REO Companies, Asset Management Companies, etc.

By
Real Estate Agent with Century 21 Ditton Realty

Here is something new.

I have been selling REO's for quite a while now. And for many different companies. But one company recently gave me a task and I said "no more".

The asset management company assigned me a property. I sent my crew to do the trashout and paid them their $500 and submitted my invoice for reimbursement. Then we did the interior clean. I paid them and sought reimbursement. Same with the yard care. Etc., etc.

So then this asset management asks me to get "2 bids to remodel the kitchen, paint the interior, replace the flooring, etc., etc. and get the 2 bids from contractors within 5 days".

I tried. I really tried. I called several contractor I know and worked with before. They said no. They were done bidding and not getting the work. Then I started in the phone book. I got a bunch of no thanks. They said they were tired of bidding on REO's and not getting the work or the seller would use the bid amounts as credits in escrow for a buyer.

I finally got one bid just after the 6th day. (Please note I was in contact with the asset manager and told her 5 days was SHORT notice). I sent her the bid and the first word out of her mouth was "where is the other bid"? Not a thank you, when might you have the other bid. It was 'where is the other bid". I turned the question around and asked her if she expected me to pay the $15,000 to the contractor and seek reimbursement from the asset management company? She said yes, that is the way they do things. It took me one second to process that bit of information and tell her "NO". I don't want your listing. On this house I might have made $3,000 to $6,000 in commission, when and if it sold. And they wanted me to front over $15,000 for 30 to 60 days for them, a company I know very little about, a company who fights me over a $300 locksmith charge, a company that takes well over 60 days to reimburse me sometimes.

I was mad. I told myself I don't want this companies listings anymore. I sent them an email and said no more, thank you very much. I had sold two homes for them and received 2% of the selling price as the listing agent on two homes that were well under $200K.

I REALLY enjoy working with Countrywide and Wells Fargo. They do business smart, they treat their REO agents like humans, they listen, they reimburse in a reasonable time, etc.

This other company treated me like I was trash, expected unrealistic timeframes, reimbursed so slow I wondered if I was ever going to get my money back.  

The object of this story is to vent and tell all the other REO agents that might read this, don't let these small asset management companies treat you badly. It is not worth it. I work 7 days a week, often until well past 9pm in my office and always do the absolute best I can for every asset management company, lender, bank, etc., that I am working with. Most of the listings I have had in the past 12 months have been sold in 60 days or less if they are priced correctly.

OK. I'm done venting. Have a great year!

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Anonymous #55
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Anonymous

LOL. It would be "bright" of you to say something so right "on".

May 06, 2010 02:28 PM
Anonymous #56
Anonymous
Lee Armstrong

I am a home inspector, looking to get in the game... What is the going rate for a typical BPO inspection?? - in the Metro Atlanta, GA area ( or any where else under HUD Guidelines) Lee Armstrong, 770.331.3298, homesensetruth@yahoo.com

August 21, 2010 01:11 AM
Anonymous #57
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Don Dewess
I am a Contractor doing field service work looking for companies to sign on with.
October 20, 2011 07:20 PM
Anonymous #58
Anonymous
Natalie

I AM NEW OWNER OF A PROPERTY PRESERVATION BUSINESS. I AM LOOKING FOR PROPERTIES FOR TRASH OUT REMOVAL. WE DO PAINTING, DEBRIS REMOVAL, LAWN SERVICE, LOCK CHANGES, ETC. PLEASE CONATACT ME FOR TRASH OUT SERVICES. NATALIE 678-533-9549

September 13, 2012 12:01 PM
Anonymous #59
Anonymous
NATALIE

I AM NEW OWNER OF A PROPERTY PRESERVATION BUSINESS. I AM LOOKING FOR PROPERTIES FOR TRASH OUT REMOVAL. WE DO PAINTING, DEBRIS REMOVAL, LAWN SERVICE, LOCK CHANGES, ETC. PLEASE CONATACT ME FOR TRASH OUT SERVICES. NATALIE 678-533-9549 IN THE GREATER ATLANTA AREA

September 13, 2012 12:07 PM
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Rainer
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Scott Runtzel

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