I rejected a listing that went to auction and the commission was 1.25%. Selling broker 1.25%. Buyer also pays auction fee of 5% if he is the winning bid. The auction had to be attended by all parties at the property.
Anyone else running into this in the reo business?
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Not for a year at least.
I just got a piddly one from Altisource the other day,it actually worked out pretty good because I have another one just like it on the same street from another company,I figure if I can get an investor for one maybe he'll like the other one too ??! I haven't worked for them in a long time......but like I say,I had an alterior motive to help get both of them off the books quick....PLan A : )))......you don't have to pay the utility bills anymore,everything is done through Hudzu by the buyers agents.....same 1 %,but with a minimum...so we'll see,I have to go to the other one anyway. We'll see.
Judi .... So they ( Altisource/Ocwen) are going back to the old way of using us agents to list some of their properties at least is what I understand you to say? I was worried the asset manager asked me to re apply even though I have been a vendor with them for over 8 years because they were going to be listing properties again with me or us agents. When I asked if they were doing away with the Real home solutions and services he had explained yes. I still see real home solutions getting new listings so I was confused.
Well, that is great if we get them again and dont have to pay for utilities this time around.
I didn't even apply, they called and verified my new email and said they were sending a listing. I listed it on MLS, took pictures, it already has an offer in.....easy so far? Holding my breath.: ))
Like I said it was good for me because I have an investor property up the street just like it, so it should work out well? Plan A
The only thing I didn't like was that I had to ask the buyers agent for a copy of the contract and they went to settlement early and I didn't find out till the day after......BUT I got my check and basically didn't have to do anything which is exactly what was suppose to happen.......if there's a next time I will stress to the buyers agent to forward any information to me....at least now I know....I lucked out and it sold right away and didn't have to do any reports,so all I had to do was put a sign up...that worked fine and I've got a couple prospects waiting for down the street.
I used to go do Ocwen years ago. Ocwen just bought GMAC and now I have them as a servicer on equator. The AM's didn't change, so neither has my business with GMAC. I don't see any loyalty in reo's as in the past. I've picked up my end user clients to sustain a living. I don't pay the hugh fee some companies want you to do who claim they get you before asset managers. Paying annual fees to work on web sites is all I'm willing to do. I'm seeing more and more of the $1500 or some type of fee buyers are to pay at closing from some servicer's in MLS. What a crock! I never get business from Altisource. I'm signed up with as many as are out there. It's a tough job today and certainly a niche market. the shorts are really depressing, and so many end in no sales due to seller bottom line. It's hard to make it happen.
Ladies and Gentlemen, the simple fact is that as long as agents agree to 1.25% commissions and agree to do $35 and $40 BPOs, that is all the banks and AMCs will offer for them. As the old campaign went - Just Say No. We do not do $40 BPOs and habitually negotiate $75 to $125 for Drive by BPOs depending on the location. You can too.
I get 3 or 4 requests from Ocwen/Altisource every day to do $40 bpos. I know I could negotiate fees but $40 is an insult so I just don't reply. Recently I started to write down the addresses and date of requests. Has anyone used this info to prospect?
I won't do a bpo for $40. My time is more valuable. I agree totally, that agents need to say no to these fees.
Hi Charlene,
I remember a blog I wrote about this about 2 years ago and I was boo'd and hissed at for even thinking of the possiblity. The truth is, these REO companies know, beyond a shadow of a dobut, that some starving Realtor out there will do the work for substantially less and that's because, they do. Truth is, this trend will continue till at some point, it reaches its breaking point. Either agents will begin to refuse to list these types of deals or the quality of the agent will just be so blantantly poor, these companies will have no other choice. Granted, I really don't think we are at the threshold of either yet but, hopefully by that time, we (REOPro) will have an alternative solution. See my forum thread: REOPRo Makes the Agent the AMC
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