REO Pro - Real Estate Default Professionals

America's Largest Social Network for Default Real Estate Professionals

http://reopro.ning.com/page/buyer-direct

Great advise by our In-house AM - Let's do this and see which companies pay the best and which ones don't - here's my list of good pays

EMortgageLogic
Equi-trax
Titanium Solutions
Franklin Credit
FASInc

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Victoria, I quit doing OCWEN's also! I almost died laughing when I seen your comment.

ME tOO!  they want to pay 40 deduct 1.00 and you end up with 39...I do not start my car for 39.00,  They did pay fast sometimes within 10 days.  They broadcast their orders and I did not go for that either...

Ihave been doing BPO's for 20 years and they either pay my price or I move on.

 

Yep!

resnet and lamco are both great.... Lamco has stopped doing reos and now only do auctions.. but they are great for bpos....
Are you sure about Lamco only doing auctions. My understanding is that properties they work with initially go thru auction process, if lender is high bidder Lamco assigns as they have in past. I did just do BPO for them. Quick payment on BPO. I was told I would get listing if lender was high bidder.

Single Source said the same thing to me and even told me  I had to sign on with Res.net in order to be able to accept their listings so I did, but I never got a listing from SS on any of the BPO's I did.  I wasted my $700.  Res.net is over rated...

I quit doing BPO's for Single Source. They never asked me to join RESNET and you're right, they are over rated.

They paid me $40 per report with a promise of listings. I rec'd 1 listing within 6 months. In the middle of listing, the bank pulled it from them. It was also a piece of junk :)

All their orders seemed to be in an extreme rural area as well. Way too much work for the money. 

 

I'm glad I saw this post.  I keep doing BPOs for the same agent and she gets the listing.  I asked her where they come from and she said Resnet.  Am I being led astray?  I made the mistake of signing up on REOIndustryDirectory.com and if you don't get anything for the first 6 months, the second 6 months is free, but I haven't received even one or any word from them and it seems just another ploy to get us to buy into getting listings and then nothing.  So if I don't get anything soon or in the next six months, I guess I just paid for blue sky?  Have any of you done the REOIndustryDirectory.com deal?  Any results?  I guess I'll just keep doing the BPOs and the other agents already on Fannie Mae, Freddie Mac, HUD, etc. get all the listings over and over.  It's like a monopoly these local agents have and after 32 years in the same Board and MLS you'd think I'd be doing something more lucrative than BPOs.  Oh well such is life.

Sharon, I'm gonna sound like the BPO police but I feel compelled to answer your post with a question. Are you saying you are performing BPO's for another agent who will be the listing agent? If so, that's a huge NO NO. You can do some admin work such as DL photo's and type in the report from her notes but that's it. She listing agent MUST take the photo's, actually go to the property and inspect. They must choose the comps and make comments on each. They must value the property as well. An assistant is not allowed to perform those duties...just some clerical. 

An REO agent here lost all her banks when she was caught and reported for paying others to do her BPO's. She was very successful also. Of course she would be by having other people do her work while she concentrated on getting more business. She got what she deserved. She knew the rules. Not fair to us that do it right and bust our hump to make a living. 

Start your own business.  

stop paying for the BPO
 business and forget about the listings, they are always problem properties, do some BPO's and build your real estate business with real listings...

Great to know that Lamco no longer does reos.  I keep getting email asking me to buy their membership.  Now I know not to.  Thank you..

Cindy----
Could you tell me how long you have worked for them? I think the gift basket is a great idea. I will send something to them as well. What dept did you send it to? The people who assign the orders or the accounting? Or is it 25 people total working there?

I appreciate you commenting back. It is reassuring to know that I can expect a check at some point.

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