altisource.com and REO questions

nkeyFebruary 25, 2011

Hi!

I am new to this board, as well as the home buying business so I'm in the process of educating myself, if any of my questions seems stupid or out of place, please excuse me:)

Me and my husband recently decided to look for a house. In the process on zillow we found a house listed by altisource.com. It is cheaper than everything else in the aria and I believe the website lists REO properties only. I tried requesting a showing through their website but all I got was an indian (according to internet they are outsourcing most of their doings in India)guy kindly telling me to log on the website and get the lock box code and view the house??? When I tried, the website told me I cannot get the code as I am not an agent. I asked our Realtor (someone we have worked with very little and is starting to sound a little fishy) she said it's off the market but she'll contact them anyway to get us a showing. NO news ever since, and she ignores my questions when I ask about that property.

So, I guess my questions are, first, what's the deal with altisource.com, how do I go about getting a showing, are they trustworthy, so on.

Second, if it's a REO will our realtor still get a commission if we sign? is there any reason she might not want to help us with it(aside from the lower price)?

Thanks for reading my little rant!

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marie_ndcal

I did a quick search and several times tried to look at different sites and I got, Sorry this link is broken. Very little if any information so to me that is a site I would stay away from If your agent refuses to answer your questions, talk to the broker and make sure you break your contract and find someone else to help you out. Get everything in writing. Your agent does not sound too good.

    Bookmark   February 25, 2011 at 10:02PM
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steveinjersey

I did a little searching, and also visited their website. No broken links or anything suspicious.
Altisource is a publicly traded company headquartered in Luxembourg, the NASDAQ symbol is ASPS. They appear to have US headquarters in Georgia. From Altisource's website:

Altisource provides services to some of the most respected organizations in their industries, including one of the nation's largest sub-prime servicers, government agencies and many lenders, servicers, investors, mortgage bankers, credit unions, financial services companies and hedge funds across the country.

The company appears to be more oriented towards banks as customers, so stick with your local agent to get viewings for properties or making offers. From your posting, you might want to get a new agent!

Here is a link that might be useful: Snapshot of Altisource.com from E*Trade

    Bookmark   February 26, 2011 at 7:48AM
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