Trying to register on their site, but right off the bat there is the visa sign. Are they one in which you have to pay to play? If so, is this a good idea? Here is the page I am on in case anyone is wanting to know.
https://ava.altisource.com/webtop/registration/default.aspYou need to be a member of REO Pro Network to add comments!
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On March 11, 2009, President Obama signed into law the FY2009 Omnibus Appropriations Act that permanently prohibits banks from entering the real estate brokerage and management businesses.
To read more
http://www.realtor.org/banks_and_commerce.nsf/
The problem is no one is doing anything about Altisource's blatant disregard to the FY2009 Omnibus Appropriations ACT.
I am surprised NAR has not put a stop to the insanity that we worked so hard and endlessly for 15 years to prevent. It is obvious that no one is "guarding the hen house and the fox are getting fat " with out worry or consequences.
It is now up to Realtors to say no more. We need to work together , contact our Representative and stop taking any assignments from Altisource . No BPOs, "inspections" or assignment of any kind.
Altisource is a lender/ Title company/ asset management/ Real Estate Brokerage company who sells not only their own assets but assets of many other lenders. This is banking in Real Estate no matter how they try and cover it up or slip though some small crack. We should be outraged not accomplices.
Where you are incorrect is that they are NOT in the real estate brokerage business. Technically they are the owners. Which means they can do whatever they want..
That is what I originally thought as well. Since then I have discovered they do "manage "assets for many other lenders. Also there is a little more to the law on banks selling their own assets than the simple "they can do want they want with their own property" thoughts.It is not quite that simple or all banks would do it in house instead of using outside agents. This is what NAR fought against for all of those years. In Altisource's case, they are a Brokerage AND a Management business as well. A Real Estate Brokerage and a management company that is. If you call their "Brokerage " the number is the same as all of their divisions of Real Estate. They now have changed a lot of their Brokerage names from Altisource to other less obviously related names. Same Brokers different company name. They now have hired a few agents (one or two) in each office who also list for the general public as well. So the law "prohibits banks from entering into brokerages and management business" but Altisource does both openly and blatantly If you read the bill you can see Altisource by their own affiliate addendum in each listing and sale is disregarding FY2009 to the extreme.
We provides? Try provide, no s. Please STOP spamming all the threads. Between you and Rajad and Ameritax....geez...give it a rest!
hI Shahid---- I went to the site last week and have not heard from them??? Pls advise? I did send in a request for info....?/ Thanks Rose
Diana,
I am glad you still have listings with them. My last 4 went like this. One I had listed for 4 months , I Wrote a contract for buyers at full price. When it came to closing I received 1/3 of the commission stated in the listing agreement and no management fee which was agreed on in this listing agreement. Altisource refused to honor the agreement and said really, TOO BAD.
The other 3 I had been working on, were taken after I spent months doing weekly property check and BPOs, taking care of code violations and all the preservation scheduling. Altisource disregarded their own listing agreements with me and when they took the properties and gave them to their "in house" Agent for Ohio, the refused to compensate me or even reimburse me for any of my expenses including the utility bills for their assets. They did not even call me or contact me to let me know they took the listings. I saw them on the new listings in the MLS.
You may be in an area where they are still finishing up a few out side agent listings. They are having the preservation people do all the agent duties that they can do legally as you mentioned. This is enabling them to use their own inside agent who does not even have to go to the properties. They save the entire listing commission while doing this. The BPOs are done by agents as always at 40.00 per BPO. (or for free by a agent who believes they are getting the listings as I did ) As soon as they have the inside agent in place for the state you are in, you will not be getting the listings and you will not be paid for anything you have already done, that they required or requested that you do.
The auction site was the first step in getting rid of the listing agents, the preservation people and their increased duties is the second step. You and all outside agents will all be replaced in the near future. You yourself can see the steps taking place for this, so just be careful. There is no way to make them pay you for all the work you have done, without hiring an attorney and costly legal bills, if they choose not to pay as they DID DO TO ME. I worked with OCWEN for over 8 years and was a premier agent for them when they pulled this on me.
I currently have several Altisource listings and do BPO's/CMA's for them as well, thus they still list with local agents. Yes, they pay peanuts but really, for the amount of work required, kind of a no brainer.
1. Go to house and take photos
2. complete CMA
3. list on MLS
4. check home periodically
5. buyers agent enters offer at www.gohoming.com, so no messing with offers
They indeed are difficult to communicate with, rarely make sense and are poorly organized...but once you can accept those facts, working for them is a snap. PPI now handles the trashout, rekey, initial services, utilities and now they even put signs up when the home is listed. So really, I think it's easy money for some photos, mls and a CMA.
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