I just received a call from a representative from Absolute REO Solutions. There is a $295 fee associated with their 'service'. Does anyone know if this is legit or if it's a scam? I'd hate to throw away nearly 300 bucks.
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I just checked their listings and they only have one in Texas and it's not in the DFW area, so I think I will pass - I look at it this way - I am too good at my job to pay - they need to pay me!!!!LOL
I signed up… 10 days ago… Risky? Yes…
they said, if I do not receive (assigned) any reo listings with in 1 year, they will refund my money.
Should any changes occur, I will post here.
Albert Davoudi > Albert DavoudiFebruary 7, 2010 at 9:20am
Seriously Albert, demand your money back ASAP! What they tried to do to me, they'll probably do to anyone else who doesn't ask for their refund- is to automatically bill your card for ANOTHER $295! I complained, and received my refund.
Richard Novak > Albert DavoudiDecember 6, 2010 at 3:21pm
Did you get any assignment and/or your money back?
Gene Lozak > Richard NovakDecember 6, 2010 at 3:45pm
Ranjit Sandhu > Gene LozakDecember 6, 2010 at 4:43pm
I will never pay a dime for any company before I get a listing and I will suggest other Realtors the same. Please don't waste any of your hard earned $$$ on any of these companies who are asking $295 before giving any listing. Do these companies fullfill their promises?
I received below email from ABSREO and when I tried to sign up the last page asked f I agreed with the following terms "THE YEARLY MEMBERSHIP FEE IS SUBJECT TO A REFUND OR FREE RENEWAL FOR THE FOLLOWING 12 MONTHS SHOULD YOU NOT RECEIVE ANY BUSINESS FROM ABSREO AFTER THE INITIAL 12 MONTH PERIOD FROM THE DATE OF MEMBERSHIP. MEMBER WILL BE REFUNDED MEMBERSHIP FEE MINUS $75.00 SERVICING FEE. ABSREO ALSO RETAINS, AT ITS SOLE DISCRETION THE ABILITY TO DENY REFUND OF SAID MEMEBERSHIP FEE SHOULD A MEMBER FAIL TO SATISFY ANY AND ALL REQUIREMENTS AS OUTLINED IN THE MASTER SERVICING AGREEMENT. REQUEST FOR REFUND OF THE ANNUAL MEMBERSHIP FEE MUST BE SUBMITTED IN WRITING WITHIN 30 DAYS AFTER INITIAL 12 MONTH MEMBERSHIP PERIOD EXPIRES TO 400 E. RANDOLPH ST., SUITE 700, CHICAGO, IL 60601. IF YOU CHOOSE TO CANCEL PRIOR TO 12 MONTH MEMBERSHIP PERIOD, CANCELLATION MUST BE DONE SO WITHIN FIRST 72 HOURS OF RECEIPT OF PAYMENT FOR SAID ANNUAL MEMBERSHIP. PLEASE SUBMIT YOUR REQUEST FOR CANCELLATION VIA EMAIL TO billing@absreo.com"
.............................................................
We have just acquired a client with assets in your area, and unfortunately we do not have an agent to cover the assignment. If you could go to our Agent Sign-up Page and fill out the application and finalize your sign-up process. We will be able to provide you with your first assignment from our client within 24-72 hours. Since we are a full-service asset management firm, we do not take any referral fees from you and pass on all fees paid directly to our agents.
Important: The following must be on file for you to receive listings from us;
Signed Master Servicing Agreement
Copy of current Real Estate License
Copy of current E & O Insurance
Resume
W-9
Sincerely,
Vendor Relations Department
ABSREO, Inc
You are receiving this email through a professional association referral
Company Profile
Absolute Reo, Inc. is an Illinois based organization that operates nationwide. We are a full-service default management company.
Our clients include banks, lending institutions, investment bankers, mortgage companies, credit unions, relocation companies, private financiers, as well as consumer finance companies seeking a better way to facilitate the foreclosure process.
We are a nationwide, full-service residential asset management company providing a wide range of consulting and disposition services to private real estate owners, real estate investors and small financial institutions. We provide our clients with the same institutional-level asset management service that, prior to the formation of Absolute Reo, has typically been provided to only large financial institutions, Wall Street firms and mortgage servicers.
Zana Cooper > Albert DavoudiMarch 19, 2010 at 10:39am
Have you received anything yet? I received a call from them today I'm in California. He said they have lots of listings in CA....? I have had experience with these type of companies. You may get a few Bpo assignments and not get paid...with the promise they are your listings..... I have several accounts with asset companies and have not been approached by them...I had to pursue them......Let me know thanks!
I signed up as well and when I got to the back page where they wanted $295, bells and whistles went off. I contacted an AM I know and he suggested I don't do it. The rep did call me, and was good (I have to admit), as she had a lot of answers. The one thing that sticks in my mind is this....No referral fee? Seriously? Now that really has raised red flags with me and I am curious to see what this panel comes up with. $295 is steep given my current market! If you have information, please post it for all of us to learn from!
Replies
they said, if I do not receive (assigned) any reo listings with in 1 year, they will refund my money.
Should any changes occur, I will post here.
I received below email from ABSREO and when I tried to sign up the last page asked f I agreed with the following terms "THE YEARLY MEMBERSHIP FEE IS SUBJECT TO A REFUND OR FREE RENEWAL FOR THE FOLLOWING 12 MONTHS SHOULD YOU NOT RECEIVE ANY BUSINESS FROM ABSREO AFTER THE INITIAL 12 MONTH PERIOD FROM THE DATE OF MEMBERSHIP. MEMBER WILL BE REFUNDED MEMBERSHIP FEE MINUS $75.00 SERVICING FEE. ABSREO ALSO RETAINS, AT ITS SOLE DISCRETION THE ABILITY TO DENY REFUND OF SAID MEMEBERSHIP FEE SHOULD A MEMBER FAIL TO SATISFY ANY AND ALL REQUIREMENTS AS OUTLINED IN THE MASTER SERVICING AGREEMENT. REQUEST FOR REFUND OF THE ANNUAL MEMBERSHIP FEE MUST BE SUBMITTED IN WRITING WITHIN 30 DAYS AFTER INITIAL 12 MONTH MEMBERSHIP PERIOD EXPIRES TO 400 E. RANDOLPH ST., SUITE 700, CHICAGO, IL 60601. IF YOU CHOOSE TO CANCEL PRIOR TO 12 MONTH MEMBERSHIP PERIOD, CANCELLATION MUST BE DONE SO WITHIN FIRST 72 HOURS OF RECEIPT OF PAYMENT FOR SAID ANNUAL MEMBERSHIP. PLEASE SUBMIT YOUR REQUEST FOR CANCELLATION VIA EMAIL TO billing@absreo.com"
.............................................................
We have just acquired a client with assets in your area, and unfortunately we do not have an agent to cover the assignment. If you could go to our Agent Sign-up Page and fill out the application and finalize your sign-up process. We will be able to provide you with your first assignment from our client within 24-72 hours. Since we are a full-service asset management firm, we do not take any referral fees from you and pass on all fees paid directly to our agents.
Important: The following must be on file for you to receive listings from us;
Signed Master Servicing Agreement
Copy of current Real Estate License
Copy of current E & O Insurance
Resume
W-9
Sincerely,
Vendor Relations Department
ABSREO, Inc
You are receiving this email through a professional association referral
--------------------------------------------------------------------------------
Company Profile
Absolute Reo, Inc. is an Illinois based organization that operates nationwide. We are a full-service default management company.
Our clients include banks, lending institutions, investment bankers, mortgage companies, credit unions, relocation companies, private financiers, as well as consumer finance companies seeking a better way to facilitate the foreclosure process.
We are a nationwide, full-service residential asset management company providing a wide range of consulting and disposition services to private real estate owners, real estate investors and small financial institutions. We provide our clients with the same institutional-level asset management service that, prior to the formation of Absolute Reo, has typically been provided to only large financial institutions, Wall Street firms and mortgage servicers.
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