Ok long story short, I was in contact with an Asset manager from this company Lansdowne Real Estate Holdings, LLC, because of one of the BPOs I did for them through CC.

Anyways he said they are still repairing the property I did the BPO on, however there is another REO property that I can work on that they just finished repairing, just needs the central AC unit and garage re-painted.

He said to do a CMA on the property for a sale price and for a rent price? Why rent?

He was asking me if it would be fine for me since it's about 40mins away from me and that if I would be able to check up on it weekly? I told him I can do it.

1. Has anyone every heard of this company? Anyone ever do work for them? I don't want to get screwed over...

2. Should I be jumping the gun and asking commission amounts or if they charge refferal fees?

3. Any questions I should be asking him?

Any suggestions on what to do or what to expect would be greatly appreciated!!!

P.S. Here is their website:
http://lansdownemortgage.com/home.html

Anyone???

Sorry I have never heard of them???? Maybe ask the AM to send you the listing agreement as your broker needs to have that in her/his files prior to working on REO properties for E/O purposes??? Ask them who is doing the work, so you can keep in touch with them for the repair process, if it is a big company like Safeguard then you are probably safe..Then if you don't feel comfortable with that maybe call CC to tell them what is going on and ask them if this is a regular client and if they could provide any feedback. I have been working for CC for almost 5 years and I never have realized any REO's from completing a BPO from them, or maybe I just didn't know it.
Hope this helps some!

It is common for CC BPOs to result in listings. Mostly from smaller banks, but I got on with CITI that way.

I would just do what they ask, don't jump the gun, and don't ask alot of questions. When you think about it, the answers won't really matter right now, and they like to control the process. Just go with the flow until a) They ask for something requiring money, or b) they ask you to do something that requires you to know the answers. I think the most offputting thing you can do at this point would be to ask about what's in it for you. Don't let your actions reveal your inexperience in the arena.

And a tentative congrats!

The web site sucks.

Thanks for the response TB.

I've sent the CMA to him last night, haven't heard back from him today, hopefully tomorrow? How long should I wait for a response? I don't want to seem annoying to him.

As far as spending money, only thing I can think of is turning on the utilities for them. He seems to have already gotten access to the property (he asked me if I needed to get in to do the CMA, instead of getting in, he sent me pictures of the exterior and interior). They also handled the repairs already too.

Do asset management companies screw over as much as BPO companies do when it comes to paying? (I'm talking about reimbursments).

Anyone else heard of this company?
I looked up on public records and the owner is Lansdowne Mortgage company... Small mortgage company?

I disagree that you shouldn't be asking ANY questions.

Did you at least ask "is this going to be my listing?"

Weekly checkups on a property without a promise of the listing?...I don't think so!

To clarify that: Before I even asked him, he said he needs to put it up on the market ASAP and to do the CMA and we will start the process. He was asking if I list the property would it be a problem to do weekly check ups since the property is about 35-40mins away from me.

I still haven't heard back from him yet...

HR FL I have never heard of this company. When I was called on my last REO listing from the AM for the bank, they emailed me a packet that included their referral fee agreement that I was to sign and return. There were a number of other documents that gave me information on what my job was to be and how quickly I needed to jump when they asked. I reviewed the referral fee agreement and even though it was 33-1/3% which I felt was high, I accepted the assignment and did a vacancy status and BPO immediately. About a monthly later I got the signed listing agreement.

So basically, I disagree. I think you should ask as many questions as possible, especially since alot of these companies have mandatory referral fees. Here you accepted something without knowing the terms. I ask you, would you allow your buyer or seller clients to do that?

S
www.susanbarlow.com

Good thing their name's not Landsup, at least not during this market.

Good point, I'm going to wait until monday and see if I hear from him. If I don't I'll give him a call just to see if he got a chance to look at the CMA (get some feedback on the CMA) and just ask when they will be sending the listing agreement.

Update: I got a call from the AM today and he said there going to end up renting it and aren't going to sell it. He said if I could go out there tomorrow and take some good pictures and send me over the listing agreement...???

I told him, I don't really work with rentals and that it's not really my field and wouldn't be able to push it at it's full potential. I told him if he has anything else he wants to sell I would be glad to help him out with that. I don't think I'll be getting a call back from him, the way he sounded and kind of rushed me off the phone after I said no...

I didnt even know they rent out REOs???!?!?!?

Has anyone ever dealt with some BS like this...???

CMA went to waste... haha no problem, I got my head up and will wait for my next opportunity with an REO. (NOT FOR RENT THOUGH!)

^^^^^^