Decrease in Assignments

[Chuck Lyons]

I spoke with one of my long-standing national clients to ask about the decrease of assignments - BPO's and listings.

 

I was told that the properties that would normally be sent to my company have been given to other agents that normally do not work REO, have no experience with REO, and at times, are not even in the area of the property assignment.

 

This direction was given to my clients' company by the bank examiners so assignments can be spread out to give other agents the opportunity to receive work.  NAR also supports this so real estate agents will remain agents and not leave the real estate profession and the association.

 

My client is not too pleased to deal with inexperienced agents when the work can be completed correctly and efficiently by my company.

 

Anyone else hear of this?  Anyone having the same situation?

 

[Sally]

No wonder my BPO assignments dropped. .... I noticed one area which I just did a BPO in Santa Clara (Northern Califoria), the area dropped in price from $600,000 (fair market value) range down to below $500,000 within 5 months recently. That is a heavy loss to both the lenders and the new homeowners as well as the existing ones. This should of never happened as most of the homes in the area are stable. I don't know who were the sellers/lenders that accepted those low offers, but someone did not do their job right.

[Steele V. Propp]

A little cynical there, John.

Yes, while not being told this directly we have seen a "spreading out" of the assignments. Seems to be somewhat political but that is not surprising these days. And yes, some of these newer agents are rank amateurs. But they have to start somewhere as well.

We did.

[John A Walker]

sounds fishy to me. Maybe they are afraid to tell you that they dont like you.