting was looking it over.If I don't hear anything by Mon afternoon I will start faxing again.The asset mgr no longer works there.

I don't like PAS. All the hoops you have to jump thru, inspections you have to have done, repair estimates, the snitty e-mails when you don't have the estimates to them within 7 days, and the $399 class - It's not worth it to me. Don't get me wrong, I don't mind hard work, but why on earth should I go thru all this extra crap with them for 2% commission when many of my other clients are SO much easier to deal with, and don't require all the extra stuff, and pay me 2.5% to 3%! And they take forever to reimburse! I can't wait to be rid of this nightmare - I just might go on vacation when this one closes.

Bumping.

Any news on reimbursements here? I just emailed A/P, I have multiple properties that I haven't seen a reimbursement for in almost 90 days.

No, nothing! I just had a contractor screaming in my ear!

Does anyone have a phone # for billing. They aren't even responding to my emails. I know I had one before but can't find it. I too have contractors very upset.

I found a phone#. PM me and I will share.

Ok, new question.......has anyone BEEN paid in the past 90 days?

uh oh--I have one in pre-list and that makes me nervous.

Got 3 or 4 checks in June for reimbursement requests submitted in April - small ones for utilities and submitted prior to the new system. Was thinking today it was time to email AP again - will post any response I receive.

E-mailed AP and they responded that they needed new W-9's. They did not transfer from old to new system. Checks are being cut now, so they say. Contractors are after me also.

That sounds like a typical excuse. You'd think they would send out a mass e-mail and tell everyone to resubmit W-9's. Is everyone being paid for BPO's? It takes a while, but I have been paid for BPO's. No reimbursements yet though.

I emailed A/P yesterday morning, still no response.

Must be all the reos. My broker is getting upset because Countrywide has become difficult to get money out of also.

I also have received a few ck's for small reimbursements but am still waiting for reimbursements for properties that have closed, one the end of March.Some of my invoices were submitted five times.One large one they "denied", said it was too late! Not so,it was submitted 2 weeks before the property closed.Asset mgr is no longer there so no help from him.Many of the reimbursements are well over 90 days.I have not received any response to recent e-mails.The last response I received they said to be patient while they are making the transition to the new billing system.

No problems with BPO payments - 30 to 45 days. Haven't heard anything about updated W-9's and didn't get a chance to email AP today, but will tomorrow and will post any response.

After I sent this reply in today and checked my e-mail there was a message from accounts payable stating they were holding reimbursements to me until I sent them an updated W-9.Ok I did this in Feb.,Apr.,and again July 2.I forwarded everyone of the previous sent e-mails to them with the updated W-9 and asked them which one they didn't receive!
BPO payment has not been a problem.

I don't understand why they can pay for BPO's without a W-9, but can't pay reimbursements without a W-9. That doesn't make sense - one W-9 should cover everything for one company. I think the W-9 issue is nothing more than them stalling. I must say, I'm very disappointed by PAS - I have my first listing with them now, and I don't think I'll take another one.

I just have this strange feeling that we are being used in the worst way! And it is not going to be good!

With Ocwen, who usually ACH within 10 days has started to reject invoices after two weeks. I've had some rejected as many as 4 times and I have submitted them the same way for the last 12 months!

When I hear agents being owed $10,000 - $15,000 from various banks, it makes me nervous. It would be different if it were only a few, but there are many!

With the housing market sliding, how can we sustain their houses and our own when they don't price them to sell? Please, just be cautious!

I just spoke to my AM this afternoon after they sent me a task to submit billings. (I had already submitted billings earlier this week so she told me to NOT to resubmit despite the task assignment as that is an automated message that goes out). They told me to only submit invoices once. AP has been overwhelmed because agents have been using the portal, then emailing, faxing and sometimes resubmitting on the portal (when they get one of these "submit billings" tasks. They said it has caused a huge problems because it takes an incredible amount to time to sort through and figure out which are duplicate submittals. AP won't pay if they have duplicates until they are reviewed. She asurred me that the best way to avoid payment delays is to do it all via the portal - ONCE. I just submitted several invoices, so we shall see how long that takes. My fee based BPO's seem to get processed and mailed within 30 days...so no problem there.

when I have tried to submit an invoice again through the portal because of non payment it bounces back saying something like already submitted,under review.nope that excuse doesn't fly with me.

Doesn't fly with me either! I've talked with several of the top REO agents in my area and they haven't been paid since April or May, and it's not because they submitted invoices twice or they hadn't submitted a W9! They are paying the contractors, so they will continue to work for them. One is owed $13,000!! He said he will not be accepting anymore properties from them.

Erskine you are a dope and so is anyone who would follow your sorry lead. How could you possibility think that numerous submissions of reimbursement requests is a good idea? Moron.

I have more than $25k in advances (yes I actually pay my vendors like the process says to do) so I feel the same pain. But I am pretty certain that in time the new portal process will get us paid faster. As is often the case, these get worse before they improve.

I don't think I could in good conscience ask a contractor to work for them and wait this long on payment. If this doesn't improve soon, I think I'm going to have to stop taking their listings. I hate that too, because I get a lot of listings from them. But I can't keep floating all this money for 3-4 months while they get paid from the banks and hold my money to collect interest; and I do suspect that's what is going on. Think of the interest a company could collect if they got paid from the bank in 30 days and then held the reimbursements for 2 more months. On all the payments, for all the houses. That would be a chunk of interest money.

FOSQBJ

Is there really a need to throw insults... If you dont agree with his method, just say something like "I dont think thats such a good idea" or "Thats not how I would handle it"... But to use words like Dope and Moron is just wrong...

I am on this web site for the same reason most everyone else is and I have NEVER called anyone a dope.I'm making comments about how I feel but I do not expect to be called a "dope".The dope would be the person that gets on here and makes snide remarks to someone that has as much if not more experience.

when they tell you they didn't receive your invoice you resubmit.

Thank you REO Pro.

I emailed PAS AP this morning regarding invoices I submitted online 5/30 for 7 properties that show approved for payment on 6/22 - here's their response:

"Good afternoon,

Our goal is to pay all invoices within 30 days. Currently we are working through a backlog, but are moving towards our goal every day. If the system is showing approved, it should move to a payment pending or paid status within a few days. Please provide me with the PAS# and property address so I can look into why the checks haven't been sent yet.


Thank you for your patience while we transition to our new online billing system.

PASAP Inquiries"

I just emailed the list - I'll post any response.

I emailed AP 3 days ago with the address and PAS # for each listing, and have gotten no response at all. Hey, at least they answered you. Better lied to than ignored?

Well Erskine you just don't seem like a team player to me, you come on a public forum and bash your clients. You suggest that you will bombard the client with reimbursement requests that only exacerbates the problem and slows down repayment for others. So, "thats not how I would handle it"...

I have looked over most of your replies & comments on this message board. You manage to bash someone in almost all of them. We are here to vent,express our feelings,ask for help in different situations.When I am owed alot of money, 90 days or more back, yes I am going to fax & e-mail the company until I get a response.I DO pay my vendors when the job is finished and I need that money reimbursed so I can continue to do so.It's not any different than contacting a bpo co.for money owed.Most of the people here are kind and helpful.You on the other hand like to tear into someone in each message and name calling is a game you obviously love.Obviously you have no self esteem which shows in your comments.I am not "bashing" my client.I was asked to fax my invoices again & again.I would have done it anyway.You are the one that isn't a team player.Shame on you .

Hope it's neither - can't afford another company falling behind because of their "new and improved" AP systems. I'm still chasing money from last years change-overs. I'll keep the post posted.

I just found this site, and am sad but glad to see that there are others havign PAs payment problems. I have been doing BPOs for years with no problem; four months ago PAS offered me the opportunity to take on properties. I now have two active, and three waiting for pricing to list; and one has sold. I have been flabbergasted at the problems I have found in getting my invoices paid since PAS went to the automated system. I see that a number of you have been doing this for a lot longer than me, but I am not going to go this any longer. I have declined two properties today and explained that I cannot take on any new properties because I cannot have this negative cash flow. I have asked my PAS contact for the name of the person to send my resignaton to, as I intend to turn these properties back to PAS if the issue is not addressed by the end of this week. Some of these proeprties are NASTY and all require extra work, time and diligence to get them on the market. Not being paid properly makes this a truly costly waste of my time. I may be a wimp, but I feel PAS is taking advantage of me here. I am a professional and should be treated in a professional manner.

this scares me! I just took their "required" class to even be approved by them. Once approved, it says I have to then take the $399 class....I am begin to question my desire to get on with these people.

Sorry to be the one to scare you, but with our market being so slow I think our time would be better spent in working the normal channels to secure business. These REOs take a lot of time to prepare for market, then we are required to maintain them them during their looong times on market, and carry the costs too. It seemed like a good idea when I started, especially in view of the excellent track record with the BPOs but the REO side is just too msessed up right now. Maybe they will get it together, but I can't wait for that.

Just want to report that PAS got backto me wanting more details about my invoices (of course they can't figure that out themselves), and I got a check today. So we shall see. I know there are a lot of agents out there doing REOS and BPOS but I do think the companies want to keep the good agents they already have. At least Premiere hasn't outsourced their backoffice, so I am still able to talk to people who can understand and speak English. Arizona place names can be really hard for someone not used to the language

Where in Arizona are you located? If in Phoenix area, do you work a particular part of town?

Update: I emailed AP twice with no response, so I emailed the AM on one of the properties that is in contract. The AM forwarded to AP with a note to check on it. I got the stock email back from AP saying "Send a new W9". Oh boy.

I try to limit myself to Phoenix from Beardsley to Center city, and Glendale from 69th ave east to the I-17. I have taken several out of this area and that has been okay, but with gas cost and time spent servicing these deals I try to limit the driving time.

I sent an email to AP Friday - list of property addresses and PAS#'s on their request. I added submission dates and which were approved and when. I had a response Tuesday from AP indicating they had to update the payee header in the system (whatever the heck that is) and the approved invoices should convert to paid by 1:00 today. I noticed this morning status changed from "approved" to "pending payment" and that's where it stands now. Will follow up with AP after they reach "paid" status - curious if that means they've also cut and mailed a check or if it's just cleared in their system.

You guys are getting me worried; I have one ready to list. Because of this info, I am only doing what is absolutely necessary. I am not turning on utilities, I am going to have limited lawn maintenance and rekey and that's all. Luckily it was a CFK so there is no large trash-out bill. I finally gave in and paid for their stupid class, and wish I hadn't.

I am leary of posting in this thread because of being reemed so badly by another poster.My non-reimbursements have been since last March.All I have gotten was excuses. Payee header was the most recent.This was my favorite co however I am owed $3000 just in lawn care.Can't pay out any more for them.

I have been getting some checks this week. I hope they are getting back on track.

Erskine748, I wouldn't worry about getting reamed. Believe me everyone is worried about getting paid. Now they want the contractors to sign 'lien waivers' that means if PAS decides not to pay, there is no recourse for the contractor.

I'm amazed that no one else seems to think there is nothing wrong, and business as usual. The excuses of W9, new system, etc. it totally bogus, and that is from an insider!

Could it have something to do with Wells Fargo pulling out of the Wholesale loan market which was 1.6 Billion of their revenue?

Check out this site http://www.ml-implode.com and you can check out all the lenders going under.

I am not new to this forum but I haven't had much time to check in on the latest topics. I work with PASREO and I have 20 properties with them. I have read this whole topic and I am having the same trouble with payment of vendors and reimbursments. I get paid quickly when providing BPO's but I am out about $7,000 to vendors currently. I get the same Bullsh*t answer from them when I inquire about payment to vendors. I have several properties that are now having the utilities turned off and the property is going to be going to crap because PAS will not pay my invoices. I have had one collegue turn back in 15 listings to them because they will not pay the basic property maintenance bills and utilities.

Adding to that problem is the unrealistic AM's that are overburdoned or have checked out mentally when it comes to getting the property sold. The properties in my market are not moving because they are overpriced and they look like crap. This is all because Wells Fargo Home Mortgage wants to live with their head in the sand and assume that this will all go away soon.

To all of the newer agents that want to start selling REO's....run away. I am not just saying this because I want to make all of the money, I haven't made any money. The comission that I earn from the homes that I am selling for PAS is being used to pay the utility bills and maintenance on the properties that PAS will not pay, which is all of them. PAS has not made a payment on a bill since MAY! This "new" COSS system of online invoice submittal is BULLSH*T because everything is marked "pending review" and then they deny payment.

I am tempted to give back all of my listings but I am in too deep that I need the two that I have in escrow to close so I can break even, again.

I have worked with pas FOR 6 YRS.Occasionly I would have a problem but it would get straightened out. This year has been the worst. I have spent hours going over unpaid invoices, contacting accoints payable and having to resubmit but still not getting paid. Sometimes the asset mgr for the particular property has helped but in at least one case the asset mgr is no longer there and the property closed in March! What else can we do?

Erskine 748 - Glad you were able to get over the nasty treatment the other agent gave you a while back. What a violation of the code of ethics!

It certainly appears that we all agree that PAS/Wells Fargo weren't paying attention and they failed to gear up for this ugly year (and I suspect several years to come) of foreclosures. I am sure we all tried to tell lenders they were pushing the envelope with their "creative" financing programs, but they went ahead anyway. Now they are having to face the music.

Some sweettalking systems salesman got them to go electronic for their accounts payable and that has proven to be a mess. Until they get the bugs out of the system and get some more human beings on board to handle the payments I think we will continue to have problems.

Like most of you, I am leery of taking on more listings at this time. Just too much work for the 2% commission, and then carrying the upfront load for months. Just too bad.

chastek, I really didn't get over the posters nasty remarks, I just consider the source.I looked over all his (her?)previous posts and they have to pick someone out in almost every post and tear in to one person.I just happened to be it this time.Oh well.I was just contacted by another contracter that did a mold remediation for one of my properties that of course has closed.They have not received payment.Premiere received payment on the hud but hasn't paid them. Getting ready to follow up now.It used to be accounts payable would answer back within 2 days but it's been a week since I have e-mailed them about other issues.

Just when I thought there was light at the end of the tunnel...I think I see the train coming! The newest wrinkle in teh PAS online invoice system is an orange message stating: Warning, The maximum limit per month has been reached. The invoice will require manual ewveiw. Please allow 3-5 days for processing.

This is happening on one property only and is for one or two bills at a time. Can't see how that exceeds the limit...which is something I never heard of before. Now have two billing statements with this warning and no way to detemine if the darn thing is being reveiwed or not.

What a pain.

Chastek, I just had the same problem. This is really starting to irritate me. My contractors are refusing my work and it seems as though they have passed the word that they are not getting paid!

Got that message too - just for utility bills, though.

Well the orange message was with a utility bill, but I also sent pool fee at the same time and can't tell if the orange warning stopped the pool bill from being processed. So darn hard to track these things. And I really do have other things to do with my time.

I got the same message this past week but it was for lawns.Another strange thing happened.I followed up with Pas on another of many unpaid invoices for mold clean up.Right before closing the closing dept e-mailed me to make sure I had all unpaid invoices submitted and if I didn't have everything to e-mail them with the estimate. All of these costs were on the hud pd to Pas.One invoice was for almost $5000.Property closed July 5th.The contractor did not receive their money as of last Fri.Even though it hadn't been 30 days I followed up and low and behold they said they didn't get that invoice.Remember the amount was on the hud.Pas had already received that money. Also she said she didn't see it in the system.Now wait a minute,when I called her I was looking at it but none of the other expenses were showing.Am I going crazy???

I do not currently have any active listings with PAS, and based on what everyone is going through here, I will not be accepting any should they call. I think we should all make it a policy to submit our invoices with a current W-9, IN PERSON. This way, they cannot claim that they have not received the submission. If, however, flying to the asset manager's office is not feasible, consider spending about $20.00 to overnight, or FedEx invoices to them in the name of the asset manager. This way, only the addressee can sign for the package when it arrives at their office...no more lies about not receiving submitted invoices. We are in this business to turn a profit, not take care of the bank's properties. We cannot profit if we are not reimbursed for the funds that we have to pay to maintain properties. If enough of us started to turn down listings, I think the banks will start to get the message and get their fecal matter together. There is NO EXCUSE for money mismanagment, ESPECIALLY when we are working for F%#*ing banks!! Is it just me?!! Am I the crazy one here?!!

I am reminded of my dear father, the Carpenter. He built a barn for the local vet, who failed to pay him for it. But my dad continued to do work for the Doc. My mother was incensed. My dad said, but if I don't keep working for him, he won't pay me.

Now that I am working for PAS and continuing to accept assignments when they have clearly shown they do not have their system together and aren't paying timely, I wonder if I have inheritied a lot of my dad's genes.

I have five properties now and that is all I am going to take on until I see a better invoice system from PAS. The way it is now, I am using the payments for the BPO's to cover the costs of the REO's. By the way, the two I have listed are lanquishing on the market, two of the three coming on line are trashed dogs and will probably sell to an investor, and one is a nice house in an area that is perceived as being high crime. So I don't see a lot of income coming from these in the forseeable future.

Rising Realtor is correct. As Ann Landers once said, the only way anyone can walk on you is if you are laying down. So maybe it is time we stood up and said "HUH? You want me to do what?"

I sent an email to the COSS system regarding the orange warning messasge and got an email back saying "I will have someone process these for you." Now, isn't that something?

did they say when??? What I don't understand is why you can't upload more than 2 invoices now.Not that it matters, they're not paying anyway!! It's one thing to pay some expenses upfront but with Pas anything over $500 they pay direct and my contractors aren't being paid either! I could be making alittle interest on a cd with all the money Pas owes me.5+ months back is way to long!!!

Just take a look at http://www.premierereo.com and click on the search property list: 29 pages worth (570) here in Arizona! 164 pages in CA and 86 in Michigan (20 props per page) So it is clear they have way too few people on staff to take care of business. If each of those properties is generating only 2 invoices a month (electric & water), that is 5500 invoices, so they are clearly scrambling to do their job. How long can these banks hold on?

how long can we hold on?

After dealing with PAS on the one listing I've had with them, I don't think I want another one! They have been WAY more difficult than anyone I have ever worked with. IF I ever take another listing from them, I will not get the utilities turned on, and the grass will not get mowed nearly as often.

I might even have my contractors break down the invoices before they submit them to me - instead of trash-out and cleaning of $500 on one invoice, I'll tell them to break it down to $250 for cleaning on one and $250 for trash-out on another invoice. At least then I'll be able to pay the contractors and keep them happy instead of making them wait months for their money.

Pas was the company I had many of my listings with which is why I'm worried.I have a general fund I keep to pay expenses.If I have to wait 3,4,5 months to get reimbursed I have to put my own expense money in.What some agents don't realize is anything over $499,Pas pays the contractor direct.When they don't pay them it doesn't look good for me and it's me they call.

Exactly my point. If I want the punishment of working REO, I already know I'll be out large chunks of money for months at a time - I've planned for that and I can accept that. But contractors expect to paid when work is completed, not 3 to 6 months later. And they don't understand that we are not allowed to pay them - they don't care who it comes from, they just want their money. I don't blame them or hold it against them, that's how it works for them. The longer they have to wait, the more pi$$ed they get, and the less likely they'll be to do work for you again, even if it's not your fault they haven't been paid yet.

Like everyone else here, PAS is about three-four months behind on my reimbusements. The good news is, that I did get a random phone call from the AP Dept last month. The AP Specialist asked me, "have you been paid for anything this year?". I answered, "no". He said,"well, I'll fix that." Within one week I had a check for Jan-March invoices, in a hand addressed envelope!....I wish he would call back so I can ask about reimbursements for April, May, June and July expenses. Currently I have 33 of their properties. 18 Listed, 5 pending and 10 in pre-market. I did notice that July's lawn/pool/trashout invoices auto-approved in COSS. The utilities are showing pending review. My contractors have been getting paid right at 45 business days. Which amounts to 60 days out. All and all I'm happy with them.

Generally I like working for PAS,but it's getting to the point where I've got contractors that refuse to do anything for them.In going through all my invoices with them it seems the mess started about the end of March and it keeps getting worse.I don't understand your comment "have you been paid for anything this year".Last month was the 7th month.Is it acceptable to you to wait 7 months for reimbursements?

I have only been reimbursed through march from PAS. No, Idon't think that it is acceptable to have to wait months to be reimbursed.

Here's how I look at the REO biz.

1. I dont have to deal directly with sellers. To me thats a plus.

2. My REO marketing expense is picked up by my brokerage.

3. The only thing that I have at risk is my personal financial exposure to reimbursable expenses. Which I try to keep as close to zero as possible.

4. ALL of my REO's are being sold and marketed as-is.

In the end, if I have to eat, let's say 500.00 per property. I'm okay with that. I would have spent at least 500.00 on an owner occupied property in marketing expense alone. REO's have to be sold no matter what. Owner occupied is not for me. Lastly, PAS has been very good about extending the listing expiration dates as well reducing the list price regularly. In one shocking instance the PAS AM dropped the list price 10% in one swift move. If you want more listings from them, don't do their for fee BPO's. Only do the non paying BPO's.

I have worked with Pas since 2001.I have handled many listings through them.I have never not been offered a none paying bpo unless it was an actual pre list.My broker does not cover my expenses,I do.Even with the commissions made when your properties sell doesn't your brokerage "feel the pinch"? This is the REO world as far as reo expenses goes,always has been.But this is also a FREE loan.Would Wells Fargo loan us money at 0%? 30-45 days is acceptable. Anything more than that is not.I don't mean to sound criticle,we have to make money to stay in any business.How long can anyone afford to float free loans for months on end?

I agree with you. we are making free loans.

Just had a batch of reimbursement requests go from "pending payment" to "paid" on the portal. Will post when payment is received.

I got a replay from TOSS technical service regarding the orange warning and they also sent it to the AM who emailed me today that the 33 I questioned have been approved. Now I just need to see the check.

I, too, am fighting with PAS to be reimbursed. I have over $1,200 out of my own pocket, dating back to late March and still waiting for payment. Two separate invoices are showing that they were approved on JUNE 21 and I still haven't gotten paid. What gives? Got an email back from "PAS Inquiries" stating that the system is behind. Yeah, no kidding!

1200.00 would be a bargain. try 9100.00 out of my own pocket and close to 5000.00 owed to my contractors. this has been going on since march. at least the properties are selling for me. i'll sell a couple of their properties and use my commission to pay their bills. only in america!...lol. no, i did not pay that ridiculous 399.00 default school fee. yes, the property assignments and bpo request keep coming. i'm tied to them well into '08 with the amount i currently have in PM. once you're in "THE SYSTEM" it's almost impossible to get out.

Finally got a check for invoices submitted 5/22 - only paid for 4 of the 20 or so submitted, but at least it's a start. Going to re-submit addresses and loan numbers of the ones still not paid from the first COSS submission again- guess we'll see where it goes.

got reinbursed partially for invoices submitted in March and lawns submitted in May.Still waiting on the
delinquent water bill I paid and submitted in March.Receieved my ck on Sat.Still have alot more to go.

Nada, nothing, no reimbursements to me since March. The good news is, I did get a listing from PAS today. It's a crack house at least it's a priced to sell crack house.

Anyone else get a survey from PAS? I closed my PAS listing Friday (FINALLY - I'M DONE WITH THAT NIGHTMARE!!!) and they sent me an agent satisfaction survey. Thery're getting an earful from me about reimbursements!

I was impressed to read the notice today on the portal that they realized the system didn't work. I am actually getting checks almost every other day! Hooray! But still a lot of old bills out there. But maybe being surly about it did pay off, as I know we all were on their backs. Now maybe we can stop spending time doing invoices and can concrentrate on getting the properties SOLD!

yep sometimes that's what it takes.Is it called being a "team player"? I have received some of my reimbursements but I still have alot of old bills unpaid.Spent to Sun.(day I do invoices)following up on unpaid invoices.Now I'm behind!
Their idea is great as far as submitting,However something went wrong somewhere and everything got screwed up.

I received 1 check for $50 this week, and it was for April. I have some invoices that went to "pending payment" 6 weeks ago, still no check.

I guess I'm assuming you continue to follow up with accounts payable? Hopefully we'll all get our money soon! I wish I'd get the rest of March,Apr,& May!

That's good news! I haven't received a payment since April, so hopefully I'm on the list.

One of my contractors has had an approval since June and still no check!

It's funny how the CFK check comes within 2 or 3 days! I wonder if that is the same system.

I e-mailed the A/P yesterday with an offer to resubmit my invoices. The A/P Dept. responded, "yes, please resubmit invoices, send W-9's, and we'll update your agent payee header". I grabbed my A/R file and started reconciling my invoices. The majority of the invoices were already on COSS. Today, ALL my reimbursements were updated to "PENDING PAYMENT".

I wonder if they change them to "pending payment" to get us to stop calling them?

I've had a bunch of invoices "pending payment" for a month now - I think they're working on their system and working toward payment, but at this point only pay if you continue to follow up (harass?). Going back to square one this week and sending the list of properties waiting for payment.
It also occurred to me - usually the "submit invoices" task is open on all listings by this time of the month - not there this month. Anyone else?

I got my invite to join the club. I have been reading past posts and I am looking for input some of you who have already signed up.

Would any of you guys sign up again given some of the headaches I am reading about? Is it worth the $250 to join?

input FROM some of you...

sorry

Hopefully Pas will get things straightened out.Their bpo side is good and that's what the $250 class is for.

Jollymon,
How long did it take to get your invite. I took and passed the course about 8 days ago and have not heard anything yet....

Maybe your socre was lower than the other agents, or not many BPOs in your area.

WooHoo! Got checks today for 9 invoices. I'm encouraged now.

Do you mind sharing who those companies are that do pay and are paying the 2.5%-3%. I would be forever gratefull!

PattiG -

Im signed up with them about a year and a half ago. Then out of the blue they want $250 to train me to do BPOs. Heck after a million under my belt I should already know how to do a BPO.

I just want to know if it is worth the investment. It looks like if you get REOs you will be carrying their expenses for 90-120 days - not good

In retrospect now and seeing the answers some are giving on these forums I guess the real question should be: does anyone know TODAY'S best place to BUY a LIST of Companies that will hire QUALIFIED Vendors to do their REO/BPO/Foreclosure work? If anyone does want to pass that on e-mail me at tmccoyent@yahoo.com
Thanx

I am floored that people don't want to walk the walk and do the work that is needed to accomplish goals in this life.

The BPO end is good - REO is generally good, but working through the bugs with their new accounting system has been painful.

So I just finished this course...I really didn't want to pay the money but I need a new outlet and assumed that most of these other newbies in my area, would not shell out $250 in the HOPES that they would get BPOS? I know for a fact that there are 2 REO agents that do stuff for this company, but I can't find anymore here in my county. So how long does it normally take to get a response or to get started on the BPO's and does the higher score make any difference (on the final and/or interim exam) on the system.

I just finished the course on Friday. Looking at their current properties listed there is only one local agent that is listing for them. I think that's good news for me. Hoping to start working with them soon!

I finished the course last week as well. I then sent and email inquiring about the time frame for the invitation. I received an email back the next morning stating that they have had 60-90 agents sign up over the past week. I was told to expect about a week to two weeks before receving the invite. I will update the blog when received.

Sent them an email trying to hammer down the price of the class or get some general info on the agents in my area they didn't respond...the last thing I want to do is put $$$ into something that isn't going to make me any money.

I agree with you Ralph...why invest in something that you don't know if its going to be worth it. I have contacted them over the phone and their information varies every time, that gives me the impression they are not serious about what they offer. If any of you gets a reply or assignment let us know. Thanks

not to be redundant but i experienced the same response...nothing

I took the required class and was charged $400 for the honor of being bored out of my skull. I may have learned something if i weren't already a certified appraiser with 15 years experience. Actually, i did learn quite a bit about their in-house processes like how to get repairs approved and that sort of thing.

I was told i had to complete the class before July or i would not be eligible for future BPO assignments, even though i've been working with them for years already.

I've only had one BPO assignment from PAS since July 1, but that's because the market is still strong in my area and there hasn't been much foreclosure activity yet. Hopefully i will get more BPOs and REOs as the market continues to slide. Still, at the current rate, i feel it will be quite awhile before PAS has paid me back for the mandatory class.

Tried to login to the portal. Put in my password, tells me I have to change password (mandatory, can't access the site unless I change it). Tried for ten minutes, kept getting the same error message. (Yes, all the passwords I tried met the requirements). Emailed tech support. No response yet. Can't do my work!! Anyone else?

I had to change mine also... No problem...

Looks like PAS has gotten the bugs worked out of their new system and is making payments on time...

In the last 2 weeks I have received almost all my past due reimbursements and yesterday I received reimbursements for ones I submitted just last week...

Hopefully everyone else on this site is experiencing same...

I have nothing past 30 days. I wish I could say that with my other Clients. They are back on track. Good days ahead.

Being a team player pays off in the end.

Is it possible to do the BPO's only for PAS? Does anyone else do this?

Same here - bunch of checks over the last 10 days - just about caught up.

Does PASREO upfront CFK or reimburse the agent?

yes.

Which one?

They make it payable to the occupant who signed the CFK agreement and they mail it to you prior to the vacate date.

You do not have to front the money...

Thanks!

I just got the invite email from them today a month after passing the course. I filled out the registration form, uploaded my license, E&O insurance and W-9. Does anyone know what else I have to do or do I just sit back and wait for BPO's. Do they broadcast or assign?

I dont remember exactly but you will get website address, username, password. They assin.

Oops, I ment "assign"

Okay great thanks..I hate fighting for orders..

Just received my invitation also. Do you know if they will pay the agent direct or do they pay the broker. Looks like they're requesting EIN for brokerage.

I gave them my broker's information as they are also an REO company and they also required that you have E&O Insurance.

I got mine yesterday too. It looks like you'll have to email them if you want to be paid for BPOs directly.

Is anyone else having issues completing tasks on their website this evening?

yes

Yes, I see 5 new tasks entered and I can't get to them, Yikes!

Oh good, so it's not just me... I have MSR's and Listing Modification tasks to complete, but no access... Oh well, just pile it tomorrow's plate...

I received my first PAS BPO today. I completed the class about 1.5 months ago. Will I start to receive PAS listings as well or will I need to become a premium partner? If so, what does it take to get on the Premium/REO side?