Hello,

I'm wondering if anyone has heard of either of the above companies. I just received two assignments via ResNet from them. It appears that U.S. Elite Realty is referring Round Point Mortgage Servicing to us. They ask us to sign a referral fee in order to obtain the assignment. The kicker here is the Referral fee is 40% if the commission is less than 3% of the sales price and sales price is $75,000 or greater. OR 33% If the listing commission is 3% or greater and the sales price is $75,000 or greater. AND then there is another referral agreement for 20% of the listing  if the commission is less than 3% of the sales price and sales price is $75,000 or greater. I know confusing...right?  Why two referral agreement and which one applies or do both? On a positive note they use LPS and Res.Net.

If you've had good or bad experiences with these companies PLEASE kindly let me know. I'm unsure how reputable they are and honestly the referral fee is quite steep!

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Replies

  • RES.net still has Kondaur Capital as a client - if you work with Kondaur then you will have to sign up for RES.  I just  posted some other info about USRES/RES.net on the discussion about BPO companies that pay if you want to check that out.

  • Don't be stoopid!

    outrageus referral fees will make $ for them, and leave you with a hole in your pocket.

    go out and get your own listings, there is no referral fee.  DUH!

  • U S Realty LLC doesn't even show up if you google it.  That is a concern.  Even my small realty company pops up first when googled.  

  • You get charged referral fee's for each listing transaction for all mortgage company vendors used in their system, there are no bulk deals.  Therefore, you can go broke dealing with these referral vendors if you are having to pay out of your pocket to make repairs etc.. and they take longer and longer to reimburse you.  Bottomline, if you havent heard of these mortgage companies before, it would be save to stay away because they probably do not have a lot of collateral to back them up and go bankruptcy at anytime leaving you hanging.  Only deal with the big bank listings.  So, if you decide to take on any listings through Res.net, do yourself a favor and ask the vendor first who the lender is before you accept the referral to save yourself alot of future headaches.

  • Res.net has lost alot of good business with the big banks and only work with 3rd party asset managers who have assignments from mostly off the wall smaller private lenders you never heard of that are the ones that by up all these distressed properties at auctions.  Then these 3rd party vendors will ask you to list them at ridiculous low prices to try and sell them fast.  But the problem is, the low list pricing and their referral fee's does not cover your time and effort specially when you have to share the commssion with another broker.  For instance, $69900 you are asked to cut your commision to 5% is $3500 then at the top you give them their 30% commission now your at $2500.  Then you have to give half of that to another broker (9x out of 10 in the case) now your done to 1450.00 and then half to your broker now $725.00 then all your desk fee's and E & O fee's a couple extra hundred.  Your lucky to walk away with $200/$300 which only covers which only covers the gas and time spent on going back and forth checking on the home.  So, basically you break even and made no money.  Oh, not to mention the $700 yearly membership Res.net charges which is OUTRAGEOUS which not gaurantee's of real decent listings.  If I were you, I would stay away from Res.net because you end up with a bunch of crappy listings and nothing but headaches with these asset managers who don't know a thing about your area and send appraisers who are 4-6 hours away and not part of your mls board.  Really?  your the expert in your area and they should be listing to your opinion not some other jerks opinion.

    • Hi ,Which co you suggest to take REO listing From?

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