wrong (2)

Bank Forecloses Wrong Home!

If you want to read the full story, go to The Blaze.com


As a REOPro, I am completely astonished by these types of stories and it never ceases to amaze me at just how scary the practices of some of these smaller banks can be. Do they just hire the bank President's son's best friend's sister in-law who knows this guy who happens to be friends with a Realtor they can use? Really?

Do these banks not have policies, procedures, best practices, a platform?

Now, it's bad enough this happens and gets reported but, how many times does this happen and not get reported? How many people out there have this happen to them and then end up having to hire an attorney, with money they likely don't have, to fight an injustice that should have never happened in the first place?

It's not like the markets are flooded by well trained, in most cases, highly experienced Realtors who would fight at the chance to win the listing assignment from one of their local banks. Personally, I would have no problem working the assignment from monthly drive by inspections, property address verification, occupancy checks...etc.... if I knew I was getting the listing.

Well, this is a perfect example as to why we need to start making agents the AMC. You see, most of these small banks won't hire a big ole AMC to outsource their assignments because, it's just too expensive for them but, if they had a local agent, that would do all the work for the commission, they may think twice.

To learn about how REOPro wants to make the Realtor the AMC, read my discussion forum titled, REOPro Makes the Agent the AMC.

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What is wrong with this industry?


"...if all of these REO companies are scaling back, why bother purchase AMP under res.net or get certified with REOtrans if we don't know if there is going to be enough work for those of us who can't get into any other company or the other companies are telling us that they are going to give their work to the preferred brokers ?" Anonymous

As I have always said and will always tell you, it's not the "company" you're with or the subscription level you paid for that is going to give you any chance at getting a REO.

The REO industry is the preverbal “boys club” and for those agents who don’t understand this concept, you will fall victim to false promises made by Asset Management Companies and Technology Platforms alike.

I have preached, revealed, screamed, wrote, published and explained to all of you through my blogs that unless you are actively contributing to this industry…..your success in breaking in is going to be less than stellar, if at all.

“Ned” our resident Asset Manager has revealed to many of his weekly column readers how to either break in or get more business. In fact, his most recent column is about this very topic yet, I didn’t but, 3 orders come in today for a FREE Agent Site, through the REOPro store, I only approved 2 blogs today and the forums seem dead today. Not to mention, I counted at least 4 articles in the Ask the AM archive on this particular topic or at the very least topics very similar and I have about 3 blogs myself I have written along with 1 blog that is nothing more than my top 8 blogs that any REO agent should read. So, with all that being said, why do we still get members who fall prey to the false and blatant lies running rampant through our industry like hungry lions on the plains of the Serengeti?

Granted, even industry juggernauts like REOTrans or RESNET seem to be participating in the “Realtor mop up” but, their lofty place as industry captains makes people like myself see these actions by them as shameless and disgusting yet, we still get agents who are clamoring, saving up thousands of dollars and purchasing higher and higher levels of “preferred status” for nothing more than the promise of a chance.

I read a recent forum thread titled “Valigent” posted by Janet Frederick on REOPro where one of our members Byron Guillermo copied and pasted a reply from an Executive with Valligent named Jeremy that said, Quote…

Lenders take advantage of the fact that many real estate agents in this economy are desperate for listings,”

HELLO! CLUE PHONE IS RINGING! It’s not just the lenders….it’s everyone in the industry. My point is, they can make the promise of a chance, with no guarantee and they will still make money hand over fist from the contract they have with the bank, to the “technology fee” you kick back and then your monthly membership fee and annual “preferred broker” fee. It’s a cash cow because of the very statement made by Jeremy with Valligent.

I am trying to explain to you, if you feel victimized, if you feel as if you have been taken to the cleaners, if you feel like no matter where you go, it’s more and more money……well, yeah, you’re right but, that’s because people are paying for it. Caveat Emptor my friends, or in other words, Let the Buyer Beware.

So, how do you avoid these people and scams, how do you break in……well, it’s as I have always said, it’s about developing relationships, providing a useful service and becoming an expert in your field. If you want to know more about my opinions on these things, read over my blogs, read the AM column this week and search through the archives.

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