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I sometimes do BPOs for Kondaur for which I have obtained listings. They were a great group.  Recently,  I was referred by one of their agents to Spurs Capital to do a BPO.  That property has now been foreclosed on and the listing has been assigned to me. Spurs Capital apparently worked for Seneca Mortgage and the asset manager for Seneca has forwarded the package to me to accept and begin the process. However, I am confused as to the listing fee.  Anyone ever worked with this group? All of the process is thru Exceleras.  I am not sure if I should accept this asset or decline it.  Any feedback would be greatly appreciated.

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I have one REO listing with Seneca. Occupant signed the Cash for Keys agreement and is moving out in mid-July. I believe the listing fee you are referring to is there $200 admin fee.

Thanks Kevin for the reply.  I did not know they charged this fee, but I know some other ones do.  How do you like working with them and do you work with them often?  This is my first one.  Any guidance you can give would be greatly appreciated.

Thanks.

This is my first one with Seneca. The asset manager seems to be responsive so far. Since the house is occupied and being maintained, I haven't had any expenses yet, so I don't know how quickly they reimburse. They did tell me they like to repair/renovate the homes before putting them on the market. 

Hi Gail,

how do you sign up with Spurs or Seneca

I don't know.  I never heard of them.  I got a call one day from s guy in CA asking me to do a BPO for a possible foreclosure in my area.  He said I had been referred by someone who had worked with me previously.  Still don't quite understand how they work.  Guess I will find out as things progress.  I received another foreclosure this afternoon from them.  So far AM is very responsive.

I like Kondaur but I get a lot of requests for BPOS that do not end up in listings. I would clarify what the fee is. Not familiar with Seneca but I would ask.

I've been working with Kondaur for a while. I just picked up another listing from them.I like working with them and if you do a good job they will keep you sending you business. Part of that is providing cma for properties they have picked up the note on or purchasing the note. It's not always quick though. One of the listings I just picked up I provided cma about 8 months ago for them but they do remember who performs the work and when its time to list you will get the listing in most cases. So if they send you something I recommend doing the work.

I have gotten several listings from them and am working a few for them at the moment. I get the work if they get the listings either as an REO or short sale, the problem is that many of them do not end up as an REO. Either way they are good to deal with. I am not thrilled with the commission structure, but again easy to work with. They also take care of the utilities and preservation so I don't have to pay up front.

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