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Summit Valuations - Caught in Banksters Games

By
Managing Real Estate Broker with Heart Realty Group, Inc.. IL-471.002355

 

If you did not read my mini rant about Summit Valuations, a BPO company that is slow in paying their vendors - in this case me! for doing a BPO read this here

 

Well this morning I was mildly surprised to have an email from Summit Valuations CEO, Jim Clark.  Mr Clark was kind enough to tell me the reason why his company is behind 6 months in paying their vendors.

Due to the credit market being frozen during this real estate/economy downturn their "float" from the bank disappeared and one of their biggest "clients" also owes them a lot of money.  Now it does not take a rocket scientist to figure out who BPO companies clients are.

While the American people bailed the banks out with TARP as we now know with movies such as "Too Big to Fail" and books like "Bad Money" by Kevin Phillips and many, many others available the banks used TARP funds not to ease the credit crunch or help out homeowners by doing loan modifications and even short sales.

No, they used the funds to buy out smaller banks  and make themselves even bigger, put up even more hoops for people to jump through and blame it "on govenment" program while not following the guidelines for those programs. 

So, although its a small comfort it was nice of Mr. James Clark to take the time to reach out and send me an email to ease my frustration.  It might have been the tweet that I sent out or the frustrated response to their accounting department's initial response, but whatever the reason most CEO's do not take the time or have their staff take the time to reach out to the smallest vendo with any type of indepth explanation.

So, kudo's to Mr. James Clark!  May your "big client" pay up so the rest of us "small vendors" can get paid and your company can continue to do business.

Posted by

Evelyn Santiago

Managing Broker/Owner - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!

Comments (4)

Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

Great to hear that Mr. CEO reached out.  Hopefully he will follow up and pay you soon.  Or at least stop taking BPO assignments and passing them on to the small vendors such as yourself and me.  Well, now that know the problem ---> I won't take any assignments until I hear that they are back on track - permanently.

I do not need to have anymore money out and about  and not with me!

Jun 19, 2011 04:01 AM
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Rosemary:

Thanks for your comments.  I was told that I was given priority so I may get paid in 3 months instead of 6.  It's not easy doing BPO's and the amount was very small so it makes it even harder when they delay even the small payment.

It seems we have too many people in our pockets while our commissions are hammered by sellers, our own associations and everyone else that is trying to sell us the latest "must have" product to make more money.

Perhaps my twitter "tweet" got his attention!

Jun 19, 2011 04:52 AM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

I know this an old post but wondered if the slow pay has been resolved. Thanks

Apr 09, 2014 12:47 AM
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

I can only assume that they paid me since its been so long and my memory is not what it used to be.  I know that it took over 6 months and I did contact them again.

Stopped doing BPO's, cancelled my Equator additional zip code exposures and stopped responding for requests to do BPO's from Evaluation and some other BPO companies.  Never got any listings from any of these companies so am concentraing on getting listings the old fashion way - referrals and direct mail, internet, blogging etc.

 

Hope this helps!

Apr 09, 2014 01:54 AM