<a href="http://www.ForeclosureU.com....a">www.ForeclosureU.com....a</a> Joke?

Well, I was doing some research on all of these companies who offer a certification program with the chance to list REO’s. Well I came across www.ForeclosureU.com and browsed over to the “Realtor Director” they have and pulled up Tennessee. I found 10-15 agents and sent them all an email asking for their endorsement of the program. I had 5 agents reply back and out of those 5 not a single endorsement….not a one! I asked each one if anything good came out of the program. 3 said, nope, nothing good at all and, 2 said, they had a basic knowledge of REO now but, that’s all. I asked each of them did they make any connections, get any leads or list a single REO and all 5 respondents said, no. www.ForeclosureU.com markets themselves as providing an outstanding REO education as well as putting its graduates on a list that is heavily “marketed” to Asset Managers and REO Brokerages but, in my opinion, it’s not worth it. If you have an experience with www.ForeclosureU.com please feel free to share it, I would love to hear about it.

Comments

Tom Powell September 13, 2009 at 12:43pm

After reading postings here I tried Foreclosure.com courses. The "100 level" online lectures were professionally done and a little helpful. I expected much more from the "200 level" courses. I was very disappointed. I have completed a Short Sale class from RealtyU.com. It was over 12 hours long and gave me dozens of pages of charts and forms and examples. Foreclosure.com said take 3 courses at 2.5 hours each. The first course was less than one hour. The next course was 1 hr and 26 mins, and the third course 2 hours and 12 mins. The courses did not have handouts or even a copy of the charts used. The charge was $450. I asked for my money back and got another course instead. In one course the speaker could not bring up the charts and we wasted 5 mins waiting. In two of the courses the charts and the talk were not in synch. Some of the finance programs discussed expired on June 30, 2009 according to the recording. At least one of the lectures promised "helpful tools" but none were provided. In general foreclosure.com has good ideas that are just not executed yet. One course evern recommended that a comparison matrix be prepared - the lecturer did not provide one and without the charts you cannot do one on your own without repeating the work that foreclosure.com should have done for a price of $450. So I recommend you look elsewhere. I found Realtyu.com and Short Sales Genuis (SSG) information to be much better.

Additonally many many sevices promises "short sale/foreclosure" leads. Charges are anyshere from $100-200-595/MONTH. Do not be fooled. There is no miracle. These leads are no better that what you can barter some Title companies for. They are never worth the money and do not replace elbow grease in a territory you farm.
Don Devaney August 2, 2009 at 8:37am

THANK YOU SO MUCH YOU JUST SAVED ME SHELLING OUT HARD EARNED DOSH TO JOIN
Jan Radosevich March 18, 2009 at 5:06pm

What is CF? That's something I haven't heard yet.
Erika Gephart February 27, 2009 at 12:12pm

My broker purchased the CFS manual from foreclosureu 3 weeks ago and he shared it with me (no we did not illegally copy it). I have to say we were both really impressed with the content. If foreclosureu is promising you get listings by purchasing it, then that is certainly not right. What I am getting out of it is a really good education and a lot of ideas on how to put a game plan together. The information is not limited to the reo business, but that is a good share of it. It details short sales, loan mods and bpos all as seperate businesses.
We are choosing to not go after reo listings at this time and are following the marketing strategies in the book on building a larger pipeline of short sale listings and tying loan mods into that. Furthermore, I have called foreclosureu a couple of times and they actually answered the phone. On both occasions I was able to speak with the author and he took the time to walk me through a couple of ideas that we were in need of clarification.
I just happened to be on this site searching for information and found this blog and thought obligated to stick up for a product and company that is being represented here as a "joke". I will certainly forward this blod onto my contact at the company. thanks for your time.
Karen Turney February 22, 2009 at 10:46am

Thanks for the info on this, of course my email is full of "pay us for multitudes of REOs ads." So Its nice to come here and see what is really real.
Kevin Su February 17, 2009 at 5:21am

I almost signed up for ForeclsoureU.com until I read this blog. I agree with Johnny that people just need to learn the REO business the hard way; there is no short cuts and from I've read, no legit "training" program out there.
Johnny Huang February 16, 2009 at 6:48am

I learned the REO business the hard way...researching sites, talking to like minded people and getting BPO assignments to learn the market place. Only sites I paid for are the platform sites that the lenders. I get very skeptical on "education" sites that hop on the bandwagon.
Bardell Wagner February 13, 2009 at 6:25pm

Did anyone receive there spam mail requesting Realtors to sign a congressional petition requiring banks and AMs to spread out REO listings to all agents? Oh, they also mentioned having their certification would help agents get listings if the petition worked. Needless to say, but I don't buy scams that are obvious. Can you imagine a rookie agent with very limited funds receiving an assignment that happens to have a huge trash out, HOA to get caught up, delinquant utilities and few other expences that need to be paid in advance? Many agents get terrified when I explain negotiating CFK. Any way my advice - pass on this one!
NSI Consulting Group February 13, 2009 at 10:14am

I reviewed this site and it looks great. Unfortunately that is about all I can say that is good about it. I also think that having basic knowledge of the REO Agent will be just that. It is amazing to me to learn about all of the internet gurus out there who perhaps think that they have the best program imaginable. If you were to buy their programs all you have is a expensive box.
Joe Harvey February 13, 2009 at 9:13am

I have had agents tell me that they got the CFS designation from foreclosureu and that it did nothing for them. If you are looking for a way to learn about REO's there is an Agent University at www.foreclosure.com that offers a CFA designation that is endorsed by the American Society of REO's. the American University of Real Estate,and ERA Realty. The CFA (Certfied Foreclosure Agent) designation program has classes designed to help agents learn about preforeclosure, post foreclosure, short sales, and learning how to gain REO listings. email me at jharvey@foreclosure.com for more info

of 2

Blog

www.ForeclosureU.com....a Joke?

Comments