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I remember a husband/wife team in Arizona that used to ell seminars on how to do BPOs, acquire REO, etc etc. Their material was dated and full of errors 4 years ago. DOnt know if they still push it. Agents have not been able to smooze assett managers in the back rooms of lenders for YEARS. Once in a while one can make an inroad to some small area lender or credit union but in eneral ALL the REO goes to the big player real estate offices who can afford to pay out thusands a month to do the upkeep until sold then wait for their reimbursement. Plus, we are seeing the beginning of the end of REO listings---mark my words. REO will be pooled and sold in bulk to remain rentals. We will also probably see several large eBay type portals where all the REO are placed for buyers agents to view. Dont fall for those BPO companies who try to talk you into some 50 mile away BPO by telling you they may give you the listing. I know ONE broker who gets hundreds of REO from Wells. He is very wealthy and pays out thousands a month to keep the power on, clean em up, etc. In one entire section of county including several cities he is the only one with Wells REO.