I know that you know this!
I am just cynical enough to have never fallen for these schemes (not bragging) that mostly seem to charge $400 plus $49 to use their website. As one scheme goes, the $400 is for a utility escrow. There's no reasonable explanation for making YOU pay for utilities up front, then getting YOUR OWN money back!!
My problem has only been to continue to do BPOs for companies that start to slow down or stop paying but I didn't do THAT for very long either.
For a new company with no credentials, I might do one or two, then wait for payment. If it's more than 45 days, you have to wonder. If paid in a timely manner, I might do a few more and wait again until I'm ready to go all in with the company.
DON'T PAY DON'T PAY DON'T PAY.
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My headline should really say BPO AND REO COMPANY.
I agree with you Cece - I would never pay up front for REO listings.