BPO INTERIOR ACCESS: WHAT IS THE LOCKBOX CODE ?????

Everyone will agree as BPO’s are the trigger for REO, no BPO no REO.

They have to be completed on time and they don’t bring too much income.

Actually it does not really worth it for the expertise and hard work when well completed. It is a valuable source of information for anyone involved in the loan file, especially A.M to make their most appropriate decision.

BPO’s are requested at any stage of the foreclosure, from the first month of default

to the Reo listing. One of them is when the property is Bank Owned and assigned

to an happy/lucky/busy REO agent. We are all working to this achieve this goal and become a successful REO agent. The key for those who are on front line is to

complete these BPO’s on time, as any future REO task. They must be submitted

with the most appropriate data to the subject property. We have to update constantly our schedule with the valuation company to confirm the due date will be on time.

This is an important matter. Most of the time, they provide the listing agent’s contact to have access to this subject property as “interior BPO”.

There is nothing new about that. We all know that. This is all common sense. Consequently, I have no reason to take your time and write this post. Except...

...Except one thing I don’t understand.

Why, most of the time, this REO agent is giving me hard time to have interior access, starting by not calling me back …up to the point by giving me HIS/HER conditions to have access to this vacant property. Now, I have to justify to the valuation company why days are passing and nothing is moving forward. I have to explain this REO agent who has access to the subject property is busy and have other priorities. I have to explain that I have to wait this agent is coming back from somewher because they cannot provide a lockbox code over the phone or email. This is coming again and again up to the point I am questioning myself before to accept another interior. I have been in a position a few times when I have established the so-precious contact with this REO agent who asked me: “BPO! What is that ?”

Am I the only one to be in this situation ?

Try and keep your cool, be professional and do your best. And Communicate to whom ever your doing the Bpo for what you cannot accomplish. Like Access...

I have had the same problem, but for me its the short sale Bpos. Just took me 2 extensions to get a SS Bpo completed. Not because it was occupied but because the Agent said his SS Clients didn't want the the Bpo person going in the condo without him being there, or so the agent says. Frustrating is what it is....His schedule changed 2x, mine schedule had to change due his changing and in the mean time I got busy with offers on my Reo listings, which is my primary business. It created a domino effect with my RE business and kept me up to late 2 different nights playing catch up. Unfortunately, no matter what the business is when it involves other people there is bound to be some kind of conflict of schedules. What ticked me off the most though was his statement, "I know you don't make much for the Bpo anyway." Now what the heck does that have to do with anything! Its his short sale client...guess he just didn't really care about them either...5 days later I had to go by myself, so now I wonder whether the client ever said they didn't want the Bpo person there without their agent.

So to answer your question, No your not alone : )

Replies

Kimmie Hauver March 18, 2010 at 12:05pm

Try and keep your cool, be professional and do your best. And Communicate to whom ever your doing the Bpo for what you cannot accomplish. Like Access...

I have had the same problem, but for me its the short sale Bpos. Just took me 2 extensions to get a SS Bpo completed. Not because it was occupied but because the Agent said his SS Clients didn't want the the Bpo person going in the condo without him being there, or so the agent says. Frustrating is what it is....His schedule changed 2x, mine schedule had to change due his changing and in the mean time I got busy with offers on my Reo listings, which is my primary business. It created a domino effect with my RE business and kept me up to late 2 different nights playing catch up. Unfortunately, no matter what the business is when it involves other people there is bound to be some kind of conflict of schedules. What ticked me off the most though was his statement, "I know you don't make much for the Bpo anyway." Now what the heck does that have to do with anything! Its his short sale client...guess he just didn't really care about them either...5 days later I had to go by myself, so now I wonder whether the client ever said they didn't want the Bpo person there without their agent.

So to answer your question, No your not alone : )
Billy J. Runyan February 17, 2010 at 12:12pm

Thankfully they don't give me many back up BPO's anymore! I only had 20 last year. Most big time REO guys are so overburdened with the work load they just can't handle it. BUT... its time for a fresh approach. I ALWAYS can be reached and although I do request they send an email with contact info (for security purposes). I have a staff to back me up and try to grant access info within 2 hours. I respect the work REOPros do and try to treat everyone the same as I would like to be treated myself. Seems to be working reasonably well. Hang in there, be the pro you know you are and get the job done. OR, report the listing agents actions to the AM. I've had to do that before and actually declined the assignment because of no access, and you know what? The next time you call they'll know who you are and you'll get what you need! Maybe some REO assignments as well.

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