Has anyone out there done paid BPO's and will they eventually give you a shot to list some Ocwen REO property? I am hoping someone out there can answer my questions.
ocwen (6)
Just took a listing from a client who purchased a property from me back at the height of the market in late 2005. Needless to say, they are at 35% VTL (Value to loan!) and have finally grown tired of making $2400 payments on a home now worth $125000 in a neighborhood where their neighbors are making $1000 payments.
The lender is OCWEN and until now, I've not had the pleasure of working with them on anything but REO listings.
If anyone on REOPRO has some guidelines, website links and insight to their shortsale process, the information would be most welcomed.
The sellers are a young married couple and I kinda feel obligated to provide the best possible service to them since they trusted me enough to help them buy a home and now when they are struggling to stay afloat, they asked for my assistance in listing their home as a shortsale.
Oh yes, one more thing; Since meeting with them and taking the listing, they have provided THREE referrals, all of which listed their shortsales with me.
So you can see why I want to do a good job.
Looking forward to hearing from those in REOPRO.
Hello all!
Just wondering if there's anyone out there that can assist me with an issue. I signed up with OCWEN over 1.5 years ago for BPO's and REO's. I've called several times to check on the status of my account and each time I receive the same info. That my account looks great and there's nothing needed.
My issue is that in this time frame, I have only received 1 BPO order. Very unusual and odd considering other agents in my office and competing offices receive numerous orders each day.
Therefore, does anyone have a contact there that I may call to see what's going on?
I would greatly appreciate it!
Joe
Altisource is no longer assigning listings to agents, no matter how many BPOs or CMAs you do for them.
Any work Altisource assigns to you will not get you any listing no matter what they promise. You will not be paid for any property management or assistance you do for them. The do still need local Agents for BPOs and CMAs and do still pay the money for those. Make no mistake you will not get listings from Altisource (Ocwen) any more at this time no matter what you do for them.
Altisource now has hired one inside agent for all of the entire state you are in. This agent will list all of the properties no exception. All the work leading normally up to listing that you do will be done by you without payment. Their one agent can not travel all over the state for BPOS, CMAs , cash for keys and all else required.
Altisource sends out assignment agreements and gives you duties to perform. In the assignment letter it states if you accept the assignment the property will be given to you to list when it is ready to market. You do everything they request including getting utilities on , help with securing, code violations, BPOs , property checks to occupancy checks and even CFKs. Then when they do put it on the market it will be taken from you and assigned to their own inside statewide agent. If you call to complain they act like they do not know what you are talking about and tell you it is their choice who they list with. Altisource sends you a property assignment letter requesting you perform work for them. Do not think they have to follow through no matter how much time or work you put into their asset, they will not list it with you. And will not pay you for anything you do associated with the assignment.
After working on 3 properties for 3 months they listed all 3 with their own State agent and paid me nothing. I had a listing, which I sold for Altisource (my listing my buyer) and they refused to pay the agreed on listing commission in the listing agreement. They also took 2 referral fees and a management fee from my commission. The listing agreement stated that the "listing agent commission would be 1.5 % and the referral fee would be 1.5 %." At closing Altisource paid me only 0.05 % and kept the rest. I did send them the listing agreement they had signed and they responded "TOO BAD" we are paying you only 0.05 % and they did. They also kept the 700.00 management fee that was to be paid to me and assigned it to Altisource instead (themselves) for management of a property they had never even seen. They used my pictures in the MLS when their own state agent listed the properties.
DO NOT DO WORK FOR ALTISOURCE (OCWEN) unless you want to work for free. Do not help them cheat Realtors, and change the rules in our industry forever, by doing their CMA and BPOs. If we do not stand together on this we will have a disaster in our industry which can not be undone.
Do some quick MLS research to find out what Altisource Homes is up to in your market as a listing brokerage. If you are an REO agent you might be surprised to find that Ocwen is listing properties with Altisource Homes offices that are not even in your state. Sure, sellers can list with anyone they want to but local agents should be aware of this growing trend. Why? you ask.
Well,
If you perform BPOs for Ocwen and Altisource you might just find your interior BPO pictures posted on someone else’s MLS listing. Think it can’t happen? I promise it can because it happened to me. When I called my local Altisource contact in New Delhi they assured me that I was mistaken and that it was impossible that Altisource Homes in Georgia (8 hours away) had received and used MY interior BPO photos in their MLS listing in my local market. They asked that I provide documentation and that the issue would be escalated.
I provided the documentation over 2 months ago and have not heard a peep from Altisource. I have stopped accepting work from Altisource and always refer to the fact that I am awaiting an explanation on this specific issue when I reject assignments.
Has anyone had similar experiences? I have had numerous conversations with REO listing agents about Ocwen at national conventions and decline to comment further about Ocwen.
