I just received 2 listings from them, after doing proof reading on the listing agreement. I see that they would like me to give back 1% as a referral fee....Has anyone worked with them? I would appreciate any feedback... Thanx
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I've received 4 listings from them within the last 90 days and they do over price. They have reimbursed my expenses within 45 days or less. You do have to front all repairs just fyi. Good luck.
I have worked with Carrington Asset Management through AHMSI. Every listing has been grossly overpriced with no attention paid to BPO values, monthly reports, or any other requests for price reductions. Big waste of time for me.
ivan acebo > Terrence CookMarch 12, 2010 at 6:18am
So i guess i should just keep them and work the buyer leads. I just got a great cash offer on one of them and they rejected it. sucks man.
They do not want to sell them and show the loss. It devalues their portfolio.
ivan acebo > Terrence CookMarch 12, 2010 at 4:08pm
so is this a waste of time for me or what? thank god i have not had to spend money on them. do you think they will eventually budge on the prices or what? thanks for the help.
Well, i just got 5 listings from CMS and yes they are overpriced by alot. I dont know why they overprice them i sent them there first bpo and my price was way lower than what they are listed for. but i will ride the wave and get buyers out of it. anybody have any more info on this company? please share.
I worked with Carrington for just over a year. They were requiring a 1.5% fee on some of my deals and generally a 1% fee. Additionally, there's a $150.00 fee that goes to REOTrans cut though escrow (in California).. Most of our listings were at a median price of 150k, and yes, someone on this thread was correct, you must offer 3% to the buyer's broker and then the 3% on the listing side is really less than 2%. Also, just beware that they are a Hedge Fund and not a Bank...so please take a look at this link.... (CLICK HERE: http://hf-implode.com/ailing/fund_CarringtonCapitalManagement_2008-... ) The biggest problem that I have had with them is grossly overpriced homes, in mostly very rough areas and homes are over priceds and do not sell.. Agent reimbursements are awful, we have had homes that we sold in August of 2008 and STILL have not received our expense reimbursements on the property even though we followed their contract to the exact word. Beware as they are also starting their own in house realty company and are planning to phase out all of the contracted realtors and have been sending out updated listing agreement addendums shortening the listing period. So, my biggest piece of advice is that you may want to stay away from them.. You may end up with thousands of dollars in your own funds (which is not uncommon) however, be prepared to wait 6 months to be repaid.. So have good vendors that you can either pay right away or they will be waiting on 6k to 13k rehab jobs for 6 months.. My biggest concern however is that they are listed to go under on the implode-o-meter website under hedge funds set to "implode" so just a bit of caution. Otherwise, they're a great company!
The Hedge Fund Implode-O-Meter News Pick-ups: Ailing/Watch: Carrington Capital Management
Replies
Could ou please email me how to sign up with Carrington Morgage?
ellenbithell@remax.net
Thanking you in advance!
El
Do you have the name of the Asset Manager at Carrington ? Do you know if they sell REO's in bulk ?
Thanks!
Ralph
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