- Report: #1500631
Complaint Review: Byline Management-REO Asset Management - Wheaton Illinois
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Author Confirmed
Why?
Byline Management-REO Asset Management
ON487 Herrick Drive Wheaton, 60187 Illinois, United States
Phone:
773-982-5363
Web:
www.bylinemanagement.com
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Byline Management-REO Asset Management They offer real estate agents foreclosure listings and require a $349 'upfront' fee-and then they keep the money and dont give agents the Listing Wheaton Illinois
BYLINE MANAGEMENT IS A SCAM!! I received a call from Andrew, an Asset Manager, with Byline Management .
He told me that I was referred to him by another asset manager, from one of the large banks, who I had worked with during the last REO market.
He gave me an REO assignment and asked me to provide BPO and also to drive by the property to do an occupancy check. He mentioned that the lender, was requiring a $349 upfront fee and that, once the property was sold, I would receive reimbursement thorough escrow. Based on my decades of experience as an REO broker, working with many banks, I had never been asked to send money upfront before. Nonetheless, I sent the $349 and immediately completed the Broker Price Opinion and drove by the property within 24 hours.
Several weeks later, he contacted me, again, and told me he had 6 new Listings for me. Within 24 hours I provided him with 6 BPO’s and six occupancy checks, spending many hours of time.
Upon completion, he mentioned that the six lenders required that I send $349, each, for a total of $2,094. At this point, I was getting suspicious. As mentioned, in all my years handling REO’s. this was the first time an asset manager asked for money upfront.
Looking further, I Googled the # 920 phone number that is on the Byline site lead to more negative comments on Ripoff Report. Same for multiple blogs. Several dozen negative comments and only one good one from someone that just joined the group on that very day-probably a friend of theirs...
I then Googled the physical address for the co and it shows a single-family home in Wheaton. IL-not a corporate building or typical office setting.
Also, I googled ‘Byline asset managers’ and Andrew’s name was the ONLY one that came up.
Did the same thing again and found ZERO managers on LinkedIn as well.
Seems like the company would have other Managers with their photos Bios, resume etc which is normally the case. There was no other info that I could find on the internet about Byline which gave me real cause for concern.
The Byline Management site also mentioned a fee of $349 to access the website, and that is it.
So, I couldn’t understand why we are supposed to pay $349 six times-once for each assignment. There’s simply, no way that six different lenders would all request an upfront fee..
In light of all of this, I was not comfortable sending another $2,100 for the most recent group of listings.
It is clear, after this experience, that Byline Management is a Scam! They prey on real estate agents and steal their money. BEWARE!
