Equi-Trax Asset Solutions, LP

Complaint received and reviewedCheck issued to aggrieved vendor in amount stipulatedB*** ***
Operations Manager

Complaint:
I am rejecting this response because:
There response is NOT true! I do know how to use their systemI have used it in the pastI made my comments about the data found in the market areaIt would not accept the BPO because the valuation was too low compared
to the active listingsThere system is set up that it has to fall into a certain percentage in order to accept the orderYou can not click submit finalized reportIt just keeps telling you that it does not meet the requirementsThat is why I contacted themThey told me I need to change itI told them that would be misleading and I was not/could not give a valueI don't know if this person that replied is unaware that you CAN'T submit the BPO if it doesn't meet their guidelines or if he is just flat out lyingThe system WILL NOT let you click finalize on the BPOIt is illegal that they will only pay if the valuation is acceptable to themMaybe I should also report them to the State or I can contact the lender involved & let them know their practicesI am sure the lender does not want to get tied up with a company doing things illegallyThe Prairie du Chien market area is a rural CityThere are Stop lights in the City so not much of a cityThere are not 100's of houses to choose fromI chose the most similar & recent sales to use for this BPOAll data I used was from the marketThey told me I needed to make it work within their % of list price to sold and I replied & said I couldn't do that because that is not what the data showedProperties were not selling within that percentage from the list price to sold priceI never heard from them againThey never said they wouldn't pay me or they were reassigning it or anything elseThis is $50...I am not asking for a lot but I spent time & gas, along with my equipment to submit this to themPrairie du Chien is a mile drive, one wayI did what they hired me to doI won't drop thisToo many companies try to collect money for work done by the little guy & then never pay the one that did the workI will take this as far as it needs to go for me & all my fellow agents/brokers who have been screwed by companies like this oneI want my paycheck! Funny thing is....they contacted me a few weeks ago to do another oneI guess my work wasn't so bad they didn't want to hire me again!
Rebecca

If there was a negative rating, I would apply it. 2 hours of driving time to complete a BPO for them and they refuse to pay me the fee because I did not get a photo across the street of an empty pasture. The occupants were home and coming toward me. There was no way I was going to stick around. Another agent in my office is also experiencing similar frustrations. We are a small company and there are a hundreds of Realtors in Texas - two from the same office experiencing issues with a company is NEVER a good sign.

Review: I completed what's called a bpo (broker price opinion) for a property for their company SWBC Lending Solutions. This entails me driving 134 miles roundtrip to take photos of a house, acquiring courthouse records pertaining to the house, then finding similar houses listed and sold in the market area to come up with a value for the house. All in all, this takes about 5 hours of my time. I was to be paid $140 for this. The house was in poor condition and a sign on it said condemned. I noted that in the bpo. They sent the bpo back for corrections stating "If you believe this is a tear down, please complete the report as Land Only using only vacant lot comps. If you believe the property has some value as-is, please revisit the analysis and update the current as-is value to reflect this." I attempted to correct this and the website would not let me save the information. When I contacted a representative of the company they said "The order is currently on hold per clients instructions and is in read-only mode." They then switched to a new website that night and when they reassigned it to me the entire form is blank. I tried to make a simple value dollar correction on one line to the original bpo and couldn't due to the lockout. Now they expect me to retype in hours of work for no extra pay. I have requested an extra $70 in addition to the original amount for my time involved and they have declined. Furthermore the employee now assigned to the job Jolie Noveski refuses to allow the previous comps the prior employee was willing to allow. She says land only now without the option that the property has some value that was quoted by the first employee in an email. This bpo was submitted completely as my professional opinion on the value of the house and an accurate value of the house. They are wanting extra work due to their computer "lock out" by their client. This was not my fault. I should not have to do twice the work for the same pay.Desired Settlement: Pay me the $140 for what I've done. If you want me to type the same thing over again on the new website I'll accept the prior $140 payment plus another $70 for a total of $210. This is because I have to look up all the local information again as I don't have it memorized. If you want totally new land only comps the fee would be the $140 original price plus $100 for the amount of time to find new comparables and type them in for a total of $240.

Business

Response:

Complaint received and reviewed. Check issued to aggrieved vendor in amount stipulated.B[redacted]Operations Manager

Review: I am a licensed Real Estate Broker in the State of Wisconsin & this company hired me to do a BPO (Broker's Price Opinion) on a property in my area. BPO is a report giving an opinion of value for a property along with pictures of the subject property and comparables in the area that have recently sold and/or currently listed. This is usually done for a lender that is in the process of foreclosure or to just get a report on their investment. Equi-Trax sent me a contract to pay me $50 for my time & work back on 2/19/2014. I submitted my report via their website but they were trying to get me to change my valuation. I was not hired to give them a specific value, that would be invalid & illegal. They asked me my opinion & I supplied the necessary documentation via their website to support it. Now they won't pay me. No where on my contract does it say that I must come up with a value that they like or approve. I spent 3 hours on the BPO plus the gas & means to do inspections of the properties. I should be paid for my services. I question whether the lenders they are obtaining this work for realize how they are operating because I think they could be in trouble with the State Lending Laws in regards to valuations by trying to bully agents into giving them false valuations. I have done BPO's for 14 years as a real estate agent & I am also a Licensed Appraiser for the State of Wisconsin. This is the first time I have had a company do this.Desired Settlement: I would like to be paid my $50 for my work as agreed on the contract dated 02/19/2014.

Consumer

Response:

Review: 10040833

I am rejecting this response because:

There response is NOT true! I do know how to use their system. I have used it in the past. I made my comments about the data found in the market area. It would not accept the BPO because the valuation was too low compared to the active listings. There system is set up that it has to fall into a certain percentage in order to accept the order. You can not click submit finalized report. It just keeps telling you that it does not meet the requirements. That is why I contacted them. They told me I need to change it. I told them that would be misleading and I was not/could not give a false value. I don't know if this person that replied is unaware that you CAN'T submit the BPO if it doesn't meet their guidelines or if he is just flat out lying. The system WILL NOT let you click finalize on the BPO. It is illegal that they will only pay if the valuation is acceptable to them. Maybe I should also report them to the State or I can contact the lender involved & let them know their practices. I am sure the lender does not want to get tied up with a company doing things illegally. The Prairie du Chien market area is a rural City. There are 2 Stop lights in the City so not much of a city. There are not 100's of houses to choose from. I chose the most similar & recent sales to use for this BPO. All data I used was from the market. They told me I needed to make it work within their % of list price to sold and I replied & said I couldn't do that because that is not what the data showed. Properties were not selling within that percentage from the list price to sold price. I never heard from them again. They never said they wouldn't pay me or they were reassigning it or anything else. This is $50...I am not asking for a lot but I spent time & gas, along with my equipment to submit this to them. Prairie du Chien is a 20 mile drive, one way. I did what they hired me to do. I won't drop this. Too many companies try to collect money for work done by the little guy & then never pay the one that did the work. I will take this as far as it needs to go for me & all my fellow agents/brokers who have been screwed by companies like this one. I want my paycheck! Funny thing is....they contacted me a few weeks ago to do another one. I guess my work wasn't so bad they didn't want to hire me again!

Rebecca