REO Exchange looking for Agents

By
Home Inspector with National Mortgage Field Services

Can anyone share/shed some light on who this company is? They are at present advertising that agents can join through 29 January for the fee of $399.00. Are they just another company trying to get in on the Default Property Services industry?  I clicked the Clients tab on their site www.reox.net to see who were some of the Asset mangers and Lenders.. none listed! They have a scrolling banner with what they say are testimonials of various Asset Mangers.

Comments (22)

Anonymous
Customer Service

REOX is an organization formed by asset managers for asset managers.

Client link is not operational, not currently one of our main tabs.

Testimonials tab shows just a few of the asset managers that currently utilize our system and we continue to add new asset managers daily.

We are a search engine designed for active asset managers to utilize to find agent/brokers in specific areas.

Membership fee is a fraction of cost of other competitive websites.  Currenlty have not seen any competitive website have actual testimonials from "Active" asset managers.  A few have testimonials from other agent/brokers.

Hope that helps.  REOX.NET

Jan 24, 2010 07:56 AM
#3
Paul Durry
National Mortgage Field Services - Lawton, OK
Former Broker Associate, CDPE, CIAS, CHMS

So why is the cost of $399.00 being passed on to the agent/brokers. Since this is a site set up for asset managers, do they pay a fee also? What is going to make agent/broker feel your site is a good way to go?

Jan 25, 2010 01:25 AM
Paul Durry
National Mortgage Field Services - Lawton, OK
Former Broker Associate, CDPE, CIAS, CHMS

So this is where it starts confusing me! It was stated in the prior blog that the site was formed for asset managers by asset managers, yet you want the broker/agents to pay for it! Why would any broker/agent subscribe to something that was created entirely for the benefit of the Asset Manger? We take the gamble that maybe some manager may see us listed in a particular part of the country and decides to use our services, or chooses not. Are the areas of coverage exclusive to one broker/agent or open to any who registers?

Jan 25, 2010 10:16 AM
Nick Exarhos
National Realty Centers - Livonia, MI

Forget it!!!!!!!!!

Jan 29, 2010 05:27 AM
Paul Durry
National Mortgage Field Services - Lawton, OK
Former Broker Associate, CDPE, CIAS, CHMS

Nick...Did not their proposal sound unrefusable??? If that were a word. I do not think they realize what they are asking. However, I am sure some hungry agent will be taken in by it. Truly SAD!!!

Jan 29, 2010 06:09 AM
Anonymous
Tammy Arp Dockside Realty Company Myrtle Beach, SC

SCAM!!!!!! I emailed them several times asking questions, such as, how long have they been in service, what asset companies or lenders use their site,etc.. They could not or would not answer directly. They would say check our testimonials, and there is only 2!!!! We do not even know who those testimonials are from. They claim to have 50 asset managers and adding daily. Asset managers work for asset companies, they do not look for experienced REO agents on a site that was just formed. SCAM!!!!!

Feb 10, 2010 04:42 AM
#8
Paul Durry
National Mortgage Field Services - Lawton, OK
Former Broker Associate, CDPE, CIAS, CHMS

I am sorry but I did not fall off a turnip truck today or yesterday. Your proposal does not make good business to me as an agent. I think your main customer should be the one paying to get agent leads from your site. As for the number of active listings on my site, could it be that they sell? My average REO listing last about 2-3 hours if priced correctly by the Asset comany, after it is uploaded to the MLS.

Feb 10, 2010 05:05 AM
Paul Durry
National Mortgage Field Services - Lawton, OK
Former Broker Associate, CDPE, CIAS, CHMS

REOX.NET

Well according to Asset mangers who utilize Equator, resnet, let alone Single Source, New Vista, Old Republic, CitiMortgage, etc. they think I do a pretty good job marketing their properties. Without guess who?

Thank you for the Best Wishes!!!!

Feb 10, 2010 05:38 AM
Jane Johnson
Bayliss, CA

I got a deal with REO Exchange. So I think all the people that are talking so badly on this company are not making any money themselves . It is what you put into it not what someone will give you. The more people that do not join the more zip code area I get to myself. ;-)

Apr 23, 2010 04:48 PM
Paul Durry
National Mortgage Field Services - Lawton, OK
Former Broker Associate, CDPE, CIAS, CHMS

Bron, Mat, and Jane...I am glad you are having positive results. What area(s) of the country do each of you cover? What real estate companies do each of you work with.

Apr 24, 2010 03:07 AM
Paul Durry
National Mortgage Field Services - Lawton, OK
Former Broker Associate, CDPE, CIAS, CHMS

Bron and Mat do you have a profile page here on Active Rain?

Apr 24, 2010 03:22 AM
Carol Ann Suddeath
RE/MAX Pinnacle, CLHMS, CDPE, CNE - Bedminster, NJ

Thank goodness for Active Rain.

May 13, 2010 11:04 AM
Paul Durry
National Mortgage Field Services - Lawton, OK
Former Broker Associate, CDPE, CIAS, CHMS

Carol,

What new discovery did you find on Active Rain?

May 13, 2010 11:24 AM
Anonymous
Jonathan Klein

We signed up with REO exchange with the promise that we would be able to network with active REO Asset managers. Their advertising said "Bringing REO Brokers and Asset Managers Together." The first two months we called the Customer service line they informed us the web page was still under development and to please wait. It has been five months and we have yet to be able to find a section on the website that allows us to apply to join asset management company agent lists. I am not sure this website delivers on its promise.

 

Jonathan Klein BA, MBA, MSRE

REO Agent 4yrs Experience

Property Management 10yrs

Oct 18, 2010 09:03 AM
#16
Paul Durry
National Mortgage Field Services - Lawton, OK
Former Broker Associate, CDPE, CIAS, CHMS

Jonathan, From the beginning I have had suspicion about the company. Its was evident to me they were not an established company. In my opinion the money you sent them, is or was used for their R&D. In a statement above within this blog they said they do not have any Asset mangers they were actively working with. They also said the site was for the benefit of the asset manager and not the agent. So I asked them why they want me to pay for something that had no benefit for me.

Oct 20, 2010 04:21 AM
Anonymous
Jonathan Klein

Hi Paul

It is unfortunate that our correspondence with REO Exchange's sales person Tracy Clark made it clear that joining would put us in direct contact with Asset Managers and Asset Management companies. We inquired as to what clients REO Exchange worked with her Email stated "Aurora, Wachovia, Bank of America,  and several asset management companies-- I can't give you a list of everyone we work with, but this should let you know the types of companies we work with.Regards, Tracy "

 In a previous email she wrote:

"Hi George,

The reason you received an e-mail from us is that Asset Managers that use our system complained that we don't have enough realtors in the Atlanta area.  Our clients are asset managers or asset management companies representing the top 10 banks in the country.

 Please fee free to call me with any other questions.

 Regards,

 Tracy Clark."

 

We have engaged our attorney to sue for misrepresentation of services and are needing a mailing address for this company, If anyone knows please pass it down.

 

Best Regards

Jonathan Klein BA, MBA, MSRE

REO Agent 4yrs Experience

Property Management 10yrs

Oct 27, 2010 04:42 AM
#18
Paul Durry
National Mortgage Field Services - Lawton, OK
Former Broker Associate, CDPE, CIAS, CHMS

I will have to look through some of my old email from them, I doubt if I still have it though, if I am not going to pursue I usually delete :-)

 

Keep us informed!!!

Oct 27, 2010 06:05 AM
Anonymous
Jonathan Klein

Update:

REO Exchange has changed their name to REO eXpert on their main website, but some of their pages still say REO Exchange. Their fee is down to $199.00 and we have neither been able to recover the fee nor have they approached us to correct the situation. There is no address listed so we could have them served. The REO listings are outdated and with incorrect information. Looking at it I saw one of the foreclosure listings we sold in 2010 still on their foreclures for sale list.Their website is clearly a cover for a scam.

Sep 01, 2011 07:10 AM
#20
Paul Durry
National Mortgage Field Services - Lawton, OK
Former Broker Associate, CDPE, CIAS, CHMS

Jonathan,

Thanks for that update. I was just think wouldn't be great if some of these scam companies but in as much positive effort for the agents out there. They are truly trying to take advantage of the present housing situation and the new agent. I know many agents are now trying to enter into the Distressed Properties sector, but they must also understand that even though there is a need for more to enter the niche, they must have a background/ knowledge in the doing the various reports required.

It seemed that I could smell a RAT when they sent me the solicitation. I immediately started my inquiries about them. As this is my advice to any agent out there rookie or seasoned, CHECK THESE COMPANIES OUT THOROUGHLY!!  before sending in your money.

Sep 02, 2011 03:08 AM
Anonymous
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Feb 13, 2012 03:30 PM
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