Hello I,m new to the REO market and would like to start by doing bpos. could you guys give me a list of the best companies to do drivebys for. Thanks and any other advice is welcome.
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Unless you are signed up directly with Fannie Mae, Freddie Mac or HUD to be an REO listing agent, good luck. REOs is a dying business & a lot of agents have gotten out of it, myself included. I make as much money selling 1 fair market listing as I do 5 REO listings & there is so much less work involved. No weekly inspections, no monthly reports, you don't have to put the utilities in your name & wait for the banks to pay you back.
Too bad that other agents have a "bad taste" about bpo's and Reo work. This sector of real estate has been EXTREMELY good to me, financially. Not only was I able to raise the capital to start my own firm, I was also able to get out of personal debt. With all sincerity, I am NOT getting on my soap box, but if you don't want the business, I sure will take it.
I will say that I will never complete a bpo for free ($ 0) even if listings are "promised". The most important thing is to submit assignments before the due date, take great photos of the subject and before submitting your work, review it as if you are a QC manager.
Because of my seniority with the major bpo companies, I can name my fee 99.5% of the time. If you are starting out keep this in mind. I hope this helps.
What is your name? I dont appreciate anyone on this site who will not identify themselves. I dont think that anyone who does not identify themselves should be allowed on this site.
As for me - No more bpos, no more reos and no more short sales.
I might show a REO, but NEVER another short sale. Too much time wasted, too much aggravation. Heck, I rarely show other agents' properties. When one has 40-60 listings, life is gooooood!
I have been doing them for 18 years and my best advice to you is to RUN not walk away from doing bpos. It is a thankless job, you do not get paid the amount you should get and if they cancel the bpo you will not get paid at all, also you may do them like the rest of us and never get paid for them at all because the company went bankrupt and/or is just a very slow payer. It is a time consuming and very stressful business. It will cost you your health, and more. If you are lucky enough to get an REO property from them, you must pay all the bills with regard to that property and will have to wait 6 months to get reimbursed if you get it at all, as well as your commission is lower than the selling agents & you are doing all the work. I know a local broker who is in the hole for $50,000, I myself am out over $20,000. I am veering away from bpo's & reo's to regular real estate, it pays better.
Willy Olsen > Joan WillisJanuary 10, 2014 at 9:03am
I couldn't agree with you more! For the last year the market has shifted enough that doing "real estate" pays better than running around chasing my tail doing BPOs. Any BPOs I do now is for fill-in money and only for certain companies. I can't believe how many people are willing to do a BPO for $20 nowadays! I spend a majority of my time getting listings.
We are a team of people having experience in manually accepting new BPO orders for most of BPO companies. We are very prompt in accepting orders when they are posted and can accept orders on your behalf for companies like RRReview, Atisource (Ocwen), Clear capital, OLD Republic, Equi-trax, SAM, Proteck, Corelogic, Emortgagelogic, BPO Fulfillment (Mainstreet Val.), Inside Valuations, GoodmanDean, Woodfinn etc.. and other companies.
We have one year experience and very high success rate in accepting new orders. There is no automated software used, We constantly monitor your email for new order and immediately accept new order when it is available, we do it manually and it is legitimate. We can provide you free service for a day or two if you are interested and accept some orders for you.
You would pay for accepted orders only, no additional costs. If order is canceled later you don't need to pay for it.
You can leave all your worries on us for accepting orders, please shoot me an email bpoorderaccept@gmail.com
Looking forward to hearing from you. Thank you.
Frank Stallworth BPO Order Accept bpoorderaccept@gmail.com
Marvin Shelley > 1p9nw51dxinziJanuary 15, 2014 at 10:11am
Frank - Sorry, but it ain;t legitimate if the agent has to provide you with their password.
I view your type operation with jaundiced eyes. It seems like everybody with a laptop is trying to squeeze their nasty paws into the agent's pockets with one scheme or another.
I do not wish you any success at al and hope no one falls for it.
Replies
Unless you are signed up directly with Fannie Mae, Freddie Mac or HUD to be an REO listing agent, good luck. REOs is a dying business & a lot of agents have gotten out of it, myself included. I make as much money selling 1 fair market listing as I do 5 REO listings & there is so much less work involved. No weekly inspections, no monthly reports, you don't have to put the utilities in your name & wait for the banks to pay you back.
I will say that I will never complete a bpo for free ($ 0) even if listings are "promised". The most important thing is to submit assignments before the due date, take great photos of the subject and before submitting your work, review it as if you are a QC manager.
Because of my seniority with the major bpo companies, I can name my fee 99.5% of the time. If you are starting out keep this in mind. I hope this helps.
Good luck
As for me - No more bpos, no more reos and no more short sales.
I might show a REO, but NEVER another short sale. Too much time wasted, too much aggravation. Heck, I rarely show other agents' properties. When one has 40-60 listings, life is gooooood!
Let the others run their fannies off.
BJ - Read what Joan and Willie say. They been there, done that, just like I have.
BPOs ain;t no way to go. You never make any money. The secret is:
list, list, list, list, list, list and list some more. And you will do quite well.
I have been doing them for 18 years and my best advice to you is to RUN not walk away from doing bpos. It is a thankless job, you do not get paid the amount you should get and if they cancel the bpo you will not get paid at all, also you may do them like the rest of us and never get paid for them at all because the company went bankrupt and/or is just a very slow payer. It is a time consuming and very stressful business. It will cost you your health, and more. If you are lucky enough to get an REO property from them, you must pay all the bills with regard to that property and will have to wait 6 months to get reimbursed if you get it at all, as well as your commission is lower than the selling agents & you are doing all the work. I know a local broker who is in the hole for $50,000, I myself am out over $20,000. I am veering away from bpo's & reo's to regular real estate, it pays better.
I couldn't agree with you more!
For the last year the market has shifted enough that doing "real estate" pays better than running around chasing my tail doing BPOs. Any BPOs I do now is for fill-in money and only for certain companies. I can't believe how many people are willing to do a BPO for $20 nowadays!
I spend a majority of my time getting listings.
Hey,
We are a team of people having experience in manually accepting new BPO orders for most of BPO companies. We are very prompt in accepting orders when they are posted and can accept orders on your behalf for companies like RRReview, Atisource (Ocwen), Clear capital, OLD Republic, Equi-trax, SAM, Proteck, Corelogic, Emortgagelogic, BPO Fulfillment (Mainstreet Val.), Inside Valuations, GoodmanDean, Woodfinn etc.. and other companies.
We have one year experience and very high success rate in accepting new orders. There is no automated software used, We constantly monitor your email for new order and immediately accept new order when it is available, we do it manually and it is legitimate. We can provide you free service for a day or two if you are interested and accept some orders for you.
You would pay for accepted orders only, no additional costs. If order is canceled later you don't need to pay for it.
You can leave all your worries on us for accepting orders, please shoot me an email bpoorderaccept@gmail.com
Looking forward to hearing from you.
Thank you.
Frank Stallworth
BPO Order Accept
bpoorderaccept@gmail.com
Frank - Sorry, but it ain;t legitimate if the agent has to provide you with their password.
I view your type operation with jaundiced eyes. It seems like everybody with a laptop is trying to squeeze their nasty paws into the agent's pockets with one scheme or another.
I do not wish you any success at al and hope no one falls for it.
Marvin,
These guys should be thrown off the board! I wish Jesse would put an end to this.
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