It took me three weeks to negotiate a CFK and get the property vacant, now altisource people in India are telling me that I will not be getting the listing!! When the CFK request was sent to me they said that I'll be getting the listing. Does anyone know how Ocwen operates now? I know everything is changing with them but I was wondering if anyone had recently experienced the same thing?!
Altisource is eliminating the listing brokers and using gohoming.com to auction off the properties. I used to receive several listings from them but no more. They charge you way too much to use their platform also. It seems to be working for them. Buyers agents have to register on gohoming to submit offers there only. Hope this helps
Dear Bessie, I feel your pain. My connection with Ocwen-Altisource began a number of years ago when they first aquired the VA contract. At that time they were demanding but fair. I did list and sell a number of properties for them and fortunately was paid promptly and correctly. They appreciated my service and did reward me with additional business. Then came Altisource, Altisource only cares about the bottom line. I have found that they are users of people and their talents. They no longer reward us with business but make us compete for CMAs and BPOs. They want to pay us minimal fees and care not what our cost might be to produce their reports. They feed our reports to their regional agents, who list the properties at a discount because their agents, cannot do the reports because of time constraints or geography. The selling broker of their properties gets more money than the listing broker. The listing broker pays the fees and answer the questions. I feel Altisource, as profitable as it may appear to be, is doing a mis-service to the real estate community. I feel their new model is alienating those REALTORs that helped make them successful. I personally am losing that loving feeling for a client that appears to be trying to take advantage of me.
This company had screwed me big time. One of the properties that they have given me, the experience that I had was so horrible that I had to be with the sheriff each time I go and visit the property while eviction. The former owner was a drug addict and was not very pleasant to talk to. He had a gun and I did not want to be in the breaking news. Finally, got the person evicted, the Altisource Aset Manager told me to go ahead and get it trashed out and cleaned up. There was a mountain of trash in this property, it was horrible. All before and after pictures, invoices, copy of checks paid were submitted to them since December 2010 and I still have not received any reimbursements. In the middle of my listing agreement, they have changed the listing agreement stating that I am only going to receive a referral fee, after I had to go through all these horrible experience of this former owner that I almost got killed for. On top of it, the escrow and title company that they use is nowhere to be found. I called them and send them e-mails, nobody responds. We were in escrow for 3 months already and still did not receive an escrow instructions and pre-liminary report. The buyer was buying all cash!!!! We made an executive decision to pull it from this escrow and title company since the buyers were getting a bit worried since everything is being run in India. If they send their cash money nobody will know where the money is since we do not have any kind of communication with the escrow and title company that they had picked. Very scary situation and a lawsuit waiting to occur. I still have not receive my reimbursements. BEWARE OF THIS COMPANY!
Thank you all for these comments. I was recently accepted with Altisource and now I know not to accept any assignments. Yolanda, did you paid back for the trash-out, or did they pay for it?
It took me about a month to negotiate two (2) CFK on a four unit building. One (1) of the units required a trashout and the building winterized. I got the listing but just received and email advising that my listing agreement will terminated at the end of the month. Altisource wants me to list the property in the MLS system and field calls for a 1% commission.
I have been experiencing it frequently. I have worked with small lenders and real estate agents in the past. Trying to gain momentum with business I posted an ad on craigslist and now twice a month I am contacted by someone who says they have work for you at BOP sites. I have been to several properties where there are no locks on the doors. These people run you around never pay you and altisource/whoever won't even talk to you about it.
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.
OK folks, after a year of doing BPO's for this company for $40.00 (-$2.00 charge), $38.00 net....is it really worth it? I think not. I spend 4-5 hours per BPO, not to mention transportation expenses. This company "promises" listings and don't deliver. I would rather spend my time with companies that are honest with the agents. I, too am seeing listings with Ocwen exclusive agents. They are using us and our expertise.....next time, let them pay more and order appraisals. Quit doing BPO's for this company. No way can they get their exclusive agents to do all the BPO's. I for one am done with them unless I start seeing listings.
Comments
This company had screwed me big time. One of the properties that they have given me, the experience that I had was so horrible that I had to be with the sheriff each time I go and visit the property while eviction. The former owner was a drug addict and was not very pleasant to talk to. He had a gun and I did not want to be in the breaking news. Finally, got the person evicted, the Altisource Aset Manager told me to go ahead and get it trashed out and cleaned up. There was a mountain of trash in this property, it was horrible. All before and after pictures, invoices, copy of checks paid were submitted to them since December 2010 and I still have not received any reimbursements. In the middle of my listing agreement, they have changed the listing agreement stating that I am only going to receive a referral fee, after I had to go through all these horrible experience of this former owner that I almost got killed for. On top of it, the escrow and title company that they use is nowhere to be found. I called them and send them e-mails, nobody responds. We were in escrow for 3 months already and still did not receive an escrow instructions and pre-liminary report. The buyer was buying all cash!!!! We made an executive decision to pull it from this escrow and title company since the buyers were getting a bit worried since everything is being run in India. If they send their cash money nobody will know where the money is since we do not have any kind of communication with the escrow and title company that they had picked. Very scary situation and a lawsuit waiting to occur. I still have not receive my reimbursements. BEWARE OF THIS COMPANY!
It took me about a month to negotiate two (2) CFK on a four unit building. One (1) of the units required a trashout and the building winterized. I got the listing but just received and email advising that my listing agreement will terminated at the end of the month. Altisource wants me to list the property in the MLS system and field calls for a 1% commission.
I have been experiencing it frequently. I have worked with small lenders and real estate agents in the past. Trying to gain momentum with business I posted an ad on craigslist and now twice a month I am contacted by someone who says they have work for you at BOP sites. I have been to several properties where there are no locks on the doors. These people run you around never pay you and altisource/whoever won't even talk to you about it.
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.
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