Bankers REO

By
Commercial Real Estate Agent with Intero Silicon Valley and Rebekah - Two Names You Can Trust!

Before the latest REO hype started in the biz, there were genuine sites that an agent would register with in order to get REO business. 

These days, listings are slow so these otherwise reputable companies are now asking for membership fees. Just another way to get a constant stream of income for the site. 

 

Got a call from Bankers REO yesterday. The rep said he had a listing for me.

 

"Great, send it over". 

 

"We offer blah, and blah and blah. We don't ask for a cut of your commission, blah blah."

 

"Great, send it over"

 

"We have our own platform and we want you to pay $350/year for that"

 

"Great, I'll be happy to take it out of my first sale."

 

"It's a great platform and you can put all your listings there"

 

"Great, I'll be happy to take it out of my first sale."

 

"You obviously aren't an inovative agent that we want to do business with"

 

He actually sent me a decline letter. 

Yes, I decline to pay every numbskull that puts his hand out and asks for $350.

 

Show me the business and I'll show you the money. 

 

 

PS This dude was from Illinois - same as another infamous scammer; ABS REO.

 

 

 

Posted by

Rebekah Owen, MBA

SanJose-RealEstate since 1988

www.RebekahOwen.com

650-492-5958

CA 00994952. TX 0555675

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Art Flores 10/16/2012 08:28 AM
Topic:
Real Estate Sales and Marketing
Tags:
up front fees
reo scams
bankers reo
fake asset managers
fee based reo

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Anonymous
Elaine Goller

Whew!  Usually I am on top of this sort of thing.  I am SOOOO glad I thought to check them out.  You know I could not find ONE complimentary post anywhere.  I would have done a BPO and expected to list it.  Funny thing, though.  Tax records didn't show any foreclosure activity, meaning it could be YEARS before this property may or may not be available to be a listing. Odd that the interface has some glaring errors (typos).  I was talking to "Mark Carnegie." Pleasant enough fellow, but I thought it was peculiar that he didn't know the old joke "how do you get to Carnegie Hall?"

         You do know the answer, right?

Right on, Dave, with your observation. 

 

 

Jun 01, 2012 08:07 AM #13
Rainer
6,269
Larry McCauley
McCauley Homes - Burlington, NC

My wife has been hasseled by this company since Wednesday of this week (6/6/12).  I got scammed by ABS REO a few years ago, spent my $350 to never see listing one (which I think is actually the predecessor to this company).  My wife told them she wasn't interested after reading the reviews online and talking to me.  They have called seven times now, never taking no for an answer, saying the reviews are misleading.  Today, after she argued with the caller for approximately five minutes and reiterated that she wanted off their list, they called back from a new number.  This time, after being called crazy and being told that she was hasseling them, she asked to speak to a manager.  She was told the manager died today.

If anyone who googles this firm still decides to do business with them, they deserve to be out the $350. Companies like this deserve to be taken down by the AG of their state. I've lodged a complaint with the Do Not Call registry (Since we asked to be removed and they continued to call).  I doubt that will do any good, Maybe if the people who have lost their money to this company will file complaints with the Attorney General of the state where they are incorporated, they could get this company taken down.

Jun 09, 2012 03:59 AM #14
Anonymous
Robert Weiss

6-25-12   Just received a call from Bankers REO stating thyat they were looking for agents and had a BPO in my

area that paid $75.00 but I had to join first and I would get REO"S  I work for some of the big boys that are

for real and everything in the Miami area is very slow. Also if you think about it what real REO company is

looking for agents, they are turning them away everyday.  RUN , unless you have money to throw away . If you

do send it to me at leaqst you know I will have fun with it! 

Jun 25, 2012 03:37 AM #15
Rainer
103,755
Jim Beitz
Keller Williams Success Realty - East Layton, UT

So this confirms the idiot is me.  I paid them and got the BPO assignment.  I complete the BPO and haven't been paid, and here's more - here's the part I'm not just going to bust them but I'll file a lawsuit to do it if I have to.

There are places online where people report being paid by them for a single BPO.  I don't think I'll be waiting for my payment and here's why.  I should have kept my eyes open a little better the entire time.

The paperwork on the house says it's managed by BAC Field Services Corporation.  This home is foreclosed, and it's been foreclosed by Bank of America.  I'm fairly certain Bank of America wouldn't hire a squatty little company like this to handle their reo business. 

I'll be turning over the information to my state attorney general today. If you know of someone who has falled for this contact me - we'll set up a class action suit. I know it may be admitting I fell for a poorly organized scam but I did. Now it's time to get them.

Jun 25, 2012 07:26 AM #16
Anonymous
Jim

I got the call from them today. I tell ya over the years I have received more than a few scam calls from people that want to rip off hungry Real Estate Agents. I even fell for one a few years ago, so whenever I get one of these calls I always tell them I am walking into a meeting right now, please email me your info. When I get it I go online and do some research. Thanks to posts like these my suspicions were confirmed and I saved my $350.00.

It's a shame crooks like this exist, so I always check them out before sending in my hard earned dollars.

Jul 12, 2012 05:46 AM #17
Anonymous
Erica T.

They got and they got me at the right time.  I am an idiot for not reading this before.  I would love to join the gentleman Jim in a class action law suit.  I paid the $349, I did the BPO yesterday but I have yet to receive any feedback. WOW!  I guess I will have to write this off as a loss. Sad.....

Jul 25, 2012 07:16 AM #18
Anonymous
Ana

I paid $ 349,00 I got the BPO done and they pay me the $75 dollars las week now is no answer from them about where is my REO listing

Jul 31, 2012 07:52 AM #19
Anonymous
Dell

I have been receiving calls for the past several days to take a BPO, which I agreed to yesterday, (8/2/12).  Once, I accepted the BPO, I started feeling pressured to give them $349, which threw up a red flag. I started researching the Company name and came across this site. I am so glad I did this. 

Aug 03, 2012 02:05 AM #20
Rainmaker
393,863
Bill Dandridge
MKB, Realtors - Roanoke, VA
GREEN, ABR, GRI, EcoBroker

I recently received the call as well, and I heard them out (before reading these blogs...). They gave me an address to preform a BPO, so I opened another window to make sure the address was legit, and it was.

They said that they would pay out $75 per, and I accepted it. I just spoke with the representative again on Friday, and he assured me that I would be paid the fee 30 days after I sent the report in (August 1). I look forward to letting the community know when, or should I say, IF, I ever get paid.

I will give them a chance, and hopefully I won't get burned. Time will tell.

Aug 12, 2012 10:28 AM #21
Rainmaker
717,859
Laura Filip
Laura Filip Broker , Opening doors for All Seasons of Life - Whitesboro, TX
What can we do for you today?

Good afternoon to all I just received the call today from Tony he said he has and REO listing for me an I interested I said sure thing that will work great what is the address well he gave me an address and then quickly said oh no that is not the correct address this is it.... I said ok well let me check out your company in further detail and I will get back with you shortly. In checking it out I have found it appears to be a scam I do understand that you have to pay to play but how many of you wish to pay and not play????

Seems there is alot of that pay and no Play these days... Have a blessed day talk to you soon

Aug 14, 2012 04:10 AM #22
Rainmaker
717,859
Laura Filip
Laura Filip Broker , Opening doors for All Seasons of Life - Whitesboro, TX
What can we do for you today?

Received the same email interesting thought that they send that within seconds of saying no to them.

Aug 15, 2012 07:33 AM #23
Rainer
13,803
Elise Barker
Four-U Realty Inc - Packwood, WA

Just got a call from this company - they sure do make a lot of promises! I have a policy of not paying for work since I have enough on my plate already!! Thank goodness as soon as I googled bankersreo.com that your blog came up because it just reaffirmed my suspicions to not get involved!!! They even offered to set up a payment plan for the fee (which, although enticing, still wasn't enough for me to hand over my hard earned dollars!)

Sep 04, 2012 08:39 AM #24
Anonymous
Karin Carr

I actually applied to be an agent on their site without knowing about the $350 fee.  They called me today and gave me the same spiel as everyone above.  "We've got a preforeclosure listing, you do the drive by for $75, we'll try to get you the listing when they take back the house, blah blah blah..."

I declined and promptly got the following email:

 

September 6, 2012

Dear Karin Carr,

We appreciate your desire to join our agent network. We regret to inform you that we are unable to accept you into our agent network at this time. We are constantly adding services and coverage areas to our network. Should our business needs change in the future, we will contact you. Thank you for taking the time to speak with us regarding your experience and qualifications.

I was kind of hoping they had improved since all the negative posts I've read about them are about a year old.  Guess not.

Sep 06, 2012 05:59 AM #25
Rainer
13,525
Louis Ponce
Realty World AC Properties - San Jose, CA

Just got the same call today. Knew I could get some insight here. Thanks.

Sep 11, 2012 05:33 AM #26
Anonymous
Susan

Wow, I AM Soooooo Glad I google this company, I had a very interesting conversation with a Jennifer who may I add was very rude. Her first question to me was "You received a call from Michael who works with our compnay that said you told him No when asked if you wanted more listings, I want to know why?" My first thought was who in the world is this rude person with a mean tone asking my why and then I said I don't do BPO's as they are a lot of work for little to no pay. Then she went on about her many promisses and When I questioned her about this "Money back Guarantee if you don't get the listing", she told me I'm going to email you the Guarantee and I said I would need more than an email, I don't know you or your company so an email isn't enough, she said Look, I'm not going to dicker around with you on this, if you don't decide my Thursday I will have to go on to the next person. I said...C-ya!

Sep 20, 2012 05:26 AM #27
Rainmaker
393,863
Bill Dandridge
MKB, Realtors - Roanoke, VA
GREEN, ABR, GRI, EcoBroker

Well, earlier this week I finally received the check for $75 for my exterior BPO that I performed for this company the first day of August. So, in fact, they will pay for a job done for them.

Now we will just have to see if they send me any other "assignments" over the next few years. I would like to have a larger return on my investment.

Sep 22, 2012 03:56 AM #28
Rainer
4,353
Tim Joyce
Keller Williams Realty/NH - Nashua, NH

I got the call, the sales pitch and the by the way fee schedule - grateful for the info on the internet and here so I don't have a similar experience as some others.

Oct 04, 2012 06:00 AM #29
Rainmaker
291,228
Ken Patterson
TPR Properties - Rocklin, CA
Roseville Real Estate, TOP Rocklin Realtor

LOL!  I am not seeing where anyone is saying they got any listings...  :)  Here is my email from today...

October 10, 2012

Dear Ken Patterson,

We appreciate your desire to join our agent network. We regret to inform you that we are unable to accept you into our agent network at this time. We are constantly adding services and coverage areas to our network. Should our business needs change in the future, we will contact you. Thank you for taking the time to speak with us regarding your experience and qualifications.

Oct 10, 2012 05:17 AM #30
Anonymous
John Erickson

I asked them to kindly take me off of there list and he said ummmmm no and hung up on me...... I e-mailed my lawyer....

 

 

Oct 15, 2012 10:22 AM #31
Anonymous
Ganeshan Nadarajan

Listings are slow so these otherwise reputable companies are now asking for membership fees. Just another way to get a constant stream of income for the site. 

Dec 14, 2012 05:49 PM #32
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