I received 4 emails from 4 different CHASE outsourcers in the past 5 days, see one below
Please be advised, SERVICELINK is REO Management Outsourcer for Chase Bank. Chase has provided your name and contact information to SERVICELINK for consideration of being added to their REO Agent Network.
I spoke to one of the vendor managers, they said Chase wants more REO agents because they will only assign asset (REO's) to agents in a five mile radius from your office address. Has anybody else received these emails.
Replies
Hi guys!
Do you think that the outsourcers will call you, even if you had never handled an REO before, but had set up a team to handle REO properties? Experience in BPO?
Hi Lou,
I received an email this morning from SERVICELINK and they provided me the REO agent application. Do you know how long is the process to become their approved agent?
Cheers!
Jerry
I was interviewed last month, twice! They told me that they will forward the informations to the outsourcers. I tried to applied with their outsourcers, Too!
It might take three months for us to be assign with their REO's.
Take,
Malou
When I called chase REO department, they schedule me for a phone interview and received a call within 2 weeks. As of today 4/12 I received an email from REOworld.
"Dear Prospective Broker/Agent,
REO World Prerequisites:JPMorgan Chase has asked us to contact you in regards to the possibility of becoming an REO Broker/Agent for REO World"
1. Our referral fee is up to 35% (average paid commissions are 4.1%-5% or flat fee ($2,250: LA=$750, BA=$1,500).
2. Broker responsible for up front bills, and reimbursements must be submitted through LPS ($50 enrollment fee and $5 per invoice for first 5 invoices submitted per property).
3. All utilities placed in Broker name/office and paid, then submitted for reimbursement (prior approval may be necessary).
4. Monthly Marketing Reports every 30 days until the close of escrow.
5. Broker Price Opinion for listing, then updated BPOs thereafter every 75 days.
6. Access to a licensed contractor.
7. Ability to coordinate minor or major repairs in a timely manner.
8. Lockboxes must be numeric or alphabetic.
9. Properties must be 5 miles away from your office if located in a major Metropolitan Statistical area.
10. Ability to coordinate with property preservation vendors, Chase inspectors, contractors, 2nd value vendors and the like.
11. Ability to operate under the full scope of the law including but not limited to the Protecting Tenant’s rights in Foreclosure Act.
12. Lease or Relocation Assistance Program coordination and successful completion.
13. Provide HOA contact information.
14. Weekly property inspections with the date and time of inspection. REO World reserves the right to require more frequent inspections.
15. Agreement to work on multiple operating systems (REO World/Chase proprietary systems).
16. Refer 2 potential buyers per listing to Chase approved REO Loan Officer.
DO NOT work with PRECISION ASSET MANAGEMENT (PAM) in Torrance, CA and work with any CHASE REOs. I was their agent last year and I quit doing REO listings for them. Most of their REO listings from Chase as seller/owner. I guaranteed you that they will be ended up with the program called Chase Communitiy Revitalization Program (CCRP). The program allowed other NON-PROFIT organizations/builders/contractors to purchase the REO below market value directly from banks without going to public and finally they fix them up and Sell more than the Market Value for FHA folks or low/moderate income people who made very little down payments and bidded over the listed price on the MLS... They called that REVITALIZATION AND STABLIZATION PROGRAM???? I DON'T GET IT!!!! They will explode again in the near future or BUBBLE market will follow for these REO properties....Finally you will be paid ONLY $1,000 despite you worked your AS*S off for the pre-listing such as Evictions, CFKs, Weekly inspections, Utilities paid on their behalf, obtaining BIDs.... THAT'S RIDICULOUS!. Also, most of their asset managers have no clues about Asset Management at all. They are RUDE to Realtors and blasting emails to us with many stupid questions. They don't work with each others... Also, their payment is worst and long. The accounting department are CLOWNs and demanding many long proofs via LPS Invoice Management.... Boycotting THEM both PRECISION ASSET MANAGEMENT (PAM) and CHASE because your time is worth doing other real stuffs instead of spending wasted times and finally got paid ONLY $1,000. I am working with other Real estate agents to file complaints with CA Consumer Affairs, FTC, DRE and CAR and NAR about their UNFAIR Practices toward Realtors like us.
I haven't heard anything on a 5 mile restriction for Chase Bank assets. I think the Banks want to spread the wotk out to more vendors so it could be the direction they have chosen.. I am signed up with servicelink, but never get anything from them. I do chase bank through other asset management companies.
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