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Wow lots of new activity from most BPO portals--but will it last?

Im getting orders from many portals.  This reminds me of 3 years ago when everyone was trying to do loan mods (what a joke)  Anyway, orders are coming faster than I can handle them and Im having to turn some down. Ive noticed that there is a higher percentage of very hard to do properties as compared to 'the old days'.  Many are not worth the time.  After 3,000 BPOs Im tired of the entire thing. Yeah, kept the light bill paid but I dont have a new sailboat anchored off the coast of Greece so Im getting out.

 

Thing is, what is al this activity and will it last?  Its because lenders had been standing back watching supreme court decisions and different government agencies that were wading into the fray to put protection measures for consumers. Joke number two. Now the lenders, who had been changing to judicial foreclosure to get around laws designed for auction foreclosure, are brave and starting to fight. They do not and NEVER DID want to loan mod. They do want full non judicial foreclosaure so they can make use of any mortgage insurance and get government backed money thrown at them to keep them healthy.

 

ANd now another ugly face of theirs is showing---REOS , instead of being placed in the market through real estate brokers, will be sold in bulk as securities to big money concerns. We are becoming a rental nation with huge corps as the landlords.  This new flurry is mostly short sale and some full FC, at least thats what mine are with more full interiors than Ive had for a long time.

 

Going to last? No. Nope. It will start to decline. We also have a few million owners, especially those who actually got loan mods, going back to default but not in numbers weve bee used to. Even FARVV is cutting back and reducing fees to brokers. They see the writing on the wall. These are the beginning death throws, my friends. If you aregoing to depend on BPOS for a living, better have a backup job in plan.

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Comment by Kristine LaDue-Klink on January 21, 2014 at 10:40am

We will always have BPO's in the real estate world, it just makes sense and it's cost effective.  I started doing bpo's almost 10 years ago solely for the purpose of refinancing, it was cheaper then a full blown appraisal when they were giving out loans to anyone who was breathing and only realtors could get the job done in time.  An urgency on your part does infact create an emergency on my part philosophy. I too have slowed down in taking on orders and new companies.  Focusing on real estate as a whole is better than a niche that will always be cut rate due to the sheer volume of agents looking for income. It is a great learning resource.  Doing 3000 orders a year does educate one about the market they work in and it also keeps you up to speed on new technologies.  I would never stop doing BPO's, I like to do them. I just pick and choose now, I am fortunate enough to do that.  I highly recommend anyone thinking about coming into real estate or expanding their business, do BPO's, and consider it a great resource for your business.

Comment by Maria Caudle on January 10, 2014 at 9:04am

good idea. potential listings here I come.

Comment by Patti Baker on January 6, 2014 at 8:06pm

Ryan, who do you consider the top 3 companies----not Ocwen I hope

Comment by Patti Baker on January 6, 2014 at 8:04pm

nothing lasts forever, ride the wave while you can..............

Comment by Jim Moffitt on January 3, 2014 at 2:59pm

Thanks Marvin

Comment by Marvin Von Renchler on January 3, 2014 at 2:21pm

Ive had no problems with AMO.

Comment by Tom Jones on January 2, 2014 at 11:05pm

Jim, AMO pays rather quickly within 30 days. They assign the bpo to you so you need to accept or decline it. I haven't experienced any problems with them.

Comment by Marvin Shelley on December 30, 2013 at 11:36am

Marvin V - You are quite insightful. I agree 100%.

Comment by Lelia Holton on December 30, 2013 at 10:54am

I, too, have cut way back preparing BPO's for most companies. Most are demanding more and more info for less. It appears some orders are from foreign countries and often it is hard to understand the language. I enjoyed those from ISG... until they became so controlling, seemed to expect me to prepare as they wanted regardless of the condition, location, etc. I now only prepare for about 3 or 4 companies. In addition my lowest fee is $75 for very close by and the fee goes up with distance, etc. Happy New Year Everybody!

Comment by Jim Moffitt on December 30, 2013 at 10:28am

 Does anyone know if AMO Services is a good company to work for as far as getting  paid?

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