My real estate partner & I just got started with Indy Mac. We had to sign up with realtor.com enhanced listings,which so far, has not resulted in any benefits to us, and now they want us to sign up for these REO classes that add up to $800. Does anybody else who does REO properties for Indy Mac feel like they are asking too much? Right now, I just can't afford those classes and they said we won't get any more listings if we don't sign up to take the classes. Are other REO companies doing this?

I haven't been approved as an IndyMac vendor. I have signed up for the classes in the hopes it will improve my chances. Default School helped me become an approved REO agent with a PASREO 1 month after completing their course. I'm hoping it will have a similar effect with IndyMac.

IndyMac has accepted me as a listing broker and assigned a property to me. After they made the assignment I got the message about the Default School (still haven't seen anything about enhanced Realtor.com; unless it was burried in the same message and I read past it). It is my intention to continue with the assigned REO but will not spend time or money on Default School or enhanced Realtor.com; if they choose to reassign the listing fine, but I am not incurring that additional expense.

Several have commented that PAS is also requiring the Default School. Well they assigned me an REO after that announcement which I listed and then closed the sale with no questions asked about having completed Default School. Perhaps a record of experience suffices!

What can possibly be contained in these www.realestateeducate.com
classes that makes them so unique and worth anywhere close to the arbitrary high fees that they have assigned to them. Is this proprietary knowledge that can only be obtained through them ? I suspect not !

I suspect this is little more than just another channel for returning more of the real estate agent's income.

No; that can't be true . . . . can it ? I never heard of www.realestateeducate.com before this Summer. I might just be tempted to go to the WebSite and the "About Us" Page and read all about it. I do know that they have never offered any approved C.E. Courses in Vermont or New Hampshire.

I wonder "Who" owns them ? Anybody care to venture a guess ?

This must be some really fancy-schmancy education.

it is called investing in your craft, learning from a national/best practices perspective, and access to training for your support staff. i have taken 4 courses through default school. i have been selling REO's for 12 years and i learned some new techniques that will benefit me financially and will improve my performance.

if you can't invest in yourself then why would a client choose to entrust in your services? Just my 2 cents.

I guess the question comes down to how deep do you want to go with it?

There is some that all they will do and ever will do is REO even when the market shifts and listings dry up.

For me I have different irons in the fire.

It's not that I am not 100 percent competent with REO listings.It's just do I want to be only doing that and nothing else 10 years from now?Who knows??

I think everyone has to look at cost versus reward and make there personal choice.I wouldn't want to outlay thousands just to list IndyMac properties.

I paid for the those DARN classes and no business yet. I think is just another way to make money, but here we are!!!

Do you feel you received some valuable new "Training" that is general enough to enhance your knowledge for Clients other than IndyMac and PASREO ? Or just helpful in servicing "Their Accounts"? If it's the latter, then they should be provided "free of charge" but as a condition of taking on Assignments from them; not as a Profit Center.

If this training were comprehensive enough to be transferable to the management of all properties in default, then the Courses should be titled in a way to make them recognizable to others in the Industry.

I'm sometimes accused of having a bias towards education just for "Education's Sake" . . . . but I don't think this is it !

I'd rather take a short course in Quantum Physics. Might have more relevance to Real Estate.

Nope I didn't learn anything new! But, needless to say I learn the hard way and I become good at doing BPO's for entering to this forum. $498 is a lot a money for something you are know, but like the IMB VP said...it will put your name in front of others!!! Lets see what happens.

It's not like me to Rub Salt into a Wound; but how long ago did you Graduate from their Default School ?


What "List" was he referring to when he told you this ? I wonder if that VP is still receiving a Pay Check now that they have been seized.

I did check NetWorkSolutions and saw that www.realestateeducate.com is owned by a Firm in Tralee, County Kerry, Republic of Ireland.

Dale????

Where did you get your link from???

The correct link is:

http://www.defaultschool.com/

It's not just PAS or Indy that are requiring courses from this institution. You can take the core classes and those are applicable to all companies, then each company has it's own modules.

Setting the record straight!

Probably Brad Iverson at MGIC or Jerry Lashua at Corporate Valuations.

"Real Estate Educate" claims to have partnered with "Default Resources" in creating the entity you now know as "The Default School". They offer the same exact OnLine Courses for IndyMac and PASREO, it's just how you navigate to sign up for them.

If you go to their Site, www.realestateeducate.com I think you'll find many of the Course Titles are identical, including their Outlines. And it certainly looks like the prices match, right down to the penny.

Bummer. Well...if it were me and my money, I'd go with Default and leave Real Estate whatever in the dust. If it makes you feel any better, these courses do not meet any CE requirements in CA and the only classes available in CA are the REO classes. So...no doesn't satisfy any licensing requirements here or in your neck of the woods.

I have taken both the required courses and am working on the IMB course. The REO course may be helpful for someone that has NEVER worked with a REO.

The Advanced Evaluations course has some useful information for me. The IMB course (so far) has been okay and is much better than listening to some dude in India explaining how their website works (I didn't learn a damn thing on that call!)

I'm just sitting around waiting to find out if they're going to take away the property I just completed CFK for them on this morning...
Judging from the mass emails that have been going back and forth over these courses during the last week, the other brokers in my area are not signing up either. Maybe they'll pick up newbies in the area who are willing to pay?
Does anyone know if there's any truth to what one of the emails said today about Mike Ferry agents?

CanDo I went to the Default School site and that one sent me to the Realestateeduacate site. As soon I signed up...monies were deducted from my bank before I closed my eyes. Like I said hoping that one day to receive a call.

Lor63---no, there's no truth to that. It was just a joke. Mike Ferry is one of those real estate "coaches" who advocates using realtor.com to get buyers and listings.

Question for ya'll - If the REO king in my area get's IndyMac listings, is it worth my while to take the classes to get approved so I can get listings? Do they spread them around? I don't want to waste $800 and then find out that the REO king is going to be getting them all.

Jbt,

If you havent signed up for the class, I think its too late because the letter stated that we had until Aug. 25 to enroll. Maybe that's changed, however, I am taking the classes, like I have said before, if it works great, if it dosen't then its a tax write off. I will tell you that the courses are very informational and since I have never had an REO listing, it's very eye opening.

SoCal - I got an email that they were extending the deadline until September 15th, so I am debating if I should just do it or not.

Sept 15 to take the classes, even if I'm not approved with Indymac?

Would that be ok?

I can see why people could be a little confused: The posted Toll Free Numbers for BOTH The Default School and Real Estate Educate are one and the SAME 1-866-790-8232 and so is the Customer Support Number 1-636-720-1480.

If they share a Phone, I suspect they know one another PRETTY WELL !

September 15th to signup and pay and November 25th to complete the courses by. I'm not approved either, but my application is pending. My email says if you take and complete the course and your application is pending, then it will be approved once the classes are complete.

What happens is if you are on the Default site and click state courses it kicks you over to the other site. If you stay on the respective sites the contact numbers and addresses are different. There was some discussion awhile back that Default and M2M were part and parcel the same....

It's a sham if you ask me just another revenue generator for the banks. Anyway to curb there losses on selling at our expense.

I make alot more on purhasing them than listing and selling them.

Well, regardless of whether you are thinking about signing up for this RDCPro™ Certification (REO Default Certified Professional Designation) through Default School or directly with the people who conduct the Online Classes - RealEstateEducate, I think it important for you to bear in mind that the Initial Certification is just the beginning of your relationship with "THEM".

This has been designed as a fairly sophisticated mechanism for separating you from your money. The RDCPro™ Certification must be renewed each year. To maintain your RDCPro™, you will be required to take a total of 9 hours of additional REO training and education annually. You must complete at least 6 hours of Core Credit Hours and 3 hours of Elective Courses. Of course, the only place you can take this additional required education is through "THEM".

A few Thousand Gullible Students X Several Thousand Dollars (over a couple years) = A few Million Buckaroos for "THEM". Hey, why not ?

The Cirricula has not yet been written, nor have the Fees been established for these additional Annual Required Courses; but based on the Fees for the INITIAL RDCPro™ Certification, It Won't Be Cheap. And of course, as a Monopoly, and now, with a "Captive Audience", what incentive will there be for "THEM" to make the Online Courses cheaper ? Not much.

Nine (9) Additional Credit Hours per year would actually be more than I am required to accumulate to maintain my Vermont Broker's License: 16 every two (2) Years. Pretty neat, Heh ?

I commend the complexity of this one. There are lots of other ForeClosure Training Schools and REO Certifications coming down the Pike; and they'll probably be structured just as elaborately, to make money for "THEM".

Well, just read the Fine Print. Forewarned is ForeArmed !

That's true Vermont, but everyone is charging REOTRANS, REONETWORK, REOSOURCE, RESNET etc.

We stand to pay for someone's Benz and some... that is for sure. Yes, they are extending the courses, I am chosing NOT!!!! no more money, I was feeling like a monkey. Someone who is a big REO king said something to a friend of mine, it was, " these arents are so pathetic - spending money, like this, U have never paid for sites and courses" That woke me up big-time. I know too many people who are approved and have not gotten listings, I don't want to "pay" to sit on the bench I can sit on anyway. I am finding chasing this REO Listings had been taking far too much of my time, now I have so much business, I can't believe I let all those months go by concentrating just on REO's. Look around and you are sure to find alot of other business, and guess what, I am not paying for any classes.

On the flip side, should you pay, we have it in writing that this magical computer program will now do the selection process. How about a class action suit once we see that the REO Kings are still getting all their listngs even after 50,000 agents paid them to sign up.... I think that woth Indymac's reputation, some judge may just be apt to award agents who take them out on a class action from false promises, and false advertising. Mark my word, check it out in about 3-4 months of charting it, who will really have the listings.

I'm not paying. Forget it. Do they really think we're stupid enough to think they extended the deadline to be NICE? Please. They extended the deadline because agents are taking longer to come off the cash they were so willing to pass out when they got started.

Now, while other companies may be charging fees....they are moderate fees in comparison.

This is about education and when spread across my team the cost is very affordable. I don't mind an investment in my team when I receive something of value back, which I did in this case. Some of the other fees forced on me for zip codes, invoice processing and crazy high referral fees that I mind.

The cost is less than one jr. college course to train your entire team for Pete’s sake.

Another VP at IMB "Bites the Dust" he was my contact there and now he's gone. I wonder if he knew all along about the merge with AHM and took a different road instead of being fired.

Did I miss something? I knew Option One and their disposition arm (First Option Asset Management) had merged with American Home Mortgage Servicing but thought IndyMac was under government control now.

Let me rephrase that AHMI will be using Prospect Mortgage who is formed by many of the IMB's people.

FOSQBJ.

That is great that it works for you and your team, but many of us are independent brokers who must pay it all ourselves and it only benefits ONE.

I meant no disrespect. Sorry.

Assetlink is requiring Default School training as well.

yes, but if you have taken the valuation course with another default school cliet you are good. you would not have to take it again. read below

"If you already completed any Default School course, you may use your existing login to access Advanced Evaluations. If you already completed the Advanced Evaluations course, there is no further action required of you. Default School will notify us of your course completion, which will fulfill our Advanced Evaluations training requirement."

this was in the email i received. seems square to me

Hey, I got my first assignment with them...I think the course pays!

When did you get your IMB assignment? Anybody else feel like they may be holding back assets?

Three days ago!

I gotta finish my course, been busy, WTG Recovering

I met with a Prospect Mortgage rep in my area the other day(Indymac requires their listing brokers to use the lender phrase in their listings)and she told me that Indymac was negotiating with AHM, Countrywide, & Wachovia to service their reo's. She said AHM had acquired over 18,000 reo's in my area alone. I get a ton of listings from Indymac. When I sell one, I get another, and the cycle continues. I completed my default school classes last week. A couple of hundred dollars is no comparison to the thousands that I receive from just my Indymac listings that I sell. We have a lot of Indymac reo agents in my area (MD). We all receive the max quota allowed. It is just a matter of getting them sold and getting more listings.

SG1,
I got an email from AHM stating that they are piloting a program with Prospect and that their Mortgage reps would be calling us individually to set up appts for same but I did not hear anything about Indymac negotiating with AHM to service their reos. Ughh. Just when I get the hang of DARES! I did have one of my FirstOp/AHM listings move to PhoenixAM though so things are moving around. I had completed the Default training a year ago (same courses) for PAS. It will be interesting to see which direction this goes in. Hey, come to think of it, I also got a similar email from Ocwen about Prospect...

Nini,

Ocwen will interlace with Nationstar Mortage...I think this is the time for every company to re-structure their business.

Anyone else heard about IndyMac neg. w/ AHM, Countrywide & Wachovia? If this did happen would that mean that the IndyMac approved agents would start getting the Countrywide, Wach. etc? That would be great>>>I can't get in with Countrywide but I do all the Indymacs in my area:) If anyone has any info please let me know

I was getting several Indy assets a week until the FDIC went in. I got my last one on 7/31st. Since then i haven't seen one. I'm really wondering why i took those default training classes. My lending partner tells me that Prospect has partnered with AHM and Morgan Stanley to sell their REOs. Apparently my Prospect lending partner will be able to give a 5K buyer credit and all offers must have pre-approvals from that lending partner so he's really excited about the potential here. So far it's all a lot of talk and has not translated into one new listing. For those Indy REO brokers, are you still receiving regular assets through Indy?

Never heard of this, and wonder how that would work?

REO Duchess, we are having the same experience here. We still have the assets we had prior to the FDIC coming in and we did get a couple of new listings for assets that were previously in pre marketing but we have received no new assignments since July.

Anyone have anymore information this merger?

I completed default school as well and am signed up with IndyMac. How long does it normally take to get listings or do you have to contact someone on the inside?

galestorm...you are probably MUCH too young to know what I'm talking about but I used to love "My Little Margie" when I stayed home sick from school LOL

I watched Gale Storm in "Prime Time". Wasn't her Boss Mr. White ?

Now get back on Topic !

Galestorm, i don't think there's any "normal" since it appears that those of use who were regularly getting Indy assets haven't had any new assignments since the FDIC went in. Now with the new fed bailout program i have absolutely no idea what will happen but i'm pretty irked that they signed all of us up for this default training. i can't figure out what for???? it really bothers me because we work very hard to get their assets marketed and sold and they can't even send a mass email explaining what is going on. That's just not how i do business.

This should be in another topic, but since some of you are talking about FDIC...one of my contacts from a very reputable REO/BPO company said that FDIC will be disposing some of the acquired properties and they definitely will be outsourcing pretty soon.

Are you talking about them outsourcing IMB's inventory?

Any inventory that they get on their hands. The source didn't specify a single lender at this point.