After doing 68 BPO's, I recieved a call from GD saying it was time to try me on an REO. It was a vacant townhouse that was a failed short sale at $195k. Besides my BPO of about $180k, they had an appraisal done saying the value was over $200k. It was listed at $200k. We went through adjustments and finally sold at $180500. I was told I would have an automatic reassignment if not sold within 90days, It was sold prior to that. So they tried to get maximum value, but were the ones to lower price when it didn't sell. Last week I received my second pre-marketing assignment. This is a builders home on 3 acres in an exclusive community. Appraised prior at $1.7M but a failed Short Sale at $949K. I should conclude my C4K by this weekend. and then proceed with the listing. They do allow a 2.5% commission each side, with a 15% referal fee to listing agent. Overall a very good experience. GD is my favorite BPO, and now REO as well!
Thanks Greg, I feel much better now. I was in the middle of working 3 BPO's for them when I wrote this and a little stressed because they were all very "challenging". It sounds like your wait is paying off! Good luck with the new listing, sounds like a winner!
Goodman Dean is a great company to work with and yes, they do have REOs. They are a bit slow but, they do have them. Just keep doing those BPOs...which by the way, what about that new system they are using?
Anywho......patiences and tenacity, you'll get somewhere eventually.
I agree, they have always been great to work with. I am feeling much better about it now knowing they do assign BPO's. Do you get the BPO's from just one bank? It seems like I am just getting them from one.
Interesting, my last BPO was recently last week from them, still used the old system (their BPO portal). I haven't heard anything about the new system, maybe it's for different lenders? I'm going to have to find out more.
I heard from another agent that they spoke to GD and were told that Irep had a bulk order of BPOs that they outsourced some of it to GD. I LOVE GD and hope they keep giving out some REOs because here in Cali they are listing some themselves. But, they are a good company.