"LAMCO". Anybody every get a listing from these guys? I've got 3 "pre-listings", one of which I've had for over TWO YEARS. They called me today complaining that I haven't done the interior on the new pre-listing, which they can't even tell me whether or not it's gone to sheriff's sale yet. Asset manager told me it was MY responsibility to know when the sheriff's sale was (it's not even on the list yet). Any input??

I also have 3 that I've been doing monthly occupancy inspections on. None of mine is scheduled for sheriff's sale yet either. I haven't had any of mine for as long as you have (although one I did a BPO on last year, did a couple of occupancy checks and then the owner got the mortgage current so they cancelled my drive bys- now they must be behind again because it's back on my list). I hope they become listings, but you never know.

I have done the same thing for these people. "watched" some of them for 6-12 months, then they disappear. I have never gotten a real listing from them.

Just got a phone call from them. They have "re-assigned" my pre-listing because I refused to trespass onto property that has not even been foreclosed on yet. I told them to re-assign the other 2 as well. I don't want to work for someone like that. They said they had found someone who would "cooperate". Sometimes the lack of ethics just kills me.

What did they want you to trespass for? Was it for an occupancy check? There is no way you could have done an interior on it if it is occupied and the owner is not willing to allow you access. How do you guys find out when the sheriff's sale is? Would this be the auction date??

They wanted an interior BPO. The property is a "weekend" type place, and I couldn't get them to understand that. Just because no one "lives" there, they think it's ok to ask for it to be rekeyed and an interior done. Our sheriff's sales are posted on the internet site for the sheriff's department. But this one hasn't even been foreclosed on yet! So legally speaking, the mortgagor still owns it.

That's a good way to get shot. Are they crazy?

I also had a company ask me to re-key a little premature. I refused. The AM told me she would find sombody else to do it.

I'm always surprised at what some agents will do to get a listing. Obviously they got someone to agree to do this, even though it is illegal and unethical.

I just got a premarketing on one, did a drive by looks vacant to me, so i tagged it with my sticker (notice this property has been found vacant..................) I will drive by again in a couple of days, if everything is the same it gets secured..people need to read all those papers they sign at closing..(lender has the right to secure there intrest if the property is deemed vacant / abanded

What do you do if, like the one they assigned me, it was not a year-round residence? If it hasn't gone to sheriff's sale yet (mine hadn't) wouldn't that be considered breaking and entering?

OH REO -

I'm not sure about Ohio, but I had a Captain with the local Sheriff's office tell me that if the owner of record didn't authorize me to enter the property - it was, at the very least, Trespassing.

He told me, when the bank takes possession, legally, then I can go in. But until the bank takes official custody of the property - he told me to keep my you-know-what out of the property. *saluting* "Yes, sir. I'm outta here."

I told the AM what I was told by the cop, and she said to obey the officer. Duh!!!!! No kidding!

I was just reading a mortgage for MN, (Fannie Mae), and it states that the Mortgagee, or its agents, may enter and inspect the interior of a property with resonable cause. Lender needs to give notice at the time of or prior to the inspection specifyiing the resonable cause.

Also it says if the borrower has abandoned the property, the lender may do and pay for whatever is resonable to protect the lenders interest in the property, including assessing the value, and securing and or repairing the property. Securing includes, but not limited to entering the property to make repairs, change locks, replace or board up doors and windows, drain water from the pipes, fix code violations or dangerous conditions, and have utilities turned on or off.

So, I assume you could ask to be provided with a copy of the mortgage, and proof of notification of the borrower and go in, if the correct verbiage was in the mortgage. If the cop shows up, give them the documents that say the borrower has given permission. Obviously this is not legal advice, or copied word for word, but I found it pretty interesting.

The protection of the lender's asset, the property, is found in nearly every mortgage document. Remember that these mortgages are sold back and forth so the language is pretty much the same all across the country. Going into an occupied property does get a bit tricky and one would really want permission of the owner, but if a property does appear to be abandoned one can go in after making a reasonable effort to make sure no one is still living there. Then if it is, in fact, abandoned I always double check with the AM to make sure I am to rekey and secure the property. Even so, we will post the property so that the former owner knows who to contact should there still be personal effects in the house.

Steele in Minnesota

I understand what you are saying. But the owner was NOT going to let me in under any circumstances. The sheriff's office showed up, and politely told me to keep my narrow @ss off the property - even though I told him what the circumstances were. He could not have cared less, and I wasn't going to risk being arrested - not for $75 anyway *s*

And, to be quite honest, if the shoe was on the other foot, I probably wouldn't let a representative of the lender in my house without a court order if faced with similar circumstances.

If the cops want me out of there right now, it's like the song says "Gimme three steps and you'll never see me no more."

ohreo I work in the city not the country. lol I have been doing this for a few years, i can almost tell you when the last time someone was in the property......thats why i tag the door , front window when in doubt. I carry the paperwork with me just in case. i good 1 to remember is the door was already kicked in, the windows were broke, then you are protecting the banks asset by securing it...

So, has anyone here every actually gotten a LISTING from these people?

My question as well - Anyone ever actually get a listing from them? They contacted me today to do an occupancy check.

It was a waste of time anyways. Why keep going and doing occupancy checks WHEN THE BANK DOESN'T OWN THE ASSET? Who lives there? The owner of course! IMHO the asset company put the cart in front of the horse. Foreclose on the dang house and THEN see who's living in your asset.

I got a listing from them. I re-keyed, trashed out, did the BPO...then was told it was going to a bulk auction and no further action should be taken. Never made it to listing.

Fortunately they have contractors bill them directly so I wasn't out anything except my valuable time. I just hope they pay my contractors!

I just had the same thing happen to me with one of theirs. However, it didn't sell at auction, so I'm getting it back. They did pay all of my contractors quickly, so no problems there.

I am not real impressed with them either. I had 3 pre-lists with them. One was in a very bad area, you had to park and walk about 4 blocks to get too the house. There was a bridge was it was deemed unsafe and blocked off. I went thru about 6 months of occupancy checks ect for them, then they all reassigned them because I could not find a locksmith in the area to resecure when it was not even empty. They kept calling me wanting to know if I had posted the property for sale and if no, why not?? Why not...the owners are still there and this is deliverance country and yes I would like to live another day...never heard from them again and I am glad. BIG WASTE of my time!

Angie

When you do the occupancy checks are you getting paid or is that just a Courtesy and if you are getting paid how much?

The monthly drive by/occupancy checks are a courtesy. They only pay for the BPO.

Same here.

has anyone heard anything from these guys lately? I have done a few bpos for them, they have paid me 65 each for exteriors, and they say they do listings too...

sorry buddy. i signed up with them and have not received any assignments from them. i called and let them know that i was available and that i wanted work. they said that they don't have assets in my area. watevers...

I just completed a BPO for them through FDI on a house that is going straight to auction. I have tried to make contact with the AM on it but no luck.

ok, thanks i wont hold my breath.

Gosh, I've had one in prelist since latespring/early summer. They keep telling me it hasn't confirmed yet. It's been vacant for over 1 1/2 years. I keep wondering if it's ever going to go to list? Not sure if it's a great sign that many of you guys have had the same issues.

Ok, I'm starting to wonder...Has anyone actually listed any properties from them? My AM is really nice and so is the other person I've spoke with, but I'm starting to feel as if they are just wasting my time with driveby, inspections, billng, ect. And they aren't even sure if I will get the listing? Any comments would be appreciated.

I've posted this before but I'll do it again. I received two assignments from them, did all the pre-list work was sent that e-mail we all LOVE to get that said they were ready to list and that I was being passed off to some other contact. The next e-mail was that it was being pulled for auction and to do no further activities.

They were always very nice, they paid for any expenses incurred, but I was never compensated for my time and effort and felt like I basically provided free local property preservation services as well as valuation for them when I probably never was going to have an opportunity to market the property and earn a commission.

I received the following e-mail June 27th, but haven't received an assignment since then.

:::start paste::::

LAMCO is very excited to debut our revamped Property Preservation Dept. In the past, LAMCO has relied heavily on our real estate agents for property preservation. This relationship has always made sense because we would compensate your efforts by giving the listing to the agent that assisted us. Since auctions are so prevalent now, this affiliation no longer is feasible, especially for our agents.



In an effort to reduce and eventually eliminate the amount of properties that get pulled from LAMCO and our agents, we have established the Property Preservation Dept. In the first month of operation, this dept. was able to give us a 40% reduction in the number of properties pulled for auction. Also, this dept. will now be coordinating and utilizing contractors directly for all property preservation. We will continue to call on our agents for BPO’s and you will be compensated when BPO’s are completed within required timelines. We may also be calling on you to complete relocation assistance and/or evictions. You will be compensated for this service as well.



If properties are unsuccessful at auction, and currently 44% are unsuccessful, the property will be returned to LAMCO. The agent involved with the BPO, relocation/eviction assistance, etc. will be the listing agent. Please keep in mind, not all of our inventory will be auctioned. However, with the growing surplus of foreclosures, this has proven to be an effective way to liquidate in bulk low range assets. Traditional marketing through our real estate professionals on higher end assets will still be in effect.



Our goal is to have a system that will allow LAMCO to call on agents to do what they do best. Sell properties. LAMCO will, going forward, coordinate all the time-consuming property preservation needs. If you have a long-term relationship with any quality contractors, we would appreciate you referring them to our website where they can register all the services they provide. If you are currently assisting with preservation efforts, please continue to coordinate with your LAMCO rep to insure all preservation needs are completed.



We want to thank you for your commitment and understanding as we implement this new department and internal changes.

::::end paste::::

Realtormama;

Your action will depend on your situation. If the property is far out and costs you several hours a week to check on it, if you have capital tied up in it, if you have other more important things that need done, and perhaps if you feel you can tactfully ask them if they can show&tell you about some other properties they have listed with other agents.

They check us out for good reasons, so it makes sense for us to check them out too, for just as good reasons, just be tactful.

Well forget all I wrote since the post above pretty well paints the picture - but that is what checking them out produces and I can see both sides. 'Now Fish or Cut Bait' - It would be nice if they were more upfront with their agents - but this field is changing so quickly they probably didn't know what they would end up doing.

I received that email too, and I called my AM right away, because I wasn't going to let my contacts that have been mowing and rekeying ect get screwed. She told me this wouldn't affect this property since they don't have alot in this area so no need for their own people to do the work. And that I would still be listing the property. Well I've been told numerous confirm dates, and it still hasn't confirmed and it's going on six months. The house has been vacant for over a year and a half. The only reason I'm pushing it is because now they want winterization, they keep wanting things done, and I'm just their free worker. I don't know, how long do I hold out.

They were a total waste of my time! They had me babysit a property for 7 months. Completed Re-key, initial/recurring lawn care and trashout. They finally asked for a BPO (from pre-list dept) and then an updated BPO 3 weeks later (final BPO, going to list with you next week). The very next day after I submitted the "final" BPO, they pulled the property to go to auction. I know that they intentionally used me for the final BPO with no intention of listing it with me. They just wanted a "free" final idea of the value before the auction.

I had to threaten filing a lien in order to get my final reimbursement. They kept saying that they had mailed out a magic check that must have been attached to a boomerang, because it never got to me. The accounting department was caught off guard when I asked them to provide me with the check number. Um, uh.. I don't have that information. Yeah, right! I told them that I must receive the check within 7 business days or we would have to file a lien. The auction was scheduled for only 2 weeks away. Whata ya know... the check magically appeared in 4 business days, postmarked the day after I called them!

In talking with others in this business nationwide.. they are generally considered to be time wasters!