Great advise by our In-house AM - Let's do this and see which companies pay the best and which ones don't - here's my list of good paysEMortgageLogicEqui-traxTitanium SolutionsFranklin CreditFASInc
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Yes, last week was like someone put on the breaks! I was receiving orders from LSI, they pay on the 1st and the 15th. I called them and asked what was going on they said they were very slow. Any input on this situation?
Elena Jorrin > Janet MennellaOctober 10, 2013 at 5:27am
Is LSI the same as LPS? LPS is paying as scheduled.
The low paying and no paying companies are ruining the distressed property market, especially when it comes to the short sale side of things. The companies that are low paying or no paying are attracting in-experienced agents who don't know anything about valuing a distressed home. Most of us on this forum won't take the low paying bpo orders and try to avoid working for the no pay companies leaving the orders for the in-experienced agents. These in-experienced agents are over valuing distressed properties creating all kinds of problems and issues.
I work quite a few short sale listings and negotiate with the servicers to help distressed homeowners avoid foreclosure, I am usually successful negotiating the terms of the short sale and getting the homes sold. However, lately I have had four values on shorts sales I am working come in at fair non distressed market values. Making it impossible to sell the homes for what the bank or investor is demanding based on these over inflated values.
Most short sales I have ever been involved in have been distress situations. This distress lowers the property values and these agents completing the bpo's have no clue what they are doing.
I see this trend likely to continue as the bpo companies continue to low pay or no pay they will keep attracting the un-qualified dregs to compete their orders making it more difficult to help out good people who are financially and emotionally distressed avoid foreclosure. It is almost as if the banks want to foreclose on people and take back these distressed properties.
At least that is how I see with the current structure of how things are being handled. I am curious to hear if anyone else is experiencing similar scenarios?
Elena Jorrin > John GiammarcoOctober 10, 2013 at 2:52am
Absolutely. You can see that some BPOs are done by inexperienced agents when they call you for clarifications on your reports, and they base their questions on previous BPOs on the same property, and when they mention certain "comps" the first question in your mind is: who could have come up with that comp. Where is this agent from?
These non usable comps or comps containing falsified information come from inexperienced, or worse, unethical people, non from agents who have been and want to continue being for many years in the profession and love what they do.
Has anyone done business with Bridge Asset Servicing? I signed a contract with them for a guarantee that I would get at least one listing within the first 12 months. If not...a full refund. I have not received any listings and they have not responded to my request for a refund. They won't answer my telephone calls or emails. I provided them proof of what has transpired and the dollar amounts, but nothing? Any of you had experience with them? I think BBB and Attorney General are in order!
Colleen > Jammin Jan StannardOctober 9, 2013 at 2:24pm
Anybody know anything about USA Valuations Services out of Arizona. Have gotten a few orders from them and they have an invoice system. Do they pay? Any info will be helpful.
Replies
Yes, last week was like someone put on the breaks! I was receiving orders from LSI, they pay on the 1st and the 15th. I called them and asked what was going on they said they were very slow. Any input on this situation?
Is LSI the same as LPS? LPS is paying as scheduled.
Yes it is LPS. Last week they stopped sending BPO's. I called the evaluation department, they said they were very slow.
Hi Cindy,
What's your list of no-pays?
Thanks for the information.
Cindy hasn't participated in this discussion since October 2009.
The low paying and no paying companies are ruining the distressed property market, especially when it comes to the short sale side of things. The companies that are low paying or no paying are attracting in-experienced agents who don't know anything about valuing a distressed home. Most of us on this forum won't take the low paying bpo orders and try to avoid working for the no pay companies leaving the orders for the in-experienced agents. These in-experienced agents are over valuing distressed properties creating all kinds of problems and issues.
I work quite a few short sale listings and negotiate with the servicers to help distressed homeowners avoid foreclosure, I am usually successful negotiating the terms of the short sale and getting the homes sold. However, lately I have had four values on shorts sales I am working come in at fair non distressed market values. Making it impossible to sell the homes for what the bank or investor is demanding based on these over inflated values.
Most short sales I have ever been involved in have been distress situations. This distress lowers the property values and these agents completing the bpo's have no clue what they are doing.
I see this trend likely to continue as the bpo companies continue to low pay or no pay they will keep attracting the un-qualified dregs to compete their orders making it more difficult to help out good people who are financially and emotionally distressed avoid foreclosure. It is almost as if the banks want to foreclose on people and take back these distressed properties.
At least that is how I see with the current structure of how things are being handled. I am curious to hear if anyone else is experiencing similar scenarios?
Absolutely. You can see that some BPOs are done by inexperienced agents when they call you for clarifications on your reports, and they base their questions on previous BPOs on the same property, and when they mention certain "comps" the first question in your mind is: who could have come up with that comp. Where is this agent from?
These non usable comps or comps containing falsified information come from inexperienced, or worse, unethical people, non from agents who have been and want to continue being for many years in the profession and love what they do.
Has anyone done business with Bridge Asset Servicing? I signed a contract with them for a guarantee that I would get at least one listing within the first 12 months. If not...a full refund. I have not received any listings and they have not responded to my request for a refund. They won't answer my telephone calls or emails. I provided them proof of what has transpired and the dollar amounts, but nothing? Any of you had experience with them? I think BBB and Attorney General are in order!
did you pay on a website?
Anybody know anything about USA Valuations Services out of Arizona. Have gotten a few orders from them and they have an invoice system. Do they pay? Any info will be helpful.
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