Hi there - I am an REO agent and have received all of my accounts through tireless research over the years. However, the one I cant seem to crack is Countrywide, now Bank of America. Any suggestions?
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Brigitte I just did a search for Bank of America seen a few of your disscussions as I started the group http://reopro.ning.com/group/bankofamerica and was looking for some good content. I wanted to invite you to join the group and add any helpful information as well ask ask any Bank Of America questions.
I have been told to get on RES.NET by Bank of America to get contacts for REO check out the group it has some helpful info for you that I was given from Bank of America.
Bank of America
This group is to discuss REO properties with BOA and to share solutions to getting more business with BOA or getting in the door with BOA if you have…
you know many say it can't be done but I got in with them by doing BPO's for Countrywide. I did a lot of BPO's and then one day I got this little email said "you have been identified as listing agent for the asset..." And then it just exploded. Would you mind sharing some of your tireless research techniques? I am always curious about how others express their creativity!
Angel Williams > Stephan K BlackSeptember 15, 2009 at 4:30am
Stephan, which company did you sign up for to get BOA BPO's?
Brigitte Jones > Stephan K BlackSeptember 15, 2009 at 4:13am
Gosh what havent I done? I am so fortunate to be a busy REO professional but Bank of America has eluded me. I did sign up with the vendor part to do bpos but I havent gotten any of those as well. There are 2 agents in my town that have the B of A business but I will keep at it. Thanks for sharing.
BoA wraps themselves in many different layers and it usually takes a direct referral to get in. A lot of their stuff is sub-contracted out to 3rd party asset managers who do not advertise. They are not taking direct contacts right now due to their workload.
For me it took a referral from a property manager to another bank's asset manager who I had to work with for 6 to 9 months before I got the referral to one of BoA's REO managers on the new construction side. I'm still trying to get into the resale and commercial sides.
You have to be creative to get in the door now-a-days and then work your back-side off when you do! Start by asking your current asset & REO managers to see if they know someone with BoA, you never know!
Andrea Cruz > Steve AdkinsDecember 7, 2010 at 5:23am
Steve,
Do you know what B of As policy is with cash for keys? Do the agents have to front the money and get reimbursed? Im trying to stay away from companies that require the agent to pay cash for keys and reimburse. How long after the bank gets the property are the agents usually assigned the listing?
Steve Adkins > Andrea CruzDecember 7, 2010 at 12:27pm
Sorry, I only worked for their New Construction Lending division that had foreclosed on builders, so there was never any Cash for Keys involved. I always reported to a property a 3rd party property manager (but also was in direct contact with the bank's asset manager) who always took care of any issues with repairs or utilities.
As for how long from foreclosure to listing? All I can say is that I did extensive research and BPO's on one development in June of 2009 and they have not been released to list yet.
BoA uses several different management systems and companies, no 2 seam to function alike.
Thanks - I know. My bank listings are all with 3rd party asset mgmt companies but none know Bank of America. There is one agent in my town who does the Countrywide business and she is selling about 12 homes per month just from that account. I will keep trying to be creative...
Replies
I have been told to get on RES.NET by Bank of America to get contacts for REO check out the group it has some helpful info for you that I was given from Bank of America.
For me it took a referral from a property manager to another bank's asset manager who I had to work with for 6 to 9 months before I got the referral to one of BoA's REO managers on the new construction side. I'm still trying to get into the resale and commercial sides.
You have to be creative to get in the door now-a-days and then work your back-side off when you do! Start by asking your current asset & REO managers to see if they know someone with BoA, you never know!
Do you know what B of As policy is with cash for keys? Do the agents have to front the money and get reimbursed? Im trying to stay away from companies that require the agent to pay cash for keys and reimburse. How long after the bank gets the property are the agents usually assigned the listing?
As for how long from foreclosure to listing? All I can say is that I did extensive research and BPO's on one development in June of 2009 and they have not been released to list yet.
BoA uses several different management systems and companies, no 2 seam to function alike.
Good Luck!