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 have received an invitation from ABSREO to complete a registration which I did and did not pursue seriously due to the $ 295. One of these evening when I was not feeling well due to a bad cold, I have received a call and the speaker asked me what I was offering in case of an assignment. I started to explain the local market and all the goodies I was providing to sell asset at their highest price. I realize he was interupting me all the time and I was doing a mistake to provide details, so I ansewered that I would log the property on the local MLS. I was suddenly the best agent on the planet and just by coincidence, a listing in my area was just coming on his screen...just like that. I just had to provide my credit card information for $ 295 to secure this asset. He could not provide the address neither the city. The listing was dissipating progressively from his screen when I was showing my hesitation to give a donation of 295. I was suddenly the worst agent and it was a great mistake to have contacted me for further business when he realized that I was reluctant to pay the donation. What kind of business is it? Is it ethical? Is this the only way to atempt to get some REO business? Is this the best interest for lenders to sell their asset at their highest value? Can I do the same with my client when I need 295 ? (just asking!)... We all have paid some kind of fees with hope of business. Is this really justified ? Is anyone will regulate this one day ? Why don't we pay a fees once we sell the listing after all ? Our commission is already reduced in many case.
I have requested a refund 3 times and still don't have it. My year was up in February. My attempts to get reimbursed have been ignored. Maybe I need to send the notice 10 times a day!
Well believe it or not, I did receive a full refund ($295.00) from Absolute REO, thanks to Sal. He was good for his word.
While I would certainly rather of had an assignment or two instead of the refund, the refund was refreshing in a sea of "fee sharks" promissing results and delivering nothing except a renewal invoice.
There are some very big-name registries and networks out there with whom I have spent thousands in fees - with no results and no appologies, just a big corporate attitude. I'm sure you all know what and who I mean.
So, Thanks Sal! I wish the other firms would likewise refund for non-performance when they can't produce assignments in one's area. I could take a nice vacation, maybe even buy a boat.
I just sent an e-mail to get a refund. My year was up this February. I have not received any response regarding my request so I guess I may need to take the next legal step to get my refund. I have sent 2 e-mails with no response!
read so many comments on this company, beside BBB rating is B for this company, think about contact information for your reo references they got from your application. they are for surely a SCAM !!
I can't believe they are still doing this. Stay away!!!! I know if several people who sent them their fee and yes, the first BPO was done and paid for but never heard from them again. When you try to get your money back, which they promise to do, you have to wait until the year is up. What a scam. I don't know yet if they will return the money after the year, it is up in April but we will see. Several people have reported them to their local DA's office as a scam but I haven't heard of anything being done. They sure talk a good game.
Hi, I thought I would share an email my broker just received. I have been signed up with ABS REO for over a year and received one BPO after I complained about receiving nothing.
This morning my managing broker received an email from them stating they had a client in my state with assets but they had no available agents to cover the assignment. Funny how they sent this email to him and didn't mention anything to me when I have been in their system for over a year. I think this confirms it is acam.
To all the folks who continue to post on this and the other 15 ABREO forums. THIS COMPANY IS NOT IN THE BUSINESS OF PROVIDING LISTINGS! They are in the business of getting $295 from agents, investing those dollars and paying the $295 back from new agents who sign up. This is a Ponzi scheme pure and simple. In addition to the dozens of agents on REOPRO who have NEVER received a listing, there are hundreds of others on activerain etc. Who also HAVE NEVER RECEIVED A LISTING! I have at least 15 people in my office alone who were duped the same way. Save your money folks, peddle your wares elsewhere Sal.
I signed up and paid over a year ago. Never received anything from ABS (not even a BPO). I requested the promised refund at the end of the 1-year term and have not received anything.
OK Sal, here's a chance to make good on the guarantee. Send me my refund!!!
Remember Sal, you wrote "We do not know of a single agent that has requested a refund that did not receive one"
Now you know one, unless by "single agent" you were referring to marital status, since I am married 30 years.
Replies
Hi Gang,
Well believe it or not, I did receive a full refund ($295.00) from Absolute REO, thanks to Sal. He was good for his word.
While I would certainly rather of had an assignment or two instead of the refund, the refund was refreshing in a sea of "fee sharks" promissing results and delivering nothing except a renewal invoice.
There are some very big-name registries and networks out there with whom I have spent thousands in fees - with no results and no appologies, just a big corporate attitude. I'm sure you all know what and who I mean.
So, Thanks Sal! I wish the other firms would likewise refund for non-performance when they can't produce assignments in one's area. I could take a nice vacation, maybe even buy a boat.
Best of good fortune to all!
Clay
I just sent an e-mail to get a refund. My year was up this February. I have not received any response regarding my request so I guess I may need to take the next legal step to get my refund. I have sent 2 e-mails with no response!
Hi, I thought I would share an email my broker just received. I have been signed up with ABS REO for over a year and received one BPO after I complained about receiving nothing.
This morning my managing broker received an email from them stating they had a client in my state with assets but they had no available agents to cover the assignment. Funny how they sent this email to him and didn't mention anything to me when I have been in their system for over a year. I think this confirms it is acam.
To all the folks who continue to post on this and the other 15 ABREO forums. THIS COMPANY IS NOT IN THE BUSINESS OF PROVIDING LISTINGS! They are in the business of getting $295 from agents, investing those dollars and paying the $295 back from new agents who sign up. This is a Ponzi scheme pure and simple. In addition to the dozens of agents on REOPRO who have NEVER received a listing, there are hundreds of others on activerain etc. Who also HAVE NEVER RECEIVED A LISTING! I have at least 15 people in my office alone who were duped the same way. Save your money folks, peddle your wares elsewhere Sal.
Just an update to Sal @ ABS:
I signed up and paid over a year ago. Never received anything from ABS (not even a BPO). I requested the promised refund at the end of the 1-year term and have not received anything.
OK Sal, here's a chance to make good on the guarantee. Send me my refund!!!
Remember Sal, you wrote "We do not know of a single agent that has requested a refund that did not receive one"
Now you know one, unless by "single agent" you were referring to marital status, since I am married 30 years.
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