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Hi Cece, not been here in a while, had time to pop in today. I noticed the SAME thing the Tampa Bay Market some week back, $30 driveby and $45 interior! Someone is doing them. From time to them they send out a notice to call in with a $$ proposal on some, but rare is that. At those prices it is not worth the time.
So has anybody received any listing assignments after doing the cheap BPOs? Say since 2008 and beyond?
Old Rep Default valuation is NOT the same dept as Old Rep REO. They other dept has very limited inventory but tends to sell directly to other banks not to retail them. In SF Bay area(where I reside) I am only aware of a few retailed homes since the sub-prime mortgage crises. It is just a bpo mill.
Old Rep in general pays every employee lower. We can complain it will not help.
Whomever accepts these absurd $30 orders should be ashamed. they are only hurting themselves. (and me)
Tara Nagelhout....Principal Broker
Emerald Valley Real Estate. Serving the Eugene & Springfield area, Lane County Oregon.
They are trying to do it in Tn. too. If you don't accept the bpo they will beg you to do it for any fee you may want to.charge.
Old Republic is out of their collective mind. $30 for BPO, they keep on sending requests for same addresses over and over and calling trying to assign them. They just don't get the message - I refuse to work for free and I will not subsidize Old Republic with my work. I told them multiple times the fee is $50 for 48 hours turnaround time within 5 miles, and $75 for anything further or shorter time. They call and sound very surprised when I tell them no way I will accept anything below my fee. I hope their clients are reading these blogs and start to get a grip that they should stop working with Old Republic. No good agent will complete BPOs for $30, so anyone accepting them is the beginner who cannot find a better rate or has no experience......... well I cannot think of why you would accept them. So clients of Old Republic – request BPOs from reputable companies that pay their agents and care about quality. What a shame, they used to be so good 8-9 years ago, used to be my favorite BPO/REO company.
Their Fannie Mae orders are $30. Other start about $45 here in AL. Normally if I message them for a different fee they will do it if they cannot find anyone for the $30/$45.
They have been paying only $30 exterior BPOs and $45 interior for first come first get here in Southern Ca. A lot of times I get up to 8 notices every 30 minutes after, looks like not many agents are picking up the order. This amount is not a professional fee, time can be best spent prospecting for listing or buyers. ORDMS is also not sending listing either when you do BPOs.
Old Republic core business is title insurance. You do not feel also doing business with their title company when their BPO mill business do not treat agents as professionals. Old Republic is still Old Republic as a business, title or BPO mill, whatever you call it.
They always start at $30.00. They will pay more. I have received as much as $125 to $150 from them for properties that are far and hard for them to find agents. I have always been able to get between $50 and $75 if they call me. If agents would just stop doing their $30 and $40 orders, they would have to increase the fees. I always negotiate more with them or I refuse the orders. So you agents out there doing these orders cheap are hurting us all.
Get with it and start demanding a fee that is more reasonable. I base my negotiating fee on how far the property is but never do one for less than $50 even if it is a block from me.
No, not always. And no, not recently. They sound extremely surprised when I refuse to accept these BPOs and lately they have not increased the fee even when requested. I will not complete them for $30 or $40, but obviously there are enough starving agents here who will work for next to nothing. Just today, Friday night, they were emailing the same order for 8 rounds, and on round 8 someone picked up a $30 drive by due in 32 hours on Sunday morning in bad neighborhood. The agents who do this is what driving the whole industry into the abyss.
$30 exterior and $45 interior and about 2days turn around is not a fee for a professional. These BPO mills are paid $100-$125 by their clients. Better use your time prospecting for listings or buyers. Sad that ORT is also putting is name negatively on its title and home warranty business by not treating agents decently in the BPO business. ORDMS BPO does not assign REO so you feel you got stuck only with the BPOs.