Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on Twitter

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Realtor CommunityA popular online real estate community since 1998!


Advertisements


Sponsored Links
Advertisements
How To Advertise Here
How To Advertise Here

Good Idea!
Realtor Promotion Service

Sponsored Links
(Views)Popular Topics
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 28528402
No new orders today 13144690
Stupid MLS comments. 3359516
What do you know about Froy Candelario, top agent in USA 1235413
Stupid QC comments and BPO requirements. 1107881
New HUD Listing Brokers---Any Update? 1062611
Is there religious content in Buffini class? 850855
Let's talk about our cars 702670
Name that Flick. Great movie Lines. 627851
Most common items found at an REO 625796
Pay it Forward - BPO/REO Tips & Tricks I & II 618299
REOTRANS 466650
EML 459235
Main Street 449027
asset val seminar in colorado 425527
assist 2 sell or 1 percent realty? 356170
HOMONYMS - There, Their, and They're 331652
Evalonline 300210
Land America 285053
Mainstreet 261860
Matched Content
Topic Options
Rate This Topic
#461217 - 04/18/18 10:32 AM REO Expert Plus
tri4sale Offline
Member

Registered: 09/26/06
Posts: 163
Loc: Triangle Area, NC
Anyone have experience with this AM company, trying to find out if legit or not. They have a $450 fee for the website they use.
_________________________
Daniel

Triangle Realty Info, Inc.
http://www.tri4sale.com

Top
Advertisements
#461240 - 04/19/18 10:54 PM Re: REO Expert Plus [Re: tri4sale]
reolady123 Offline
Member

Registered: 01/09/11
Posts: 226
Loc: illinois
This is the third thing I am reading on a similar topic.
I am leary of paying for platforms. Many moons ago, someone suggested or actually did, tell the person to take the $450 fee out of the first commission check. I did the same thing and they have never called me again. I say that because this sounds like a situation where its the same people who scam agents out of their hard earned money. The company disappears, changes its name and then starts calling agents, sometimes the same agents, again. The common thread id that they say that they have two listings in a particular area to bait you. Those areas happen to be in places that we as agents know are affluent. Ergo, high commissions. They take your money and you never hear from them again.

So, you are wise to come here and ask or search first. It has saved me many a times.

Top
#461643 - 06/09/18 06:35 AM NEED ADVICE: REO Broker being taken advantage of! [Re: tri4sale]
mmango16 Offline
Junior Member

Registered: 06/09/18
Posts: 3
Loc: IL
Has any REO brokers used their skill, resources, and TIME to set up a property (esp high end) for listing only to have it reassigned to another agent?

I am a newbie in REO and was assigned a high end property. I did the BPOs, inspections, and even time consuming bids...which I begged my contractors to draw up, knowing they would NOT get the work. When status became "pending listing", because I literally did EVERYTHING over the course of 3 months, they reassigned it to another more "well known" broker! Asset Management company gave some lame excuse about how a more experienced broker can manage the rehab (which bids came close to 400K to get to the top of the market). AM also stated that reassignment had nothing to do with my performance and would not reflect negatively on my chances of getting more referrals.

They listed AS IS with the price point I had originally and strongly recommended. Commission would be around 28K, more or less. What would you do in this situation??

Top
#461644 - 06/09/18 08:22 AM Re: NEED ADVICE: REO Broker being taken advantage of! [Re: tri4sale]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7858
Loc: Vermont's North-East Kingdom
Originally Posted By: mmango16
". . . They listed AS IS . . ."

If that's true (there will be NO Rehab), then why would the AM go on to say:

Originally Posted By: mmango16
". . . a more experienced broker can manage the rehab . . ."

Those may be code words for someone willing to tie up their own capital by paying Contractors in advance of being paid by the AM for the work performed; and then hoping that they'll approve the expense and reimburse you.

Think back on your 3 months and see if you ever displayed a hesitation about using your own cash, or telling them how much (or how little) cash you had available in your pocketbook to tie up in such a questionable manner (because sometimes, you never get reimbursed, regardless of how long you hound them for the return of "your" money).

Watch carefully how this progresses and you may find that the words "There but for the Grace of God go I" will apply.

There's much to learn by watching the mistakes of other unfold . . . . far better than having to learn from your own mistakes !

PS: Maybe they felt bad and decided that they just didn't want to waste any more of your time, given that they had already wasted so much of it . . . . and you had your heart set on doing the rehab.

Confusing to say the least !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top
#461645 - 06/09/18 04:03 PM Re: NEED ADVICE: REO Broker being taken advantage of! [Re: tri4sale]
mmango16 Offline
Junior Member

Registered: 06/09/18
Posts: 3
Loc: IL
No, I had no intention on doing the rehab bc I recommended very early on that it would not be worth it. The property is in a VERY desirable neighborhood in Chicago and although had lots of charm, the comps going towards 1.2 mil were completely gutted with modern finishes, layout, and upgraded utilities. AM would actually expect a broker to pay 350-400K upfront to manage a complete luxury rehab?? That's risky in itself to trust a realtor to do that. They were really anticipating getting close to 1.2 mil in sale...however, an outside broker AM hired had similar BPO to mine.

I am a newbie in REO, but I had investor developers also verify my claims. Thats why I can't understand the politics of this situation. I definitely put in way more of my funds then the current listing broker.

The AM is not a bank and hired direct by clients like Goldman and Sachs.

I need help seeing another angle to this? If I did do something "wrong", I'd like to know. Or if they are just shady? I spent LOTS of time and gas on tasks that I didn't get a single penny for. I executed all the tasks in anticipation of getting the listing. Isn't that why we do all this work upfront??


Edited by mmango16 (06/10/18 10:07 AM)

Top
#461646 - 06/09/18 07:46 PM Re: NEED ADVICE: REO Broker being taken advantage of! [Re: tri4sale]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7858
Loc: Vermont's North-East Kingdom
Originally Posted By: mmango16
". . . I had no intention on doing the rehab . . ."

So, how's that square with:

Originally Posted By: mmango16
". . . a more experienced broker can manage the rehab . . ."

And why would they waste 3 months of precious time allowing for the collection of bids for work they don't want done anyway ?

You'll have to get your answers from the decision makers you're dealing with at the AM . . . . this doesn't appear to be rational behavior.

Maybe someone's just new . . . . and they're worried about the Broker being more experienced ?

I wouldn't be able to, or want to, deal with people whose behavior is so erratic.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top
#461647 - 06/10/18 06:39 AM Re: NEED ADVICE: REO Broker being taken advantage of! [Re: tri4sale]
OverTheEdge Offline
Veteran Member

Registered: 08/24/08
Posts: 1020
Loc: Middle of Ohio
I would be upset, much like you are. I have been in this situation and it is very hard not to question what happened. I will tell you that at this point, I would assume something is going on in the AM company that I am not aware of, politics or whatever and understand that it could happen again. Use caution when dealing with them, as I had a bank that would routinely have me do the CFK, trash out, activate utilities and then would pull the listing and send it to auction. It makes you question your sanity. You said you are new, and perhaps you learned about bids, inspections and contractors while doing all this work. Experience does not put money in the bank but it is worth something. I will leave you with one last dark thought. You had all of the inspection reports in writing putting you in the position of needing to disclose all of this info to a buyer's agent. Does the new agent have those reports and are they in same position of disclosure? The AM has the reports and since they are the seller, should pass this info on to the new agent, but my bet is they have not and the new agent is then under no obligation to disclose defects. Again, dark thought.
_________________________
"No cause is lost as long as there is one fool left to pursue it". Wil Turner

Top
#461648 - 06/10/18 10:00 AM Re: NEED ADVICE: REO Broker being taken advantage of! [Re: OverTheEdge]
mmango16 Offline
Junior Member

Registered: 06/09/18
Posts: 3
Loc: IL
Yes, the inspections indicated an upgrade on all utilities...codes had changed and were operating poorly. Additionally, the foundation was leaking. An experienced contractor would be able to detect most of it. None of these are disclosed in the paperwork attached to the MLS. Just REO and Multiple Bids Disclosure.

You could be right... that's a very interesting angle. Also, I totally forgot until now that there was another agent who completed CFK prior to me. I received the assignment right after.

SHADY! But thanks so much for the insight! I did learn a ton from this experience...especially REO listing process.


Edited by mmango16 (06/10/18 10:18 AM)

Top
#461649 - 06/10/18 03:38 PM Re: NEED ADVICE: REO Broker being taken advantage of! [Re: mmango16]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7858
Loc: Vermont's North-East Kingdom
Originally Posted By: mmango16
". . . there was another agent who completed CFK prior to me. I received the assignment right after . . ."

I'm no super sleuth; but I do detect a pattern here . . . . suck whatever free work they can out of each Agent, then toss them aside, and move on to another unsuspecting contributor who's more than willing to donate his/her time.

How long did that last guy have it in Pre-List ?

Hopefully, the next REO property won't squander another 3 months of your time; or burn any more bridges with your Contractors. Good Luck.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top






Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Search

Newest Members
CShaw, kmajors, alen111, deanne, Cupcakes
30194 Registered Users
Who's Online
0 registered (), 39 Guests and 6 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
Vermont 16
Trouble 16
Mr. Clean 10
Z06Fanatic 10
estatereal 10
T.T. 9
newagent2028 7
HChomat 7
silex 5
Big Kahuna 5
Bigtoe 4
Micah149 4
kerage 4
RonnieEmz 3
jdf21 3
Facebook

How To Advertise Here


This site presented by RNC Internet Services