Greetings Everyone!
I was contacted by Banker REO to sign up for BPO and REO Assignments, for a $345 annual membership fee. I didn't find any posts for this company, so I thought we better get this one out there! I did a WHOIS search for this company's website and it shows that it was created on June 14, 2011, and they are based out of Illinois ... the same state as the infamous Absolute REO! There website address is: www.bankerreo.com Does anyone have any experiences that they would like to share with this one?
Thank you!
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How is this type of thing not illegal? Obviously there is never any good faith or any track record of any listings. I cannot believe what our world has came to sometimes.
I received the very same call. The representative would not give out any information about the listing unless provided with $345.00. I tried calling the main number to Banker REO listed on their website to see if I could speak to someone and no one answered. The phone system was automated and flipped you from voicemail to voicemail. This was during business hours. In further, the representative stated their fee is refundable. I looked on their website and the agreement I found online states there is a 100.00 cancellation fee and you have to cancel within 72 hours. So, it is not FULLY refundable and you are told you will not receive your first listing for at least FOUR days or more which is beyond the 72 hours.
I signed up with Absolute REO over a year ago and never received one listing. On the corporate website, it shows that Absolute REO and Banker REO share the same registered agent.
I LOVE REO PRO! Yeah, just got the same call...acted all official: knew my license number, email, everything. Had an assignment in a certain zip code. Used the old Cake or Ice Cream close: would you like this assigned tomorrow or monday? lol
While we chatted I looked up this thread...glad I did...
When I called him out, he didnt even sound surprised...He did say "Im surprised we have bad press when we have only been in business 2 months..." Really?? I dont care if you are new and are hitting it hard...but 2 months?????
Jeezo...Im sorry to say I paid for Absolute REO, glad I dodged this one!
Chris
I must say though, I am still wondering if I made a mistake passing...
Thanks Brian for the post and to Jesse for having a GREAT resource website to go to. My "phone call" came yesterday and follows with what everyone else has heard..."REO listing in your area", "Platform for only $345", etc... They found me on Zillow! Doesn't sound like anyone has taken the bait. If anyone has and has had a good response from them please let me know. Thanks.
Funny! I just read the post yesterday morning and got the call in the afternoon stating they had a listing in my area.
They are following the same MO as Absolute solutions, probably even pulling all members names from REOPro and active Rain. They will most likely join the forums now just as Stephen and Sal did for Absolute defending their company.
We should probably keep this post at the top for awhile and welcome any REAL feedback from any agents that unfortunately got sucked in.
There is however food for thought for everyone..........As REO agents, most if not all of us pay for the platforms such as Equator, Res.net, Dispo or whatever, that is a given because they have access to multiple lenders, asset companies and investment groups who use the many portals they provide. I have never paid individually for an asset company.....with exception of ABS and that was as we all know a big mistake.
Reputable asset companies have preferred agents that they require membership with the platforms they do business with or find them on the platforms. Asset co’s make their money by taking a referral fee from CLOSED transactions not by having agents pay a sign up fee…….Geesh……..just thinking……If every asset co. I have dealt with required a sign up fee I would definitely not be in the business!!
HI Everyone
i just got the same call and never got refunded from absolute reo. I just signed up since he said he had a listing for me on Monday, I hope it is not bogus. I don't get the assignement Monday I will have to call my credit card. Did any one get his or her money back absolute reo.
Just received the call from 'Jordan' in Illinois. Offered the same pitch as Absolute. I said for us to talk in the AM so I could check on REO PRO and just as I thought; DIRTBAG-SCAM ALERT.
Thanks to Jesse & Brian as well as everyone else on REOPro for getting the word out fast.
Just another group of slimy dirtbags trying to separate agents from their money.
Just got the call too. He asked me a multitude of questions about my business and told me that he an REO that he wanted to assign to me but that I needed to do the BPO first. Then he said that they take a referral fee on the back end? And, they want $395 up front to have access to their portal.
He didn't know how they got my name? Sounds fishy to me.
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