What do we know about REO PRO out of Wilmington DE? Got an email looking for a REALTOR to list a house in Fort Wayne. When I went to their site it said I was signed up and my info flashed by.
Phone number was provided.
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I was contacted by REOPROcorp today. Same spiel. Fannie/Freedie/BoA, etc. He asked my experience, etc. Every thing lined up with his expectations. He had 3 local properties. It sounded like the BPO's were freebies to get the listing. He wanted a $400 fee. I told him I only pay referrals not up front fees. He said no one at REO has a broker's license and cannot accept referral fees. I suggested he affiliate with a broker. Our conversation ended cordially. All the while I could hear the 'boiler room' in the background. I have never heard of an 'asset manager' ask for an up front fee. Anybody have any monetary success with this company?
I guess my spidy sense was right. It's just pre-foreclosure leads.
I got a call from them today with the same discussion Ed wrote about. I had the presence of mind to say, I had to check my budget, and would get back with him. After thinking about it and checking here, I agree with Pete, as it sounds like they are passing out addresses off a list they bought.
The $400 is for use of "their software." My comment to them was, I give a guarantee when I give you my credit card! But I don't hear any guarantees coming from you! Oh, and I wonder what the software looks like??? You can get the full professional version of Windows for around $500, and we know how that works!
As I have said several times before, NEVER PAY UPFRONT, without a written guarantee!
Doesn't sound like a servicer to me. Sounds like an investor getting agents to pay them to do their work. Anyone can get a default list and ask agents to do BPO's on them with intentions on negotiating some kind of purchase with the homeowners. These guys are genius! My suggestion is pay the money to get your own default list, contact the homeowners and create a transaction from it.
I got a follow up call from Reoprocorp. I am skeptical but here's the scoop. They mostly deal with preforeclosures. They do not charge a referral fee. There is a $400 fee which covers 10 assignments over 6 months. 30 to 60% result in getting a listing of a short sale. Success rate depends on both the agent and seller's cooperation. I am extremely reluctant to pay anyone an upfront fee. All assignments are 60-90 days in default. You do a driveby and no contact with owner at first.
At least you have a seller with a problem who needs a solution. If you want to check out their website it's http://reoprocorp.com It looks professional.
Adam, please let us know how things are going.
She did give me 2 addresses to check out.
They were both vacant and secured
Last I heard Chase only had 2 outsourcers. REO PRO wasn't one of them. I would never pay $400 to "join" them.
I also got two properties , they were two bpo and $400 to join their program . They said they are with fannie and Freddie , bofa and chase . did they give you a listing or a bpo? I didn't get the listing but should they get the asset I will get it . not sure how I feel let you know as my 1st bpo is due tomorrow
Sounds fishy to me... Fannie does everything in house now and Freddie uses 3 outsourcers and they aren't one of them