Talking to several Asset Managers it seems they use RES.NET to find agents for REO's. Was wondering if anyone here feels it is worth the $250 to sign up with them.

Thanks!
Steve

If they are the ones that use usres for bpos, then that's the only thing keeping me from signing up.

Yes they are. I would be careful.

I signed up with them about 3-4 months ago. NOTHING!

yeah i am/was considering joining, so big daddy cool, if you get s/t let us know...so, does res.net give bpo order like reotrans?

80% of my listings comes from RES.net,I think it was worth the 250.00..Have 20 in prelist with them...I was first in my area to sign up I think..

The only thing is,they assign right after sheriff sale,so most of them just sit for 6 months.

I signed up with then only because one of my CITI pre lists got moved and the new AM uses it.

I had to sign up with them to accept an reo listing, just updated my zips and hope to get more listings.

I signed up with res.net a few months ago. I have received 5 assignments since then.

do they give bpo's?

I have never had a BPO, except for a property I have listed.I have been with them for almost a year now..So I dont believe they do

RES.NET is the task manager for the REO properties. USRES is the BPO mil. Same company. The PROMISE (used lightly) is that after completing a dozen or two FREE bpos for them, that they will give you a listing, to which you will then have to PAY to belong to RES.NET to manage.

great outfit - I have quite a few listings and have made sales, AND I do all the free BPO's USRES sends me - believe me it pays off...

What companies are you guys getting listings from through res.net? So far I'm getting them from SS, Aurora, and GD. What other companies are using the res.net system?

I have with 1 USRES and 2 with SS. I declined 2 SS listings via res.net.

I thought SS had their own REO website(which they do).

RES.NET just sent out an email saying that the companies that use RES.NET will soon be sending out BPO orders to agents that are signed up.
It just might start being worth the $250 a year.

The email says these BPO tasks may or may not be billable.

but, you dont have to accept them if you dont want to. i assume its like anything else, if its for a listings, its free, and if not, they pay.

at least i hope.

i got the same email regarding bpo's...seasaw, why'd you decline the 2 SS orders? They are my favorite client to work with

Me too,ss is my favorite company! they pay fast 30 days or less! I just also got that email,hope they bpo will turn into future listings..almost all of my usres bpo's have

Has anyone done a bpo through res net? Received a reques today,the fee was $35.I asked for more of course but haven't heard back. Is their form easy enough to do?

I didn't like the location of one listing. The other was multi-family unit. I had no desire to oversee the eviction of a multi-family unit. Too much work.

Im a new broker in Rhode Island. I am trying to seek out REO companies. How does the new guy get help???????


RI mike

Mike,
Read the 1st posting on this site.
You are asking the worst question you can, and wont make any freinds in here by asking it.

Folks in here are generally helpful, but you have to put your effort in as well.

Start by reading that post, then read, read, read, read, read.. and when your done... read some more.

All the info you are looking for is in here (and it's free) you just have to earn it by searching.

Good luck,welcome, and come on in.. the water's cold!
Mike

Talk about a thread hijack..

At least knows how to spell things.

Stick em' up! No body move! Drop your contacts and step back!

I finally broke down and signed up for RES.net. I had a listing within a week.

I've been with them for just under 1 year, and nothing.

Same with me.

Thank u very much miked,,,,,,,, I didn't mean to insult, violate or break protocol......... I'll read, read, read !!!!!!!!

Thanks!!!

I finally signed up with res.net yesterday. Now what? Do I have to find out what companies use them and sign up with them seperatly or just wait for an order?

Let us know Devenity...haven't gotten the first one yet.

I was signed up for nearly six months before I got anything. Then I received a BPO order. A couple of weeks later I had four listings assigned in one day.

I signed up in August and I got my first listing from them on Friday. The good thing is it I've already had 3 offers. I hope that now my foot is in the door maybe I'll start getting a few more deals with them.

Question...when you guys submit an expense on res.net, do you put your own info and tax id# in the payee catergories? I assume so since you are the one that needs to be paid back.

I have three listings that are res.net. My customer didn't find me there but when I was contacting them that was the first question the asked..."are you signed up on res.net"??

If you are being reimbursed then you put your info, if you are having payment sent direct, like utilities, you put the utility company info.

Yikes, no wonder I havent received my reimbursments! Ive been wondering where they were since they have said "P" for weeks online. I hope they didnt send them to the contractors, although it clearly showed on my invoices that the invoice was payed with a check #... Im going to have to call tomorrow, hate to bug them though.

The AM company had me to sign up to recieve a listing about 3 months ago. I have not recieved anything from RES.NET.

Yes, call right away!

I did that with my first reimbursement and the check went to the locksmith who I had already paid. I used him again and he just credited me. It was kind of stupid thing for us to do if you think about it tho...they're not going to cross reference and go look our address to send the check to. That's why they're asking for it on the form.

Oh well, live and learn huh?

Yes, live and learn. I think I am just so used to everything having to be done the hard way that I assumed they wanted the contractors information... I am definately calling them this morning. My contractors have probably skipped town by now, lol.

anyone have a tel # for res.net? I'm a termite company in so. cal thinking of registering with them. thanks

I signed up with them only because I had 2 listings from another company and to keep the listings I had to signup, I have since sold those listings and gotten nothing new.

If resnet were a restaurant they never would have even gotten the doors open before killing someone and pissing all the contractors off

My experience is they can be very slow to pay. Like as much as 90+ days out. It has varied from one listing to another for me.

I just got a reimbursment check dated feb 23. the postmark was april 15. like i said. if they were a restraunt they would have killed someone by now. severely incompentent.

I was asked by Goodman Dean to sign up with Res.net and started receiving REO's within 2 days. Maybe I was lucky because at the time they had just started with a new client that was using Res.net and they needed people in my area. So far my experience has been very good.

I applied to ORT to do BPO onlys. They told me that I would have to join res.net to work for them. For those of you that do BPOs for ORT, is it worth the $250? I paid for PAS and it was worth it, and I would just want to make sure the same would be true for ORT. Thanks in advance!

Brad

I signed up and paid in February, so far nothing! I do post my REO properties on there, but for $250 that isn't even worth it. I get better exposure on Craiglist for free.

ORT is easy to work with and return calls/email promptly..they are too new to judge their volume...I didn't know that they require resnet. I am already on resnet which is probably how ORT got my information as I never signed up with them. I signed up with resnet 2 months ago 4 a USRES REO listing but since that time until you mentioned the ORT connection to resnet I thought nothing had come from it..ORT must do REO's if they want you on resnet.

Stew & jbt4re:

Thanks for the replies and info. When I applied for ORT, I told them I wanted to do BPOs only for them, which they said was not a problem and that accepting REO listings was not mandatory. That is the same relationhip that I have w/ PAS and a few others. I will just have to decide if I want to spend the $250 and take a chance. Thx again for the replies!

Brad

I am not signed up with res.net and I got my 1st BPO from OR last week. I don't know how they got my name, but the order used a Quandis site/format, and I do work for EP & RT who both use Quandis, so maybe that is how they got my name.

Ahhh, I just signed it for the first time today and the whole system is different,it actually has color! pretty impressive LOL

UpNorthGal - yes, a welcome change of color from the hard to read dreary black. Just wish I could get something for the money I paid a couple of months ago. Besides just a place to post my REO listings.

Have you called them? Usually they're pretty responsive and have a fairly set payment schedule.

And yes, the new site has a nice, clean appearance to it.

I have been getting slammed from them the last couple of days. 10 property assignments and 8 BPO orders. Their new website is a good fresh look.

Yes wonderful...maybe all of the links will work now....I like them so far, now my question is, if you sign up with them, do you also have to sign up for all the little companies they service or is that the 'benefit' of being signed on with res.net?

yes, thats the benefit of signing up ...your are registered automatically

Are you using an AOL browser? Links won't always work unless I use Internet Explorer....

I use IE or mozilla...

It took me awhile to figure out it would only work on ie. Give it a try and see if its just mozilla....

Note sure that is exactly true...Some of my clients use their own websites for BPOs but use res.net for listings. Yes you are available to accept work that comes up on res.net if you are signed up but that doesn't mean they necessarily pull their agents from the res.net database only. Both my clients I was signed up with them first and doing BPOs then got listings.

Question for RESNET veterans:

I am working on my first REO listing thru resnet. I am at the point where I have received and signed the RESNET "Exclusive Auth and Right to Sell Agreement".

Do I upload to RESNET the disclosure statements my broker requires to be signed by the seller as in a typical listing?
Also the MLS in FL requries the seller sign the MLS data entry form. Do I upload this to RESNET or are bank owned properties somehome exempt from this?

I did ask my broker..but he's not sure.

STEW, I'm not sure you could upload your disclosures to RESNET unless there's a task on the list that let's you do it. For example, the CFK agreement can be uploaded as a PDF file because the task is on your list. I think you would just email your AM those disclosures.

You should probably email them the MLS form to sign as well. I don't know how FL operates, I'm in Cali.

GRR...why do they limited you in the comments section when you are trying to do a bpo!?! I have a story I need to explain in the comments and of course it is just cutting it all off..don't they understand I need to explain things..because I do not want my AM calling and saying I need to be more detailed...companies really need to let comments be unlimited..**end rant**

can you type up a text document and upload it as a pdf?

newbie alert. I am working on two reos for them. My first 2 reos ever.

I have lots of question.

Do you only sign the agreements once? I've signed them for my first but not the second. I've done the occupancy check already and will rekey tonight and do the bpo tomorrow on the second, but no agreements. Does this seem right?

Yes, that is right.

Occupancy check, rekey, then bpo. Appraiser usually comes out on mine sometime in between all that.

You can't sign the listing agreement til they have a value, right? So your bpo (and appraiser if there is one) come first.

Good luck!

Thank Concepts05. I'm worried I'm going to screw something up. I did things in a different order with the first, but the second is Fannie Mae so I guess that in itself may make it different.

Spesking for myself only, it has been worth every penny.

I need to follow up on payment from Quandis and had an email crash. Lost their website. Can anyone help me out. They still owe me for 4-BPOs. Last email I received stated I hadn't sent my W-9 (though I have twice now) but I lost the email from the woman who sent it. Thanks.

After paying the fee for RES.NET back in February, I was wondering if I would ever get a listing using the platform. Yesterday brought good news, a new listing and they would be using the RES.NET platform. Glad I am going to recoup my investment.

By the way did anyone notice the new tab once you login (it wasn't there yesterday)?

I have not got anything from them yet. keeping my fingers crossed

Hello...I registered with Res.net back in 10/07 and took me 6 months but I have a few, and they have been great to deal with. If you have received anything, just hang in there and send an occasional email bugging them.

No new tab for me....what does it say?

Oh...and congrats on the listing!

This post confuses me...RES is a platform, they don't assign listings AM companies do...So I don't think emailing the REsnet tech would help you get listings...

No...but emailing USR** does. They're the ones everyone is debating on whether to do the free BPOS for. They use the res.net platform.

I believe thats who we're all talking about emailing (at least I am)

I am already doing free bpo's for USR** should I have already signed up with resnet?

Or should I wait until they give me a listing?

I just got assigned a 2nd BPO Task through them $75. I signed up with them about a month ago and have done 1 free bpo through usres. No listings with them yet though.

I just registered with res.net. I was told by Goodman a few months ago that I needed to do that in order to upload their reo info. This thread has convinced me that it is worth trying.

Gotta agree that this was the best $250 I've spent in some time. Signed up when a listing was transferred to a comapny that used this platform. Sold that listing right off the bat and have since received a pretty steady inventory from two companies that use this platform. It's easy to use, too.

I was debating on signing up with res.net, thanks for the feedback. Do you know which banks use res.net platform??
I called Wachovia today and they said sign up on res.net??

Slick question ReoResourceTeam....

What do you mean by slick question???
I signed up with res.net yesterday. during my research I noticed certain banks use reotrans, disposolution, realtrans, and like I said I found out Wachovia uses res.net. I in know way was trying to be slick? Maybe I miss understood your remark.

I guess it all depends on your location and how many agents are in your area. I signed up a few months ago and nothing so far. I have had more people contact me from REO directories than from RES.net...

do you put exact amount in the closing costs or just an estimate on the agent offer sheet in the system?

thx

Please read the input page, it clearly states do NOT include common fees, like title/escrow, they are asking for actual closing costs the buyer is asking to have paid, (like if they are asking for 6% in Nehemiah assistance, etc)

i got it,drink too much wine, got dizzy...thx

When I click on 'Valuations List' in RES.NET, it take me to the Asset Manager Login page - is that normal? Thanks much.

After you have logged in? That wouldn't be normal.

It should take you to a mostly white screen with a small icon that says "Valuations Tracking" and then "Requests Valuations Requests." I just checked mine and it works correctly...

Thank you TB, I just sent them an email about it. That seemed strange, but maybe that is because I have not received any orders as of yet.

Hopefully I can get something going, I would like to at least do enough BPO's to make the membership fee back .

Hi there,,, I have a res... question!!!
If I have already paid the locksmith,,,who should I populate as the payee in order to get reimbursed,,, myself and my Tax ID or the locksmith and his Tax ID ??? and what happens if the locksmith refuses to give the tax ID???

Warren11 - if you paid the locksmith, then you should be reimbursed, use your tax ID.

AGREED!

Thanks jbt ,,,,so I am the payee correct??

no problem stlrockinrealtor ,,, post your SS# n I will :)

let me order that Lifelock service first so im protected!

lol,,,

Does that mean we will be sent a w-2 at the end of the year and be taxed for something we paid for out of our pockets?

You receive a 1099 for services. Keep all of your receipts as they are business expenses if the include the amount in your 1099 the net effect should be zero for tax purposes.

Hi tnugent,,, Thats why I was confused I thought I would get a 1099 and get taxed on it at the end of the year,,, but I guess if you claim the invoices as expenses, it will have no affect on your taxes should you get a 1099 according to my CPA ,,, I use my corporation and my cpa says they will not issue a 1099 to a corp.,,, but I will be in charge of issuing 1099s to various contractors should I pay more than $600 in 1 year to any vendor.

does anyone have more feedback on this issue???

Yes, that is correct corporations are not issued 1099's, but some agencies will send you a statment indicting how much they paid you. As a coropration you should be keeping books, and yes you will want to make sure you send 1099's to anyone making over the limit in the tax year. Keep good books and records, especially gas as the mileage rate was increased for the last half of the year.

thanks KCPAJ I make sure I will from now on!!!

Glad to assist. If you have too many 1099's or don't understand the forms, rules or transmittle make sure you get professional help. Might I suggest Quickbooks, it is cheap and easy....

I see AMs all use this platform their own way.

I'm working w/ an AM from company I can't find mentioned anywhere here and he apparently wants me to just go ahead and order everything at the time needed and am authorized up to certain amounts for all tasks.
Tasks never will show up, but I'm supposed to just keep all my receipts to be submitted and reimbursed at closing.Kinda nervous about this one.Nowhere doesn't it even say I get reimbursed in the event it doesn't close for whatever reason.

As for locksmith on another one, I paid and typed in me as payee, but haven't received check although it's indicated 'paid' for about 3 weeks.
Nowhere was I asked to type my SS#.
Now I think I have to chase down that payment.
I can't afford mixups with bigger cash outlay from me coming soon.

I have to submit invoices to Citi with a W-9. I've never had a problem getting paid. I would suggest you keep the emails tho authorizing payment just in case there is a disagreement at the end.

Thanks that really makes me feel better.

Funny, I just got a citi today.Says they pay all vendors direct.
But I can't really imagine getting the utilities' TIN as required. Does anybody actually get that from all their vendors.
I'll probably just pay all and use my social? for reimbursement?

As for am who won't update tasks, but rather me just go about ordering everything and then get paid at closing, I'm definitely keeping records of email and invoices.
This crap adds up.

I signed up with res.net about 6 mo ago. Nothing! I think it depends on how many agents in your area are already with them.

I have at least four in my somewhat rural area and I have gotten listings from them.

What is wrong with the website this morning? anyone else having probs?

Shout box, VA

I am either really tired or just not understanding how you can upload more than one before and one after photo when submitting expenses for RES.NET. Can some body please help. They kicked back my janitoral/sales clean expense because I didn't have more than one before and after pic. I did but I could only upload one of each since I couldn't figure out how to do it on this program. Anyone?

You should have a separate box for each photo. Upload one, then go down to the next box for the next photo and so on.

It only has one space for before and one line forafter pics. I emailed support and she said that is all that is required by the AM but I could email additional photos. So the ? is why was it rejected for not giving more photos! UGH!

If you have Acrobat Professional you can combine multiple photos into one PDF file for upload - one for before and another for after. You can also use Word to cut and paste all of your photos in one document and print to Adobe PDF. Otherwise you will have to print the word doc and then scan in to get it in a format suitable for upload to res.net.