do attending these reo conferences really get you in wi
Submitted by brendageraci21
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- 07/09/2008 - 7:38pm
do attending these reo conferences really get you in with banks
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I am curious if anyone out there has attended the REO conferences and has profit from them. I am signed up with over 40 asset management comapnies and have completed over 60 BPOS in the last months but have yet to be able to list a foreclosure. I don'[t know what else do to.,
Hi Marlene,
Have you been in contact with Amercia Buys Foreclosures yet?
If not, please send me an email megan@abfnetwork.com and I will send you an invite to view our Webinar which will explain our program in detail. America Buys Foreclosures is a nationwide asset management company that is in need of REO listing agents.
Calling Megan Combs. Can you post names of Realtors who have received your REO listings? Signing $150 for training, charging $30/month for an esign service you are selling whether you use them or not is a scam. Charging another $99/mo for every zip code if you get a listing is another scam. My fellow Realtors, don't fall for this ploy. Go direct to Asset Managers who are legitimate and have been doing them for a long time like Goodman Dean, IAS, Keystone, First American, Nations, etc. Did you notice that whenever Megan is asked to put referrals of Realtors who have received listings from them she is dodging the question and not talking about it? Sell your service in eBay. I guess you have already made a lot of money from Realtors who went to your training and after realizing that they made a mistake and cancelled their association with you. A franchise company who have assign you as their approved supplier even cancelled their association with you after a lot of their agents filed their complaints with the main corporate office. What can you say about these allegations? I want to hear your side.
Even though I am hesitant to even justify your post with a response, I will, so that others will not construe that I am “dodging” anything.
First of all, let me point out that I am not a partner/principal/owner or management of ABF.
For some reason you feel entitled and your tactic is attacking. ABF does not disclose their business model, clients, or agent information as it is confidential. We do not release the names of the Realtors for privacy reasons. Otherwise we would have people, such as yourself, calling them for answers to your questions and that is not their job.
Just because you have not yet received a listing does not mean that ABF is a scam.
Since you are not identifying yourself I will assume you are with this "franchise company". If you are not happy with ABF, then you are welcome to cancel. Please contact support@abfnetwork.com to cancel. We can offer your zip codes to agents who recognize the opportunity with ABF. I have had to turn away agents because some zip codes are full in certain areas of California. I also know Florida, Texas and Arizona have some full zip codes. I know that ABF is providing something to agents that no other company does. All of the work has been done for you, an agent is assigned a listing - does it get any easier? ABF has contracted with a nationwide property preservation company so that agents will NEVER carry any maintenance expenses as well as ABF putting utilities in their name. I am not aware of another asset management company that offers this to agents? We are different from any other asset management company and therefore, I think some people are skeptical. It's like a beaten dog being offered a bone, they don’t know what to do with it. Agents fight tooth and nail to receive REO listings and agents are not used to a positive take on receiving REO listings. In turn ABF is being attacked by a small number of people simply because they have not yet received a listing. Patience is a virtue.
I will no longer justify attacks on this blog, nor will I take any more time out of my day to respond back and forth with you. Please remember this is a business relationship and you may want to consider how you are approaching myself and ABF.
Thank you
megan@abfnetwork.com
I have been quietly listening for some time regarding ABF and have several concerns that I think need to be addressed. I have been doing research on ABF for a couple of months. I have been reading the forums on the net and doing my own search for answers. Some of the things I have found out are that the address that is listed with the State of California for the corporation is a very small space above a touristy strip mall just off of the Pacific coast highway near Newport Beach CA. I was able to see with Google Earth. It is not a very impressive location for a nationwide asset management company. It also appears that ABF’s parent company is Settleware. If you read the FAQ's on the company web page it is all about the e-signing software which is a product of Settleware. After finding out that ABF was owned by Settleware, I was a little unsettled (sorry I couldn’t help myself). My gut feeling is they are trying a new way to sell their product, which would explain why they keep reiterating that it can be used for all of your business and that you must purchase the product to do business with ABF. The training is also all about the e-signing software and apparently has little or nothing to do with selling REO's according to someone who has been through the training. ABF may very well be making an attempt to get into the asset management business, but what do they bring to the table? They do not appear to be having much success as they have continually pushed back the date of their first listing release.
Everyone keeps talking about the business model, what I want to know is who are the principles putting this company together? What are their credentials with asset management? That is the first thing I want to know about anyone I do business with. When I opened my own brokerage, the most important thing I had to offer was my experience and knowledge of the business. I have not heard one thing about the experience, knowledge or for that matter the identity of who is operating this company or anyone in management. Here in Las Vegas you have to know the right people to get into the REO business. I want to know that the management of this company is a known entity in asset management, with a track record and good reputation.
Another concern I have is an asset management company that would take anyone with the ability to pay for software training and software without regard to their qualifications or experience (and no training regarding REO policies or procedures) seems to me to be setting itself up for some really unhappy banks. If the management of this company doesn't include people with years of experience in asset management and banking who can be checked out and verified, then I can’t see what the value of this business is. I can go purchase much less expensive soft ware for electronic signatures. If I could just get one agent to verify results, which at the present apparently do not exist as not one agent has stepped forward with news of any listings, in fact an agent who was signed up with ABF several months ago and was singing their praises last month is now beginning to doubt if they are real and has been talking about the old deals they offered like 5 free zip codes, that were taken away, what is that all about?
As for Megan, I have read her posts and answers to questions as well as her non-answers to questions. Megan you have not always been kind to people who question you and have accused them of being malicious. I have nothing against you or your company; I am just an agent here in Las Vegas who is looking for answers. I would love to sign up with your company if I was confident that it could work, but I need more information before I part with my money. I think you could really silence the naysayers with more information. I am really not trying to be difficult; I am just a business woman who is asking for answers to business questions.
With that said, here are my questions for you:
1. Could you please post the names and background of the key managers of the company as that would make real estate agents lot less skeptical? Most legitimate companies have an “About Us” page.
2. Why does your website have a link to First American Home Warranty? It doesn’t work.
3. Does First American know you have them on your website? I asked one of the VP’s here in Las Vegas about your company and he had never heard of you.
4. Why are so many of the links on the website not working?
5. Why are your contracts with the banks confidential? National Default Services lists all of the banks on their website, as do other asset management companies.
I and many other agents out there thank you for your help.
Very well said twinsmom. I am glad that you have done your own research regarding ABF. I suggest please post your reply to the other forums posted by Megan Combs in this site to get a response from her to all of your questions. Thanks a lot for your post.
Hello to everyone who is interested in America Buys Foreclosures and taken their time to post. We appreciate the attention and your interest.
I am going to have to sign off on these posts as I do not have time to keep up and reply. If you have specific questions regarding ABF's Listing Agent REO Referral Program , please email me @ megan@abfnetwork.com.
Best of luck to all in their Real Estate business and endeavors.
Thanks again,
Megan
I can guaranty that Megan is still reaing these posts. ABF is obviously one of the many scammers out there because she is taking the time to even repsond to these posts. The legit companies do not and would not take the time to read and defend these. Bottom line there are more agents than listings. No one legit company needs to recruit agents because the agents are beating the door down. PLEASE do not waste your money people by sending this company your hard earned dollars. Pick up the phone and dig in to calling the aset managers if you want results.
Why are you so DEFENSIVE Megan. If your company is really legit show the proof that you really have REO's and not merely trying to sell your esign product. My fellow Realtors, Go with the legit companies like IAS, PAS, FAS, First American REO, GOODMAN DEAN, OCWEN, REOWORLD, CAMREO, REOTRANS, RES.NET, ETC. Don't spend your money with new company that don't really have connections or REO Assets. Lots of scammers out there trying to get the poor Realtors' money. Please sell your product? somewhere else.. PLEASE , PLEASE. Realtors are in hard time not and not to taken advantage of.
Megan, you should be ashamed of yourself? I have been reading your posts on every REO forum out there for several months, you have always had the time to tout ABF, forgive me if I call Bullsh**! The first time someone asks you a real question about ABF that should be easily answered you use the old "I'm too busy now" line. Shame on you and ABF. Apparently it's time to get out of the fake REO business. I hope all of the Realtors who have paid you their hard earned money in good faith either get the answers to my questions or a refund of the money they trusted you with. There should be a law against people like you and ABF.
It is unfortunate that so many agents are reaching for answers to get into the REO market. The conferences from my understanding is about getting over 1,000 agents desperately seeking an asset mgr. to wine and dine. It is unfortunate that our business has come to this because we are getting out bid on the REO lsitngs with our qualified buyers due to alot of REO agents double ending their own listings or way over list price bidding. The banks and the government have not realized that the way to get the Real Estate market moving again is to streamline the short sale process. The false hope of loan mods. and lawyers along with some of our colleages taking up front monies from people that will never qualify is a tragedy all over again. We need to join together and possibly write our congress, our local real esate boards or anyone else that will listen and hope it falls on the right ears. We have over 600 listings on our MLS the huge share being short sales no one wants to show or sell and be in prison with your buyer for the next 60-90 days or more and find out thatthe approval is declined. I am looking for any type of response........
I am one of the first people to have singed up for ABF with their promises of REO listing coming out in Jan 2009, then Feb, then April, and here we are quickly approaching June and still no REO Listings. I guess if my entire business depended on getting REO listings from ABF - I would be out of business!! Thank God it was a supplement to our existing business and not the meat and potatoes!!
I work and meet on a regular basis with legitimate REO listing agents, and they have never heard of ABF. They also have shed some light on the truth about landing REO listings. The Asset Management companies negotiate the disposal or Real Property years in advance. Unless, they have been working on obtaining contracts for the last couple of years, they are not close to getting any REO Listings and thereby not distributing any listings. My REO Listing friends have all concurred on one thing: There is another wave of foreclosures quickly approaching us this summer. If ABF is in fact a legitimate company, then they should be receiving their fair share of REO Listings. Since it does NOT COST anything to hang on to your zip codes, my suggestion is ride it out!! You can't catch the train if you are not at the station.
More insight on ABF. Their main recrutiter for ABF is also recruiting into the Real Estate Broker company and making them promises that if they sign up with them he will ensure that they get listings before anyone else. Luckily for most of us who are not in California, otherwise your screwed!! It makes sense that they would keep as much in house, and dangle a carrot for anyone in CA looking for the holy grail in REO Real Estate.
I am still on the fence about this ABF. I love Settleware because of the time it saves me.. $30 bucks a month more than pays for itself in driving to meet clients to get signatures, not to mention the value of my time. There are other programs available that are less costly, and regardless of the costs, you should invest in some kind of eSigning software of get left behind.
Don't hang your hopes on any one thing in this business. Especially REO Listings. When we hit the moratorium and things slowed down...lots of REO listing agents were hurting pretty bad!! Build a team... and adapt to the changing markets. If you are worried that there is not enough business- then you are right. If you think there is plenty- then you are right!!
Whatever decisions you make...weigh out the good an bad, and make a decision.Good luck!!
this does get you in the with banks. Me and i my brother have gone and it has definitely paid off. I would recommend this to everybody that wants to get into this business.
I am Broker in Newport Beach CA. I use Docusign which is endorsed by an accessable through CA AOR website. I did not fall for their "pro" upgrade and pay only $12/month for an extreme worthwhile service.
I, too, am dismayed at the state of our industry. Inside dealing, no legal fiduciary duty to the lenders taking the hits (by the way could this affecting YOUR retirement fund?). The lack of integrity in the business has fallen to an all time low and I have been in it for 35 years!
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