FAS Vendor What??

By
Real Estate Agent with Realty Executives

Who else has received the email that says as of April 1, 2008 you will have to be a registered agent for FAS Nationwide Realty?  You can register to do BPO's for $100 or BPO and REO listings for $200.  Do I smell a scam here?  Does anyone have any feedback on this particula company? 

You would think that there would be more information, a press release, something as to the reason why this company is choosing to go this route.  It would also be great to know who this company's clients are so that we as agents could get a better grasp of the return on our money.  Thanks for the feedback!!   

Posted by

Susan Manning

Comments (8)

Anonymous
Dave Thomas

Just received a notice in the mail. The thing is I have been signed up with them already for 6 months and received nothing here in Ft Lauderdale. Maybe they do not get much here. And now they want a fee for............... ?

 

Dave Thomas
HRL Realty, Inc.

Ft Lauderdale FL

Mar 26, 2008 12:43 AM
#1
Anthony Saunchez
Campa Properties - San Bernardino, CA
How can we be of service
I got the email, but has never received work from them
Mar 26, 2008 03:28 AM
Susan Manning
Realty Executives - Temecula, CA

I did some searching on their website and found an email which I sent to the REO dept.  Here's the communication that transpired.  It doesn't make much more sense to me now as it did.  Any insight on what she means?

To: Cecilia Alonso
Subject: CA REO's

Mrs. Alonso:  I see you have two REO properties in California.  With your new Vendor Registration fee, do you anticipate receiving more REO listings in the area?  How much BPO work do you have in California?  Thank you for your time.      Susan Manning, Rancon Real Estate

We have quite a bit of BPO work. What you are seeing is just a portion of the REOs. We have different clients on different systems.   Thanks.   Cecilia Alonso REO Operations Manager

Mar 26, 2008 04:00 AM
Susan Manning
Realty Executives - Temecula, CA

I responded back with this email.....

A lot of agents nationally I know have been signed up with your company but have never received assignments from you.  In fact I have yet to hear back from one that has had any experience with your company.  Are you anticipating more work nationwide with the new vendor fees?  Do you have a new portal system that field asset management companies will be using?  Other companies like REOTrans.com and RES.net have a researchable reputation in the real estate community. Its difficult to justify paying the fees if there is no previous history with the company.  Thank you for your time.   

Susan Manning, Rancon Real Estate

Mar 26, 2008 04:07 AM
Susan Manning
Realty Executives - Temecula, CA
Also, Dave, there seems to be a lot of REO's in Florida, so be sure to check out their website!!  Peace! 
Mar 26, 2008 04:08 AM
Billie Dalessio
Home Run Realty, LLC - North Haven, CT
Susan, I think the conclusion is I'll pass. Thanks for the info.
Mar 26, 2008 02:20 PM
Eric Egeland
RE/MAX SUBURBAN - Libertyville, IL
SFR, e-PRO, CDPE

Thanks for the post Susan,

I keep seeing/hearing FAS but have not personally signed up with them...haven't heard anything good or bad really

Oct 15, 2008 04:42 PM
Anonymous
ARev

Different lending institutions have guidelines and restrictions on an assortment of tasks etc....I live in arizona the only major lendor that I know of that does numerous listings is ONE WEST which one of the mentioned guidelines is the 'rekey' or other etc will be only performed by a FAS vendor. SO the real estate people do not get to decide who does the work, nor do they know when! !!Lending institutions can buy from one another "all day" and Fannie Mae is the conglomerate so obviously they do alot of bailing and buying...from such like ONE WEST. NOW---Fannie Mae doesn't give a hoot who does the rekeys or bpo's etc...so being a FAS vendor limits your oppurtunities for work with real estate agents working with One West properties. Conclusion ; being a FAS vendor can get you work with banks like ONE WEST of course....but if your not you cannot (duh)...so do work ultimately for Fannie Mae properties or wamu/chase to get the dough! your FAS vendor license or whatever will only supplement and allow you to do work the certain properties. FAS should only be "on the side" not the main objective in certain terms............well what do I know??

Mar 22, 2011 10:51 AM
#8