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 signed up with Absolute REO Solutions in February 2010. I received a BPO within 3 days and was paid 5 days after completing the the BPO. I chosed to sign up with this company, because I believe that ABSREO will honor their Master Servicing Agreement. I also believe, we as professional have to honor their Master Servicing Agreement too. We as Realtors, have a Fiduciary duty of utmost care, integrity, honesty and loyalty.
ABSREO is a legit company! I know I'll receive a return on my $295 investment, whether doing BPO's or selling REO's. I will receive a return. We should look at this relationship as a BONUS, and not solely depend on them to provide us Listings. We are real estate professional must do the hard work, instead of complaining about not getting any Listings.
I read this discussion, and I see that Stephen is replying to posts to the best of his availability. Let's keep in mind that he is also managing portfolios and we shouldn't keep him from doing his job.
We should continue establishing our real estate business as professionals and educate ourselves about the real estate industry. There is over a hundred years of experience in this discussion alone and we should build on that experience.
Granting that you are already "established", your comment was that you have many clients already and given assignments to agents. Then how come most of those that have signed up has not received a single assignment? Having many clients on your company's list DOES NOT translate to many assignments. This forum has produced more "naysayers", because they researched first before forking their $295.00. Sure, you have given BPO assignments to a few agents. But when you say you have already many clients, then there should be reciprocal "many assignments already given. The forum on ABS REO has been as early as the middle of 2009. But I have yet to see an agent posting they have received an REO assignment.". Law of average maybe that, if you have 10 to 20 clients on board from mid 2009, about 9 months already, 10 to 20 REOs should have been made available already. I am on this forum because I filled out on your web an application, but did not pay the $295. So, today I got a call from Alex, from your office telling me that your clients have reviewed my application and that they are ready to give me an assignment on Monday, if I pay the $295 today.I appreciated Alex response of sending me to REO Pro forum/blog to see very good referrals. Thank you Alex, my due deligence is quite complete. I am making my decision based on my own due deligence. I am not signing up.This shouild not in anyway be construed as being a naysayer. Due deligence is the process of knowing the positive and negative aspects of a potential undertaking. But in this case, the negative far outweighs the positive. Please note, it was not all negative.
I have also signed up as of November 2009 and honestly I ahve not heard a word from anyone at Absolute REO since I paid my $295. I tried looking for listings yesterday and I could not find a single listing in any state. I'm in California so we have quite a few REO on the books here.
I am beginning to feel like I have been scammed. Has anyone received any REO listings from them?
I got a call from them for the Central Florida market. They don't have assets here. I got the same information, but when I asked for references from agents, he said that they have a "privacy" practice as their agents would get bombarded with calls. I don't buy it. If something works, and someone calls me to confirm, I would welcome telling them that something is good as we are all in this together.
Save your money and move on to something legit. One other thing, Sal, the rep from Absolute also said they pay the highest for bpo's. I have always gotten $50 for exterior bpo's so they are just in line.
Wow. I recieved a call from Alex and an email.. I found it extremely odd that I would get a call the day after and congratulating me for getting accepted by two banks. Basically, they wanted a credit card right of the bat. I am all for paying referals and results. What was odd is that within 24 hours they two banks that wanted to send business my way here in over saturated Fairfax County, VA. I do not know anything but my expereinces and I willing to attest that banks on REO never respond within 24 hours. Perhaps I have been dealing with crappy banks.. Anyway. thanks for the blog posts. It seems that once again if it is too good to be true or walks and quacks like a duck it is a duck!..
$295.00 for a 45.00 BPO.. no thanks...Think i will do another home buyer seminar... Joe H
I find it odd that on another post you highly advise agents to work with ABS , yet in this very post you are saying that it is not worth paying 295.00 enrollment fee inorder to receive a 45.00 BPO.But in your most recent post you are happy to have received a 45.00 BPO. What changed to make you feel different about something that you said was to good to be true??
Does anybody know who the Owner of Absolute REO is? The other question that I have is about their business model is the following, how can they make a good profit with just charging $295 per member, without getting a referral fee?
Gina Francis > Jimmy D Moore, Lic RE BrokerMarch 8, 2010 at 8:23am
Joe,
I have so many companies wanting me to do a BPO for $50 but they don't give a REO assignment and that's what they say they would also be doing. Have you had any REO assignments from them>
Garret Snyder > Jimmy D Moore, Lic RE BrokerFebruary 23, 2010 at 4:21am
Please make sure you post any more work you receive, I think your going to be suprised. Too bad you did not take the time to read all the blogs and really educate yourself
I had several calls from them also the more I turned them down the more calls I got. I did not sign up thanks to all the helpful information on this site. Read back several pages few people have had any luck with Absolute.
Replies
I signed up with Absolute REO Solutions in February 2010. I received a BPO within 3 days and was paid 5 days after completing the the BPO. I chosed to sign up with this company, because I believe that ABSREO will honor their Master Servicing Agreement. I also believe, we as professional have to honor their Master Servicing Agreement too. We as Realtors, have a Fiduciary duty of utmost care, integrity, honesty and loyalty.
ABSREO is a legit company! I know I'll receive a return on my $295 investment, whether doing BPO's or selling REO's. I will receive a return. We should look at this relationship as a BONUS, and not solely depend on them to provide us Listings. We are real estate professional must do the hard work, instead of complaining about not getting any Listings.
I read this discussion, and I see that Stephen is replying to posts to the best of his availability. Let's keep in mind that he is also managing portfolios and we shouldn't keep him from doing his job.
We should continue establishing our real estate business as professionals and educate ourselves about the real estate industry. There is over a hundred years of experience in this discussion alone and we should build on that experience.
I am beginning to feel like I have been scammed. Has anyone received any REO listings from them?
Save your money and move on to something legit. One other thing, Sal, the rep from Absolute also said they pay the highest for bpo's. I have always gotten $50 for exterior bpo's so they are just in line.
$295.00 for a 45.00 BPO.. no thanks...Think i will do another home buyer seminar... Joe H
I have so many companies wanting me to do a BPO for $50 but they don't give a REO assignment and that's what they say they would also be doing. Have you had any REO assignments from them>
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