Foreclosure in Frisco>Question Details

Bruce Lynn, Real Estate Pro in Coppell, TX

What is your experience with Altisource?

Asked by Bruce Lynn, Coppell, TX Sat Jan 15, 2011

I have now tried to show several different foreclosure homes they have listed. None had signs. One had been listed for 3-4 months and still had someone living in it that they didn't know about. Several have had non-functioning electronic door locks. Calls are routed to India or remote US site for service and while agents have been nice and friendly in the end they really did not have the correct information on the property like a local agent who has seen it would have. Wondering if you are experiencing the same things? What is your experience with making offers and closings?

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I do BPO and CMA reports for AltiSource with mixed results. Their solicitation process is old technology (the phone) not the "grab it" board most companies use. They ask you to bid on a job and you sometimes don't hear back for days. Their software forms are pretty good when they work. But I just had a really bad experience with a CMA with a full interior inspection and photos...too much work for the money and then they had a technology problem and lost all my data. I refused to do it over. Talking with India can be a problem when something goes wrong. I did one inspection where the lockbox had been busted off and the property was open. I called the property preservation contractor that had posted a notice on the window and they said "OH, we haven't serviced that property for months. They went with somebody else.

AltiSource is part of the servicing giant Ocwan, which is attracting so much scrutiny, particularly from the NY Atty. Gen. They take over these huge servicing portfolios and then subcontract all the work out to India. Also, they just cut their CMA and BPO fees another $5. I would rather do a BPO for a company that has a third party client they have to satisfy and keep happy. AltiSource is trying to do everything in-house.
1 vote Thank Flag Link Thu May 22, 2014
I have been a preferred listing agent for them since '06. They have implemented a new business model that went into effect in this area around Sept/Oct. Your experience of not being able to access property and not being able to get info on status has been the exact same stories I have heard from buyer agents here. I am hoping that they realize that they are not going to be able to eliminate the local listing agents under the new business model and still be able to move their assets
1 vote Thank Flag Link Sat Jan 15, 2011
I do CMA and BPO reports for Altisource. When I complete CMA reports to determine value, I have noticed that the foreclosed homes are not secure, have not been trashed out, and I wonder if anyone has been to the home before me. I seriously think they need to hire me as an REO agent, so that I can secure the properties the correct way, while I complete the CMA.
1 vote Thank Flag Link Sat Jan 15, 2011
Thanks for the heads up I have not "ran " across them yet on any showings I stay extremely busy

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sun Jan 16, 2011
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