I was curious to see if anyone here in the group had experience with Asset Management Servicing, LLC, which operates www.ams4reo.com? I received an email from them today to register for BPO & REO assignments, which includes a $200 fee. Their website is pretty basic and vague, so I couldn't see a way to search current properties listed or even if they operate in my part of the country.Any input that you could provide would be appreciated!AJ Heidmann, ABR, CRS, e-PROCell 703-474-1260 ~ Office 703-518-8300 ~ Fax 703-518-8314AHeidmann@CBMove.comColdwell Banker Residential Brokerage310 King Street, Alexandria, VA 22314Licensed in Virginia
You need to be a member of REO Pro Network to add comments!
Tom Oldenfeldt previously worked at NDS and he broke away and started AMS, they've been working on getting everything going and they are now ready to start. Paying to sign up for an REO AM Company is not new to us. ETCREO/New Vista charges $195. I must have 10-15 listings from them it pays for itself. I am putting my money on Tom, know him personally from REOMAC, NRBA and NDS. Can't wait to see him in Palm Springs and I'm looking forward to doing business with him again in the very near future.
It's the captive REO company for a hedge fund that is planning on raising a lot of equity capital, buying distressed pools of REO from banks and then flipping them out. My guess is that they haven't finished their equity raise yet, and thus they don't have any inventory. It could probably be good if they get traction, as they'll be buying thousands of properties at a time.
Shaq, I don't understand what you mean a "captive" REO company. When I went to REO Mac in October, Tom Oldefendt was one of the speakers on a panel. Another man, Dan Doud was also a speaker. When I went to talk to them personally afterwards, Dan told me that he is a partner with Tom and that he(Dan) focuses on bulk sales. But I don't think he is an actual partner in AMS.
Dan also said at that time that even in bulk sales deals were not happening at 30%. Maybe by the end of this year or sooner it will be happening.
Here is an interesting article in the Daily Business Review for Miami today:
It talks about investors buying individual properties with big discounts now. So who knows maybe the bulk sales at less will be happening. Of course, I'm in Miami and it's kind of crazy here.
Shaq > Blanca Stella MejiaMarch 13, 2009 at 4:09am
Blanca - a newly formed hedge fund has overseen the formation of AMS - which is a newly formed REO asset management company. By "captive" I mean that when the hedge fund buys its big pools of REO, it has a pre-existing relationship with AMS in order to use them to flip the properties back out at a profit.
Shaq, you're saying these people got together and are raising funds to purchase bulk REO from banks and then turn around and flip them?
If this is the case, I wonder if the "sign on" fee is going towards thier purchase capital and if it is, does that make me an investor as well as a REO Agent for them? If it makes me an investor, well then, I would like to see the prospectus.
If it makes me just a REO Agent, then how do I know when the purchase bulk REO's, if they ever do, how will I be assured they are going to purchase REO's in my area?
I have been involved in bulk REO Purchases before and typically they are limited to neighborhoods or market areas, for example a bank may have 20, 30, 50, 100 REOs in a area and they sell them in bulk because they can appraise for a similar price point. I have never seen a bank sell 20 home in a subdivision in Los Angeles, 15 homes in Dallas, 40 homes in New York and 100 homes in Florida as a single bulk.
Bulk purchases are typically held a below 70 cents on the dollar so, they only occur in REO markets that are extraordinarily distressed and my market here in Tn just isn't that bad so, logically thinking, it wouldn't be worth my time because most likely they aren't going to be buying in my area.
Either way, very intersting.........I am still waiting for someone to say, I just got a REO.
Shaq > Jesus (Jesse) GonzalezMarch 5, 2009 at 12:27pm
Jesse - that's exactly what I'm saying. Hedge funds have been doing it for several years now. I've seen tapes with over 1000 properties in them trade in one big batch. Typically, it's fairly geographically diverse, but I happen to know that these folks are going to be focused on Cali, NY, FL, LA, VA and GA.
Your $200 most certainly does not make you an investor.
Interestingly, here's the testimonial from the agent Ryan Baker that's quoted on the site: "I just signed up on the AMS site not too long ago and have already received several assets."
A quick google of Ryan Baker shows that his brokerage address is out of the exact same office address as AMS. What do you guys think?
Replies
Dan also said at that time that even in bulk sales deals were not happening at 30%. Maybe by the end of this year or sooner it will be happening.
Here is an interesting article in the Daily Business Review for Miami today:
It talks about investors buying individual properties with big discounts now. So who knows maybe the bulk sales at less will be happening. Of course, I'm in Miami and it's kind of crazy here.
http://www.dailybusinessreview.com/news.html?news_id=53727
Shaq, you're saying these people got together and are raising funds to purchase bulk REO from banks and then turn around and flip them?
If this is the case, I wonder if the "sign on" fee is going towards thier purchase capital and if it is, does that make me an investor as well as a REO Agent for them? If it makes me an investor, well then, I would like to see the prospectus.
If it makes me just a REO Agent, then how do I know when the purchase bulk REO's, if they ever do, how will I be assured they are going to purchase REO's in my area?
I have been involved in bulk REO Purchases before and typically they are limited to neighborhoods or market areas, for example a bank may have 20, 30, 50, 100 REOs in a area and they sell them in bulk because they can appraise for a similar price point. I have never seen a bank sell 20 home in a subdivision in Los Angeles, 15 homes in Dallas, 40 homes in New York and 100 homes in Florida as a single bulk.
Bulk purchases are typically held a below 70 cents on the dollar so, they only occur in REO markets that are extraordinarily distressed and my market here in Tn just isn't that bad so, logically thinking, it wouldn't be worth my time because most likely they aren't going to be buying in my area.
Either way, very intersting.........I am still waiting for someone to say, I just got a REO.
Your $200 most certainly does not make you an investor.
A quick google of Ryan Baker shows that his brokerage address is out of the exact same office address as AMS. What do you guys think?
Personally, smells fishy to me.....but, that is just my opinion. I am still waiting for someone to say they got a REO listing.
-
12
-
13
-
14
-
15
-
16
of 19 Next