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When did so many brokers become REO Specialist? I just did a deal with a so called REO broker and he didn't know what Cash For Keys was. What the heck!!!! So how are all of these guys getting OUR business? Yes, our business! They really don't know what they are doing and it is hurting the business; Especially the BPO side. And they are getting the listings!!!!   Your thoughts on this?...

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I hear you. I think that business is slow enough around here (REOs not coming out) that many new "Specialists" will go out of business as quickly as they got into it.
People HAD to understand REO's because it became the dominant market in most areas in the past few years. It's like people jumping into real estate prior to the fall saying they were real estate experts...

Now to say that the guy didn't know what Cash for Keys was if he was an REO...well, that's just plain wrong.
1. It's not what you know, it's who you know.
2. Laughable REO designations/courses from anyone & everyone-that once completed still would have the agent be clueless.
3. Auto acceptance and first come first served BPO acceptance with reduced fees (you get what you pay for)
4. Agent did one short sale- now they're a short sale & REO "expert"
5. Unlicensed vultures that will "assist" with loan mod or short sale process-also "experts"
6. REO Brokers with over 100 listings-pass most tasks to newbie apprentices and don't monitor for accuracy.
that's just my opinion, could go on and on........
I dont know if I am a veteran or a newbie. I have been doing reo's for the past 6+ years and I have seen alot of agents come and go. The ones that are jumping in and do not know what they are doing get out pretty quickly. The ones that took the online classes and now call them selfs experts I see getting out pretty fast as well.

If you dont have the capital or the know how on taking care of the AM's then you will not last.

I love what I do and I agree with you Marqueze. I just recently finished a deal with another broker who had no clue on how the deals work. He kept telling me to read the contract. Sometimes they have to look out side the contract at a little thing called addendum.

Any who enough about that.....

To all the REO Specialist keep doing a great job and you will not have to worry about the newbies.
A good rule of thumb, most agents (I'm no different) will become whatever they think they need to be in order to get as many listings as possible!!
Probably when we all took every class known to mankind.
Right! LOL! So much money spent and now everyone wants to charge for nothing! Boy I tell ya....
Don't get me started on this. I deal with the "REO Experts" on a daily basis.
Hey Carlos,
You should lobby Citi to open up to 'seasoned veterans' like the ones in this forum.
It would:
(1) lower frustration
(2) increase morale
(3) increase profits
(4) etc. ( :

(I couldn't resist)
Mike-Many of us have tried but have not been successful. Are you going to the NRBA conference in Denver?
When things went south, instead of REO's I became a "short sale expert" LOL...

Started The Short Sale Specialist Network a couple years ago and now work with thousands of homeowners a month around the country in hardship referring them to GOOD agents. We also now have a training designation we put together also. Trying to recruit agents for our network is a new thing for me. Up until recently, we would only allow a select few into our preferred partner referral program.
I'm trying now to help "legitimize" our training course some and expand. I'll likely be at the Texas convention, and we are also doing a Short Sale Specialist Network Cruise in October for our members as well.

If anyone is interested in the short sale course and designation, we are officially launching next week and will be discounting the program substantially in order to get it out there some.

I'll have to check out Denver, been trying to get around some...
Isn’t cash for keys pretty self explanatory?? That’s mind boggling. BPO's are the worst. whenever I get a call from someone I don’t recognize I immediately think "here comes another overpriced listing!" I have a listing now that an REO specialist did a 2nd bpo on that came in 35K over mine……… so naturally the lender decided to split the difference........still 12K over market value!!

If I'm a specialist in anything its convincing investors to by overvalued property! lol


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