REO Companies, Asset Management Companies, etc.

By
Real Estate Appraiser with Open House Realty BREA Lic. AR041324

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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Rainer
11,027
Scott Runtzel
Open House Realty - Bass Lake, CA
Certified Residential Appraiser

Regarding Asset Link. I did one property for them with a very sharp, very "willing to listen" Asset Manager and we got the property sold quickly. It was great. But...................................

The other properties I had with them were a NIGHTMARE. One had an almost full price offer and the Asset Manager would not grant a 2 week extension. Buyer cancelled, property was sold at auction 2 months later for $195,000 LESS than it would have sold if the Asset Manager would have granted a two week extension. I complained to the Asset Manager's supervisor and I have never gotten another property since. By the way, another company got the money for the auction sale.

And we wonder why Washington Mutual went out of business.

Jul 17, 2009 05:44 PM #39
Rainer
5,222
Cameron Crossman
Prudential Georgia Realty - Atlanta, GA

I feel your pain!

Jul 24, 2009 01:33 PM #40
Rainer
118,127
Ginger Moore
Wilkinson & Associates Realty - Gastonia, NC

Thanks John for telling us about reodirectpartners.com!!! They contacted me the other day, and I was on here to research them.  I do appreciate your sharing this information, as they wanted $295 sign up fee.  I am not into sign up fees anyway.  Thanks for sharing!

www.charlottelakewyliehomes.com

 http://gmoore.wilkinsonandassociates.com/

Come be my friend on Facebook:

http://www.facebook.com/charlottelakewyliehomes

Jul 25, 2009 03:39 PM #41
Anonymous
Anonymous
Wingard Construction Inc.

We provide REO board up's, clean up and hauling, painting, re-key and property maintenance. we have been serving the bay area for well over 13yrs and provide fast clean work.

 

Concord,CA 94520

925-689-9322

Aug 05, 2009 02:52 AM #42
Anonymous
Anonymous
Rusty Vaughan

Cameron Crossman should be able to feel your pain. His home was repossed from himself and his mother. He couldn'r even short sale it. It was trashed. Now you have him in your town! Good luck with that!

Aug 21, 2009 01:05 PM #43
Anonymous
Anonymous
Barbara Curry

Does anyone have any information about REOPREP? Are they a good company and will they assign listings?

Aug 24, 2009 03:14 PM #44
Anonymous
Anonymous
Scott R.

Regarding REOPREP. I have NEVER heard of them. I looked at their web page and the FIRST thing that stands out is they have NO address, just a phone number. That should be a RED FLAG.  

REOPREP Certified? Never heard of that either. Let me say this....ANY company that wants money UP FRONT, in my opinion may not be something an agent wants to pursue. Save your money people. Don't pay for listings.

Aug 24, 2009 04:06 PM #45
Rainer
2,878
Allison Mendez
Tampa, FL

I think in times like these we are better off not paying for advertising, and not paying for reff, and just going out the old fashioned way and working. Knock on some doors, and make the contacts we know we need to make!

Oct 09, 2009 01:37 PM #46
Anonymous
Anonymous
Keith

Hi,

 

My name is Keith and I'm with Premiere Property Preservation. We offer many preservation services for Residential and Commercial properties. We have 17 years of experience in the Property Management and Remodeling industries. One of our owners is a licensed broker and we can provide REO services as well. We are also licensed general contractors.

Please visit our website for more information at http://www.premierepropertypreservation.com

email Keith@premierepropertypreservation.com

Phone (800)-455-1933

fax (888)-670-1145

Oct 12, 2009 12:12 PM #47
Anonymous
Anonymous
D. Coleman

If any one needs property preservation work in the Detoroit MI area. Call  us at HHY Property Preservation company .

 

404 468 7320

Oct 28, 2009 03:55 PM #48
Anonymous
Anonymous
D. Coleman

If any one needs property preservation work in the Detoroit MI area. Call  us at HHY Property Preservation company .

 

404 468 7320

Oct 28, 2009 03:55 PM #49
Anonymous
Anonymous
Jason Carter

I have a meeting set up with an asset manager after over a year of trying to pick up REO's, doing BPO's, office visits, cold calls. Anyways I guess persistence paid off.... for now. What are asset managers looking for, he said he wants creative ideas  , but in my market homes are selling fast and getting multiple offers fast. Can anyone give me a tip or two about what types of creative solutions he could be looking for when homes are moving regardless?  does he want to hear that I have a team of contractors and property clean up personell to streamline and lower the cost of REO's? or that I have thousands of contacts and buyers ?  

Feb 03, 2010 04:17 PM #51
Rainer
2,878
Allison Mendez
Tampa, FL

I think they want to be confident that you will be able to handle the business, respond quickly, act professionally, and not bug them... Seems to be the basic understanding I have received. I know many of these companies work together and if you get a bad name in one it may spread.

Feb 17, 2010 12:59 PM #52
Anonymous
Anonymous
John B

Call Investor Relations L.L.C. for all of your Property Preservation needs, we cover all Southeast Michigan and Toledo. Insured and 24 hour emergency service   734-846-3303 

Mar 05, 2010 08:19 AM #53
Anonymous
Anonymous
Johnny wishbone......

Does the REO company with all the strict standards, unreasonable timelines and just generally a pain.............Does the name of them rhyme with enlighten???

May 04, 2010 08:41 PM #54
Anonymous
Anonymous
Anonymous

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

May 06, 2010 02:28 PM #55
Anonymous
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

Aug 21, 2010 01:11 AM #56
Anonymous
Anonymous
Don Dewess
I am a Contractor doing field service work looking for companies to sign on with.
Oct 20, 2011 07:20 PM #57
Anonymous
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

Sep 13, 2012 12:01 PM #58
Anonymous
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

Sep 13, 2012 12:07 PM #59
Anonymous
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Rainer
11,027

Scott Runtzel

Certified Residential Appraiser
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