Need some help with steps to get started with Listing REO Properties.

[David Clark]

Trying to find out is there any other way to get started listing REO's without doing BPO"s?

[Juan Avila]

There may be, but I'm not aware of it. You may get lucky and get handed a listing without doing a BPO. However, once you have the listing, guess what..........you will have to complete a BPO. BPOs & CMAs are part of the REO business.

I suggest you get acclimated with BPOs because they are one of the keys to pricing your listings correctly. If you don't master the BPO, your properties may sit on the market longer than 30 days meaning you'll have to do lots of MSRs (Monthly Status Reports).

You can limit the number of BPOs you perform by completing them for companies that only assign REOs. If you don't like BPOs, stay away from the BPO mills.

[Mark Stafford CDPE CNE CSSN]

I started out doing just BPOs and then some companies give you listings after you perform a certain amount of BPOs. but they pay slightly less.

BPOs are easy man! I can typically knock one out in 30 minutes.

Be warned about some REO asset companies. They look at you as a walking "Visa" card and sometimes you have to fight to get your money back.

While I still do a few REO listings for the only companies I like to work for, I quit 5 of them, this is the year of short sales, at least in the Phoenix area.

I also make 7% on short sales while most REOs are 5%.

Good luck!

-Mark

[Gabriel Perez]

Mark I am in Utah How can start doing BPO's in Utah I don't have a clue to whom knock doors, can you tell me how to start? I have a CRS, TCR, NAHREP and SFR certifications
Thanks.

[Sam Shueh]

Utah, Salt City is the capital for valuation and REOs.... Just google them and apply as many as you can...

remember your door knocking skills? How about honing your skills to get your foot in the door?

[Gabriel Perez]

Mark what companies in your personal experience do I have to be carefu to don't work for ar make them pay on time?

[David L. Hennigan]

When I started doing REO's in 2006 I was able to get listings from, then,Countrywide without doing a single BPO From Wells Fargo after 5 BPO's were done I received listings. By the end of 2007 I had 67 listings and had only done 23 BPO's. Unfortunately that has all changed. With all the agents trying to get into the REO business the banks or asset companies have figured out that the BPO is a good way to show a Resume of sorts. They figure if you can't do a BPO correctly they certainly don't want you listing their homes.
If you can start doing BPO's for several companies you will eventually get listings. Just be patient and hang in there.
Good Luck!

[Ivetta McCauley]

I have been doing BPO's for 2 years now and still no REO's. I'm with Res.net, REOtrans/Eqator.. or what ever they are now. I'm certified platinum with them. I'm also with Lamco and tone of BPO comp... NOTHING.. Just paying money to them for nothing.. My BPO turn around is 24-48 hours and i'm never late. Have done about 1000 bpo's last year or maybe more.. can't even count them anymore.. Hardly have Qc's ever and still nothing.. Just frastrating..

Ivett

[Sam Shueh]

Look at this way. 1,000x$50=$50,000
that pays the bills and stay occupied. I bet your valuation is better than anyone.

[Marqueze D. Williams, Sr, NRBA]

Well said Sam!

[Gabriel Perez]

David:
What certifications do you have to have in order to be more accepted by the banks?
How much investment you have done? in what time did you recuperate that?

[Jesus (Jesse) Gonzalez]

Hi David,

Not sure what your motivation is but, if you want to be a REO Agent without doing BPOs, you might want to find another career path.......REO may not be for you.

[Gabriel Perez]

Jesse
Can you tell me how to start doing BPO's I have the SFR, CRS, TRC, and NAHREP certifications however I am in Utah and I do't have a clue how to start. In utah is not required be an appraisal to do BPO's.
How can I start?