I have been signed up with them since November and have not received a thing. At the moment I'm disappointed and hope something comes my way soon from them.
I signed up 3 years ago and never received or persued anything. This recent blog got me thinking about it again but will NOT be applying because I inquired from a Lamco agent (not named here for privacy) and this was his response today:
"When I first signed up, I received 6 assignments in a matter of days. That is when I wrote the testimonial for them at their request. I then realized over time that the majority of their assignments ended up getting worked out on a loan mod or were bought at auction before foreclosure. Basically, they were selling the notes at a discount to a third party venture capital company that would then take over the property and do a deed in lieu with the owner and eventually list it with their own REO agent. After further investigation, I learned that this was happening with most of their California assets. So basically, LAMCO will give you the assignment as a listing if you do the BPO for it. However, it usually goes through a process where a loan mod is offered first, and then it is offered in packages or portfolios to these third parties. Unfortunately, the third party is acting on this in California most of the time. So they are an honest company, as they cannot determine which ones will be bought before foreclosure, BUT, due to this fact, I have seen no listings from them in over a year and a half."
My thought was maybe get a listing(s) and try to work the buyers from it. But I am going to find other opportunites for now.
I just closed a transaction with them... they were great to work with. I had been signed up for almost a year and had done a few BPO's for them. One of the BPO properties didn't sell at auction and I was given the listing. They priced it competitively, asset manager was awesome, and it sold in a few days.... plus they do all the property preservation.
Yes I did, but I kinda wish I would have just done the lifetime membership... it's not that much more money, and worth it even if you get one assignment a year. They do not use any system. They use your local MLS listing and P & S agreements, but have their own bank addendum.
Juan Avila > Julie BaldinoJanuary 14, 2011 at 2:40pm
Julie,
I was told that if I changed my mind and wanted to upgrade to the lifetime membership, I could call them at any time and they would prorate the basic membership fees into the lifetime membership. You should call them to find out if this would benefit you.
I signed up last year and received 4 BPOs. I renewed for another year. No listings yet.
Replies
I signed up 3 years ago and never received or persued anything. This recent blog got me thinking about it again but will NOT be applying because I inquired from a Lamco agent (not named here for privacy) and this was his response today:
"When I first signed up, I received 6 assignments in a matter of days. That is when I wrote the testimonial for them at their request. I then realized over time that the majority of their assignments ended up getting worked out on a loan mod or were bought at auction before foreclosure. Basically, they were selling the notes at a discount to a third party venture capital company that would then take over the property and do a deed in lieu with the owner and eventually list it with their own REO agent. After further investigation, I learned that this was happening with most of their California assets. So basically, LAMCO will give you the assignment as a listing if you do the BPO for it. However, it usually goes through a process where a loan mod is offered first, and then it is offered in packages or portfolios to these third parties. Unfortunately, the third party is acting on this in California most of the time. So they are an honest company, as they cannot determine which ones will be bought before foreclosure, BUT, due to this fact, I have seen no listings from them in over a year and a half."
My thought was maybe get a listing(s) and try to work the buyers from it. But I am going to find other opportunites for now.
Thank you Jonh, for your feedback!!!
I just closed a transaction with them... they were great to work with. I had been signed up for almost a year and had done a few BPO's for them. One of the BPO properties didn't sell at auction and I was given the listing. They priced it competitively, asset manager was awesome, and it sold in a few days.... plus they do all the property preservation.
I look forward to working with them again :)
That's great news, did you get the annual membership? what system do they use?(equator,res.net)
Thank you for your feed back!!
Julie,
I was told that if I changed my mind and wanted to upgrade to the lifetime membership, I could call them at any time and they would prorate the basic membership fees into the lifetime membership. You should call them to find out if this would benefit you.
I signed up last year and received 4 BPOs. I renewed for another year. No listings yet.
Thank you, Thank you, i Just signed up for the life membership!! Do you have any other recomendations for companies like LAMCO?