America Buys Foreclosures

FAQ

The FAQ database is currently being updated.

Q. How many listings could I reasonably expect to get in each zip code?

A. Every state/zip code will be different on the amount of listings ABF will receive in the "block" of homes we get from the banks. We recommend that you research which zip codes have high numbers of foreclosures in your area. One good source is www.RealtyTrac.com. ABF is limiting the number of agents per zip code based upon foreclosure activity and population. We do not want a zip code to be "oversaturated" with agents. However, we will add agents as necessary to insure that we can adequately handle the listings.
Q. How many zip codes do most agents have?

A. Most agents are selecting 10 REO zip codes. Many agents select ten Approved Short Sale zip codes as well. You may select any amount up to 10, and if you want Short Sale zip codes they must be within the same group as your REO zip codes.
Q. In these difficult times, how long does it take to sell the average property?

A. It is ABF's goal to sell the properties in 30 days. Agents should assist with proper pricing advice back to ABF. You DO NOT have to do BPO's. You will use proven marketing strategies to have the best opportunity to sell the listings within this timeframe.
Q. What is the average price of a foreclosed property in my area?

A. Agents are required to do their own research on sales prices in their area, and may find that information through online foreclosure site searches, or through their local title companies or MLS. Also, www.Realtytrac.com is a good website for you to research foreclosure activity in your area.
Q. Do I have to pay the monthly zip code fees if the property doesn't sell after 1 year?

A. ABF's listings will not be on the market for a year. With our 30 day Quick Marketing Program, agents must evaluate price and why the listing is not selling. Once an agent receives a listing in that specific zip code, then the monthly zip code fee will apply.
Q. Can I talk to other people who are working this program?

A. ABF does not release client/agent information. ABF agent information and bank contracts are confidential.
Q. In an unforeseen circumstance such as receiving only a couple of listings a year in a zip code, are we are still charged the $99 per month? Can we either opt out of that particular zip code / contract, or are we obligated for an extended period of time?

A. Please contact your ABF Network Administrator if you feel your zip code is not performing well.
Q. Is the $99 per month for each zip code, or is it $99 per month flat fee?

A. Agents will pay $99 per month per zip code for REO listings and $76 per month per zip code for Short Sale listings. Payment is not triggered until a listing has been received in that zip code. Accepting a listing in one zip code does NOT trigger charges for all zip codes, only the one in which the listing exists.
Q. Do I have to do the BPO's and will I be competing with other agents doing BPO's for the listings?

A. You do not have to do the BPO's. The agent's job is to do a CMA and give ABF feedback as to the pricing and any property condition issues or local situations that might favorably or negatively affect the pricing of the property. ABF training covers how to do a good CMA.
Q. Why does my Broker have to be involved in the listings I receive when I am paying for it? Can my Broker assign it to another agent in my office?

A. By law, listings belong to the broker. The broker needs to be aware of the listings in their office. The broker cannot assign a listing to another agent in their office. If the agent does not accept a listing within 24 hours of email notification, the listing will be automatically reassigned by ABF.
Q. How many agents are sharing the same zip code?

A. The number of agents in a zip code are determined by foreclosure activity and population in the zip code.
Q. What if after a few months an agent decides to discontinue? Are there any contracts to sign??

A. ABF's contract is for one year, during which time ABF cannot increase any fees to the agent. Agents may cancel their contract with ABF with a 30 day written (email) notice to support@abfnetwork.com .
Q. The webinar mentioned that the listing agent has to be available for emergencies. What kind of emergencies?

A. Water leaks, vandalism, and fire are a few examples of problems that can occur in a vacant home that the agent must be available for.
Q. The webinar said the agent has to go to the house at least once a week. Why?

A. To verify that the property has not been vandalized or any damage done to the property, like a plumbing leak, fire damage, etc.
The agent also may need to restock flyers and pick up agent business cards for follow up on showings.
Q. I registered on the website. What do I do next?

A. Send an email to your ABF State Administrator, requesting your zip codes. Your administrator will get back to you within 24-48 hours with a confirmation of your zip codes and further instructions to complete your registration.
Q. Is Winforms (or Zipforms or other state's online contracts programs) fully integrated with E-signing?

A. No, when using an online contracts program, you will need to save your contracts onto your desktop in a "pdf" format and then upload them from there into your e-signing room.
Q. When can I start the ABF training?

A. You will not be able to start the ABF training until you fax all documents and ABF has received confirmation of your $150 training fee. Within 72 hours of ABF receiving your payment confirmation, a "green check mark" will appear next to your ABF Contract. You may proceed forward to our first training module.
Q. When are my zip codes confirmed?

A. ABF does not guarantee your zip codes until you pay the training fee. Given the high interest we have in our program, we must ask that you complete all five registration steps within 48 hours of this email. If your registration and payment are not completed in that time frame, ABF reluctantly reserves the right to release your requested zip codes to other interested agents.
Q. What is ABF's cancellation policy?

A. A 30 day written notice is required to cancel your ABF contract. Your written notice must be emailed to support@abfnetwork.com.