What the HECK!!! Has anyone out there been contacted by these BPO companies that want you to do BPO's for FREE!!!!! Are they out of there minds? USRES is the worst. They will try to convince you that if you do this FREE BPO for them then you will be the first one in line for the listing..if it ever goes into a listing. FAT CHANCE of that happening. Most of the BPO's that they are doing are for short sales and if the property does go into foreclosure and gets listed then it will more than likely be transferred to another servicing company if the bank doesn't handle it themselves.
Are you aware that these companies are still making money off of the FREE BPO that you are doing for them? Only now they are getting 100% of the fee that is coming to them for it. I told their rep that I would only do a free BPO for them if they already had the authority to list it and could verify in writing to me that I was going to be receiving the listing. Of course, that was not possible since none of the properties that they are doing BPO's on are actually under their control and they have no authority to list them. What a racket!!!!
If you refuse to do them for free then you can be categorized as a paid agent and not be eligible for the listings.. Whoopeee!!!! Frankly, the $75 fee that they would pay you for the BPO is not really worth it to me. There are a few companies out there that are genuine and when you do a BPO for them you have a very good chance of getting the listing but they are few and far between. I have had agents in my office do BPO's for these free companies before only to see the listing go to some other agent in another County. BULL!#!#$%!!!!
Be sure to ask when you are contacted by one of these companies to this FREE service for them what the status of the loan is and if it is a BPO for a short sale or for a foreclosure. If they want tell you then RUN as fast as you can. They are having you do this FREE service for them with absolutely no benefit to you. And belive me when I tell you that they are going to try and smooth talk you into doing this for them...it is very adventagious to them for you to do all the work for them for FREE.
My strong recommendation...NEVER do a free BPO. NEVER!!! If we will all stick together on this then we can change the way this corrupt system is now running and maybe make it work for us..the REAL Real Estate Professionals.
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