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I just got my brokers license here in Texas and ventured off on my own, at my previous company I acquired distressed homes for a company with majority of them being REOs. Just wanted to see if it still worth trying to get into the REO business? Here in San Antonio there is about 6 agents that pretty much have it all locked down and have been doing them for years.
Ive signed up for 15 or so valuation companies to start doing BPO's, have only got one assignment emailed to me but was quickly taken by another agent. Please give me your thoughts/advice I would really appreciate it.
And where are you located? There has been no BPO or REO volume in South Florida fro the last 2 years, and this year it is down to ZERO.
where are you located Jonathan>?
I received a check from Valuation Vision for $35 yesterday so I was able to fill up my car with gas...:P
Not many REO listings left in the Seattle area but they will be coming back with a vengeance in 5-6 years!
Bite the bullet again, can you wait for 5-6 more years? Focus on REO listings, it's less stressful. Cheers and good luck.
Homes values are so out of control in Western Washington that people that were underwater 4-5 years ago now have $100,000 in equity.
I just checked the NWMLS and there are currently 41 REO listings in King County out of 1449 total listings. Snohomish County also has 41 REO listings, interesting?, out of 735 active listings.
Will become a REO agent before the next crash!
I am generating good income, yes. I average $4,000 per month doing BPO's.
I'm in San Diego, Ca. Can you please share what companies you work for, if you don't live in my Location? And how are you able to do that kind of volume?
I've been doing BPOS for around 12 years. It was a nice side business. Just recently I got a shock, Now receiving request with a fee of $15.00. And they dropped from $40 to $35. Are agents taking these? Not only have they stopped auto assigning. So, rare to get them, but the fee is so low, you pay them to work. Does anyone know what's going on?
Single Source Property Solutions Is the main one I work for.
REO has become more of a pain of late with lower end properties and more demands from asset managers to do the busywork that does not lead to sales. That is worth doing for higher end properties, but not for the ones where you will make $1000 or so for all your work.
But keep active, as the REOs will pick up again at some point and you will be ready to go!
Yes. I was completing a large amount of BPOs every month until mid February and everything just shut down. I been doing these bpos since 2005 and I notice it slows down when there is a change in the White House. I guess the lending industry is waiting and trying to figure out what the new administration is going to do. I remember in 2009, the first few months was crazy slow and just went crazy with BPO or REOs after that.