A question came up about getting REO's instead of just doing BPO's. I was lucky because I had worked with a couple of companies that did both BPO's and REO's. When the property went REO they contacted me because I was the only one in the area on their list. One of those companies was Countrywide. When BOA took over they kept me on. They then started using the Equator platform and through there I started picking up other companies. How did some of the rest of you get started?
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That is a great success story. I too have completed a lot of BPO's for Corelogic and last year I sold 4 of their properties. They and Altisource are the ones I have completed the most BPO's for and I received listings from both. By being on Equator I have received listings from other lenders.
I started doing BPOs in 2007, main companies I was working for were eMortgage, Clear Capital, Evaluation Solutions and Core Logic. I was aware that the chances of getting REO assignments through a completion of a BPO for these mills were very slim, so I struggled with IAS for quite some time until they assigned me a couple of BPOs. IAS gave me the first REO opportunity and for it I am very grateful, I did tons of BPOs for $35.00 but they came through with very nice listings from 2008 - 2012 plus I gained the experience I much needed. IAS is the one boot-camp every agent needs.
I gave USRES a try, free BPOs, if you think if tough doing them for 50 bucks imagine doing them for free with the promise of a listing every number of BPOs. Well, USRES came through for me as well, some very nice listings in 2009, then it stopped, I have never received a single listing from them again even though I have remained active on Res.net and have reached out to them at least every 6 months. I stopped doing BPOs when I reached the 100 mark and no listings meaning, that USRES owes me at least 5 listings for the past 3 years.
My last BPO into REO story was a miracle, I so wish this would happen more often and relates to my blog corrections, corrections, CORRECTIONS! I completed an interior REO BPO for FARVV now Core Logic, the report kicked back with a value variance of over 65%. I provided an explanation and resubmitting the report standing by my value. Report kept kicking back until it escalated I told Core Logic than unless they would provide me with the comps used by the listing agent I could not provide a reasonable explanation for the variance, so they did...end of story my final comment to Core Logic was "I have farmed this neighborhood for the past 8 years, in fact I live only 1.5 miles from the subject property. I guarantee that I can sell this asset for the value I concluded on my report." Here is where the miracle happened, Core Logic sent the report back to the client without altering my comment. I received a call from Chase couple of weeks later and this listing was reassigned to me which indeed I sold for the full price as promised.