Ocwen REO Listing with no agent!!

By
Real Estate Agent with Realty Executives

I was gathering a list of properties to show to my new client yesterday and stumbled upon an Ocwen REO.  The listing broker is listed as Realty Outsourcing Solutions Inc and the office number for the listing office is a 1 800 number. 

I called to inquire if there were any offers in on the property and to find out more about the repairs mentioned in the listing remarks. 

I called the number and got someone from India.  I could barely understand him.  And the it was extremely frustrating and slow with the whole decorum and polite small talk these telemarketers always use.  In the end, I could not understand half the things he said and he could not understand my questions.  

After further review I see that in order to submit the offer you have to go directly to the Ocwen site and upload the offer there or send it to a 407 fax number which I believe is in Florida. 

After reviewing our tour for the day I decided to show other properties that better suited my client and we wrote three offers with one accepted today.  I'm grateful I didn't have to end up going through that whole process.  I'll keep an eye on that property to see if and when that home closes.  In my opinion Ocwen is just shooting themselves in the foot doing business this way. 

Posted by

Susan Manning

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Rainer
7,598
Steve L. Silva
Steve Silva, Delta Properties - Stockton, CA

I'm curious. How did you find the Listing? Were they able to list it in you local MLS?

Mar 11, 2009 02:55 PM #13
Rainer
51,194
Susan Manning
Realty Executives - Temecula, CA

Steve, it was in the MLS.  I was looking at properties for a buyer. See the referenced company above.  I assume the company joins the MLS as an entry only type of broker and goes from there.  I guess there may be some draw backs to having a statewide MLS with everyone having access to all listings. 

Mar 11, 2009 03:02 PM #14
Rainer
51,194
Susan Manning
Realty Executives - Temecula, CA

Here's something interesting.  Wouldn't this apply to Ocwen a loan servicer???

Daily Real Estate News  |  March 13, 2009  |   Share New Law Permanently Keeps Banks Out
President Barack Obama signed a bill into law Wednesday that permanently prohibits banks from entering the real estate brokerage and management business.

The bill--H.R. 1105, the Omnibus Appropriations Bill--ends the National Association of REALTORS' nearly eight-year battle to preserve the separation between banking and commerce.

"If banks had been allowed to engage in real estate brokerage, it would have created anti-competitive and anti-consumer concentrations of power within the financial services sector, which would have ultimately increased costs for homebuyers," according to an NAR resource page it has devoted to the issue.

Mar 13, 2009 02:18 PM #17
Anonymous
Bill Byrd

I was under the understanding that OCWEN was own by a foriegn company to boot! The real crime here is that whatever the asset manager is it seems that we can rarely talk to a decision maker. This is a real problem!

I recently was marketing a REO from a company that finally turned it over to a auction company and the auction company produced an offer $10k below a contract I presented that they had turned down 3 months earlier! the whole time it was listed they kept the price $20k over my bpo updates! They don't listen to the experts!

The bottomline is that the Asset management companies are picking our pockets and netting the banks less by keeping us from talking to the decision makers. This is hurting our economy just as much as the problem that got us here.

Mar 15, 2009 04:21 PM #18
Anonymous
Just a common man

Ocwen is rediculous, I have had a cash offer with them on a property in Los Angeles County, CA for over six weeks for crying out loud! I put my offer in the day it hit the MLS! the for sale sign went up after they said they would consider my offer and took it off the MLS. It is still sitting there...hasnt sold.....you'll get India, if you call on it.....and the guy on the bike out in the desert, peddling like mad to keep the phone charged, will tell you it is sold! And it hasn't yet sold!

Mar 18, 2009 02:23 AM #19
Rainer
3,721
Dee'Anna Wright
RE/MAX All Points - Roanoke, VA

Ocwen has almost always been rude. I have had several listings with them, and as the asset managers change, so do the rules. I am always refered to the manual...I NEVER talk to them on the phone because I can't understand them, and email has a recoreded conversation! If I can pick up some other REO companies, I just may release them back into the pond!

Mar 24, 2009 06:13 PM #20
Rainer
43,356
Sandra McCarty
Keller Williams - Southlake, TX
Sandy McCarty your Relocation agent for Iowa

I just had the easiest transaction with Ocwen the agent on the Ocwen was Larry Arman and not one conversation with India?   Maybe they have changed the program?

Mar 28, 2009 09:18 AM #21
Rainer
1,650
Kenny Chance
Kenny Chance Realty - Millbrook, AL

I hate to say it but we are getting what we deserve. First it was the "bankers" that wanted to take over. Now its the mortage industry thats trying to increase their bottom line by reducing or eliminating realtors and our fees altogether.

AND WHY DO WE ALLOW THE BPO INDUSTRY TO USE OUR NAME(BROKER) FOR AN OPINION? THEY HAVE NO PROBLEM USING A REGULAR AGENT AND THATS FINE AS LONG AS THEY DISCLOSE IT TO THE PERSON ORDERING THE REPORT. THE REASON WE HAVE SEEN A DECLINE IN OUR INDUSTRY IS BECAUSE (1) WE HAVE NO VOICE BECAUSE WE DEMAND NO VOICE... WE ARE HAPPY JUST CUTTING EACH OTHERS THROATS. IF WE BAND TOGETHER WE CAB FIX THIS INJUSTICE, IF NOT WE'D MIGHT JUST AS WELL WORK AT WALMART.

Apr 15, 2009 08:49 AM #22
Anonymous
Lisa

I have been trying to purchase a property with Ocwen and Larry Arman for almost a month now and needless to say I am frustrated. I can not get a call back this is horrible..someone needs to look into this situation....

Jun 16, 2009 08:18 PM #23
Anonymous
Marilyn Exley

ABout Ocwen using employees in India and not having a license. I think in most states it is perfectly legal to sell your own house. In that sense, if Ocwen is selling their own inventory, They are FSBOs. The only thing would be it is in MLS, but a few years ago, there was a case that opened up MLS to FSBOs. It costs more than it does to Realtor members, but they can do it. It was done in Denver a lot when the market was hot and no one thought they needed us. Also, back in the 80's, World Savings never listed their REOs, but you could call them for a list. They sold their own properties. Once again FSBOs. Also, the bill keeping banks from entering the real estate business has nothing to do with liquidating their own assets. In addition, all lenders are not banks. I think the bill referred to Federally Chartered Banks setting themselves up to sell properties that belonged to bank clients, much like attorneys can legally sell properties of their clients without having any license.

Jun 20, 2009 09:30 PM #24
Anonymous
EC

 am so sick of ocwen myself. Yes they allow buyers to bid on properties in their system and then they passing you the client to represent them and  to do all the paperwork for them with NO comission!!! They already cut your comission to 1.5%. 

Sep 02, 2009 07:05 AM #25
Rainer
24,569
Todd Schroth
RE/MAX Central Realty - Longwood, FL

Ocwen has opened their own real estate company and it is called Real Home Solutions based out of orlando,  I am in orlando and have several properties under management for them and expecting to get the listing,  then to see it listing on the mls with their realtor,  what a waist of time for myself.  you get in the system and try to get all the work you can to show what you can do and then they give the maiun deal to someone else.  I hope i dont show any of there properties....

Oct 16, 2009 12:57 PM #26
Anonymous
Disturbed Individual

No, they owe me over 250 for bpo's and it is going on 60 days. I am quitting Ocwen as soon as I get paid!!

Dec 23, 2009 11:19 PM #28
Rainmaker
103,346
Robert Slick
Beach and River Homes - Georgetown, SC
NRBA, RDCPro, Trident/CCAR MLS

Happening here in South Carolina too, three active listings being handled by Altisource Homes out of Georgia (and that's not nearby)

Jun 21, 2010 08:24 AM #29
Rainmaker
228,494
Eric Egeland
RE/MAX SUBURBAN - Libertyville, IL
SFR, e-PRO, CDPE

Doing the same thing here in Illinois. They actually used some my CMA photos as their MLS pics. 

Sep 19, 2010 02:18 PM #30
Rainer
813
Texas Joe
Austin, TX

I used to wonder how Altisource's vendors, on BPOs, were able to make a living out of it until I ran into a guy at the gas station who looked like a bum driving a car that didn't even look street legal (it was beat up with red transparent tape over the tail lights) he asked what I did for a living (I was in a nice car) and when I said I was a real estate agent he commented, "Oh yeah, me too".  After the double take I asked him what area he specialized in and he informed me that he had just "picked up" his license and he did BPOs for a living.  That gave me an idea of where Altisource, and many other banks, want us to be, like bums doing very poor work while they offshore to foreign countries our work on our land.  I really do not understand how they can outsource US listings to India because those banks received TARP money; I know I can do a better job, for less, than all the overhead involved with sending a job to India.  Secondly, how can I, or anyone, directly solicit the banks for these listings, ENOUGH of these lazy, ineffective middle men.

Oct 22, 2010 12:20 AM #31
Rainer
51,194
Susan Manning
Realty Executives - Temecula, CA

Texas Joe, wow, thanks for sharing your story!  Be American, Buy American, Do Business with Americans is what I think!!  Especially since its American real property!!  I think if more people knew what was going on there it might be a real eye opener.

Oct 22, 2010 02:22 PM #32
Anonymous
Cuyahoga County - Ohio

Please note OCWEN has created its own brokerage operation in many states and has more than enough realtors in other areas too. Hence we do not need REO agents any more. 

Thank you for your interest.

 

Thanks & Regards.

REO Dept.

The above message is from Ocwen's REO Dept.  Ocwen is has become nothing more than a bpo mill.   i don't think the business model is going ot be successful.  As more agents get wind of this information and stop doing bpos Ocwen will be forced to change.

Dec 29, 2010 06:01 AM #33
Anonymous
Pat Sleet

Check out Ocwen at ripoffreport.com and you will truly see who they are and what they cqn do. 

Feb 23, 2011 08:27 AM #34
Rainer
9,331
Justin Richards
Justin Richards, Broker - Perris, CA

I can't stand Ocwen! And after years of avoiding them, now Saxon REO has sold their portfolio to.....urghh.... Ocwen!! Check out this article:

http://agentacceleration.com/saxon-moves-their-reos-to-ocwen-bad-decision/

May 16, 2011 09:03 PM #35
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Rainer
51,194

Susan Manning

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