This company is scamming realtors into believing that ABSREO is an asset manager for REO. They call a realtor and say that they have a BPO in your zip code that they want to assign to you. You must, however, sign up and pay for their "platform" to insure that you do the work on t he proper forms.
They offer you a money back guarantee too! If at the end of a year you don't get at least one REO listing from the company, you are entitled to your money back.
At the time, the fee was $295. They claim to do business with smaller banks that don't already have an REO dept. It all sounds really legitimate.
The agent ends up getting the one assignment and no others. Some agents have reported that they never got paid the $50 for the BPO they completed. I was one of the "lucky" ones that did get paid.
When I realized a couple of months later that this was probably a scam I asked for my money back. They gave me some crap about their being an early cancellation fee and I would be required to refund the $50 I got paid for the BPO I completed or I could wait the year and renew membership at no extra charge... Needless to say, they haven't refunded my money and haven't responded to emails.
That's no surprise though. As I understand it, they are now also doing business as Banker REO (don't confuse with Bankers Asset Management.
Realtors - beware of these "asset management" companies that require you to pay upfront fees - most are a complete rip-off and you never hear from them again after they have your money!
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