I did a search and did not find anything about this company. I am signing up with them and was curious as to whether anyone has worked with them in the past and whether or not they were worth signing up for??? Any input would be greatly appreciated... Thanks in advanced..

I have the website... I have the paperwork to sign up with them. I am curious as to whether or not anyone has worked with them in the past and whether they are a good company to work with... Thanks for the input though...

What kind of work are you going to do for them?

The forms ask for more information on managing REOs than BPOs But I believe that it will be both... I am not for sure yet. I am going to call them tomorrow and ask a few questions... I will update you.. If anyone has an experience with them that would be great if you would share...

The only thing I know about them is they have HUD listings. It looks like that is most of what their listings are, with few bank listings. You can use their site to place bids on HUD properties in some states. But some of the states are duplicated on www.pyramidrealestate.com. I didn't know they did BPO's. If you are a listing agent for HUD, (in my area), you do the bpo's for free, and you do not get paid for the listing unless you sell them.
I noticed they have no listings in Alabama. Maybe they are starting something else.

I don't know... I had requested information and they sent me a Vendor Registration package... I will keep ya informed...

Please do. We are registered with them to sell HUD homes, but I am not aware of them assigning non-HUD REOs. Will look into it, though!

North Alabama, I don't have any experience with First Preston, however, if you want to get into HUD homes in Alabama, Hooksvanholm.com is the website for HUD listings, training, bid submission, etc.

I have in my notes that First Preston does REOs for BofA. Can anyone confirm that?

I know the website for hooksvanholm... I check in on it pretty often to check on the HUDs themselves... Thanks though!!!

Jollymon- I know BOA listings are on their website, so i assume that First preston is handling them, among others.

Update; First Preston contacted me a few weeks ago to list BOA REO in this area. We had to document our insurance coverage and upgrade some to their standards. The rep has been wonderful (and wonderfully patient with me), and has explained their process so even I can understand it. We'll see how it goes, but I see it as a great opportunity, and I'm excited about it.

They lost the contract for HUD properties here in Minnesota and I noticed that they have no bank owned in this state either (but 4 in Iowa).

But a few years ago we worked with them on a regular basis. Good guys.

Steele in Minnesota

Good For You, Zephyr...keep up the good work and let us know how it goes.

Thanks! I finished my BPO for my first listing for them today- forgot to attach the pictures before I hit "submit" (I've always had trouble submitting)... But I went back in and added them, and it seemed to accept them just fine...
I like a system that allows you back in to fix your screw-ups...

I list the Bank of America properties in central Iowa for First Preston and think they are wonderful to work with. Trash out, rekeying, utilities, maintenence is all taken care of by them. They don't charge a referral fee either! They are my favorite REO's to list.

Zephyr

Congrats!!!

If I remember correctly, you are fairly new to the REO game (last year or so (correct me if I'm wrong))... Seems you've turned into quite the success story...

Jim,
I cannot say I'm very successful yet, but I have been given great opportunities that I'm doing my best on. Yeah, last March was my first REO that was faxed to me from a company I'd never heard of- I had to call and verify that it was real (all the while saying things like "This will be my first time working for you" "All banks have different requirements," etc, so they didn't know how naive I really was. Then I picked my broker's brain for an hour or two, till i felt like I could handle it, and jumped right in...This will only be the 6th major lender whose properties I've listed (several repeats, though), so I've got a long way to go before I actually feel like I know what I'm doing...
But, the First Preston rep has been great, and explained how they work, what they expect, etc. Wish they would ALL do that!

Bumping.....

Zephyr,

Are you still working with First Preston? Still positive experiences? They called me today, and I have to do the insurance adjustments like you did, but assured me that I will have a lot of listings....

Libby,
I still list for First Preston, and I still think they are great. I have never had anyone tell me "we're gonna pull the listing," never had anyone give me a hard time over being human and imperfect, and they have fairly simple procedures. you know what they want, when, and how. They have always listed at or very close to my suggestions, they reduce prices regularly, as needed, and all they make sure properties are clean and ready to show. You don't make much just listing their properties, but we have sold about half in office, so it works out. Who was the rep that contacted you?

Zephyr:

It was Brenda, the broker finder, who called me. Quick question, as I seem to be confused by the commission structure. Does the listing agent end up making 1% of the sales price or 2% of the sales price? She had said listing broker gets 2% and the referral was 1%, but I assumed that was a total of 3%, but the more I think about it, does it mean I only get 1%?

Sorry, dumb question, but I want to see if I understand correctly. Thanks in advance for your help!!

Listing broker gets 1%. At least that's how it works for me. Of course, you can also sell it and then make the 3% as selling agent.

Brenda is great. She is one of the nicest reps I have ever had with any company. They all seem nice. And I love that they have the properties ready to go so quickly. I think you will like them. Oh- they seem to stay loyal. I think they know their commission is not an incentive to listing brokers, and many won't meet their insurance requirements, so they tend to use the same agent regularly.

I'm working on the insurance stuff now. I really hope this pays off! Thanks for all your information. Here's to a successful 2008 for all of us!!!

Bump

Are things still good with this company? Did you have to pay a $99 registration fee?

I was just asked to join First Preston. They said that Fannie Mae only accepts the Multiform and it costs $600 to purchase it. Has anyone had to do that or familiar with Multiform? They promised me 3 listings right now if I do it. Any thoughts?

Regardless of the servicing company you will need Multiform in order to manage FM assets.

I didnt know that about fannie mae. I just got a few of them through a different company.

First preston insurance requirements are crazy. We had to change our General liability to accomidate them. Im hoping it pays off. Brenda is the nicest person in the business I have ever dealt with. She has always been very nice through my long isnurance ordeal.

Can anyone comment on the process of working with First Preston. I've sent in my insurance info and Home Tracker app. What is the timeframe to begin working with them and what is the process like? Thanks for any help.

Bump...anyone?

How did you send in your insurance info? I registered with them but haven't heard anything from them. Are you past that point?

I signed up also with no response!

After registering with them it took about 3 months (recently I recieved a listing broker package) After turning this in in to about 10 days for me to get set-up. I got access to home tracker and was informed to buy multi-forms for bpo listings. So far no listings yet, however the keep saying their expecting to get many in CA from fannie mea.

I might have to check back with them. Does anyone have thier # (pm me with it if you will) Thanks-

I am wondering how you receive the Home Tracker Application, was it throught the mail or by e-mail? I sent in the completed package and have sent 2 request e-mails with no response.

I'm confused about their auto insurance requirement.
Is it just in the case of a company car being used or do you have to include them in your personal auto insurance policy. Crazy.
And who drives clients to their REOs? Geez.

They will have you sign an affidavit stating that you don't have a vehicle owned and resigested by the company for business. This will allow you to get out of the auto policy requirment for additional insurred. Has far as Home Tracker is concerned once you send in your completed package and it's been reviewed you will be sent a hometraker application from your broker coordinator. From her it takes about 3-5 days for HT to issue you a password and account id; which you will recieve in an email. It's been about 3 wks and I still have yet to recieve an order. I did however recieve an email from the VP stating the 48hr turnaround for bpo's is a must other wise the listings will get assigned to other agents, and the need to purchase the MULTI-Forms software for BPO's. I've called a couple time and keep being told they are expecting listings (Fannie Mea) in my region but have not recieved them yet. I will probably give them a call again next week if I still have not recieved anything.

Geez, I sent my application, got the insurance changed, and its been 3 weeks with NOTHING. It only cost me an extra $30 for six months so I am not too worried about the insurance cost.

I sent you a PM

Code breaker.. check ur PM.

socalreman...same here...three weeks and nada. In fact I can't even get a telephone number to contact anyone, only an email. I've sent several emails and they never respond. I guess it's a waiting game, but I thought I'd see something by now considering I'm in a high foreclosure area.

I just came accross this topic. The foreclosure my buyer closed on was handled by First Preston. They were the processors for Countrywide & they were great. Took care of all the issues that needed to be taken care of. I dealt w/them through emails & placed the offer through their site. I really liked working w/them.

ZPCSC,
Can you tell me how long it took until you received the written approval and ratified contract? I put an offer in last week received the acknowledgement etc.

I tried to call them today but got voice mail and left a message.

Thank you,
Juls

I received an approval within 72hrs. It was a smooth transaction. The house was under a short sale for a while then Countrywide took it. We offered listing price w/20% down, I think it was the only offer. A lot of activity but we were the ones that got it. Who is the lender? Countrywide is working fast cause of all the inventory they have (I guess).
Call them & they will tell you who is working on your file then all you can do is make contact via email.

I wanted to find out, I sent them an email ref the lock box not being picked up but they did not respond. I took it w/me since the buyer wanted it out & it had been over a week. Do they bother to pick them up. The listing agent told me it's First Preston's box.

I just got approved andreceived 2 Master contract's to complete from First Preston they said they represent Bank of America and Fannie Mae I signed up with them onlne about 2 months ago?? Can someone tell what there thoughts are about First Preston??

I also was sent 3 master listing agreements yesterday, for BOA, CW and Fannie. From what everyone here has said, they are great to work with. Their 17 pages of agreements are intimidating tho. Glad to hear they are nice to agents.

Yea, I also just received all there packet stuff. For me, it seems like its going to cost me a lot of money because I pretty much work on my own and dont have all these "extra insurance" stuff. I use my brokers license for just myself.

Does anyone have any feedback with how likely listings are if we join? I did a search on their BidSelect site and there is only about 7 properties in my whole county (Orange County, California) and one agent has all the listings.

I signed up with First Preston 4 months ago I just recieved two master listing agreements(18 pages) one for BofA and one for Fannie Mae I will keep you updated.

I signed up with First Preston 4 months ago I just recieved two master listing agreements(18 pages) one for BofA and one for Fannie Mae I will keep you updated.

My insurance - General Star/Landy - won't do the subrogation clause that they demand with their application. FP told me that they will not accept any application packets without the subrogation clause and additional certificate holders on a general liability policy.

I would actually pay another $1,000 to get a new policy that would do the clause if I knew I'd get a listing.

I wonder if they would accept the general liability that I have for my own company or it has to come from my broker company?? Any advice?

broker company

thank you

Has anyone sucessfully gotten their E&O company to do the subrogation clause for FP? If so, can you pm me your insurance company?

I just received their package and my insurance company won't subrogate either. Plus another $600 for multi forms. Seems like a lot of additional money just to be on a list!

I am stuck with the subrogation portion of it, and my broker won't cooperate.

I wonder if this is going to be worth it. I have the packet, but I am a small brokerage and would need to add a bunch of coverage for them.

Can anyone tell me what First Preston's referral fee is? I am going over my master listing packet and want to make sure what I am getting in to.

On the Fannie Mae side, no referal fee. On the BOA side I am not sure as I have not received any work from BOA yet. But.. the listing agent gets 1% for BOA.

So, on fannie mae the listing agent gets the full 2.5%? On my paperwork the agreement for BOA and CHL doesn't state a specific amount but on the fannie mae it says 2.5%.

For those of you who have listings with First Preston... Roughly how long after you were given your access code/password to Home Tracker did it take you to start receiving assignments?

For those in GA and FL, just got an email from First Preston for an invitation to their seminars. Go to their website and click on Training Seminar for more info.