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.