As a part of the foreclosure and refi industry BPO's have become a very BIG part of the real estate process and a way to make some $$$. As with any industry there are always a few companies that do not pay for the work they recieve. I want every real estate professional ou there in RAIN LAND to know that the HUGE MAJORITY of BPO Providers do pay and pay well and on time however it is the few that give the others a BAD REPUTATION. I will state for the recored that I have in my possesion work orders for BPO's from ASGBPO ans BPOSONLINE that have never been paid and I am sure many of you can and I hop will add to this list. Oh do not worry, theses companies know they have not paid my Firm noow I want all of you who do work for these companies to know that in all likelihood you will not get paid. On the other hand GREAT COMPANIES like PROTEK, CLEAR CAPITAL and FIRST AMERICAN pay VERY WELL AND ON TIME.
With no other forum to protest the companies that do not pay their invoices then let their names be heard! I know the REO Divisions do not like the thought that they have paid for wok that a licensed agent prepared but the "Middle MAn" kept all the $$$ Another compnay who I will not mention just agreed to pay me over $400 in invoices that were 9 months old or older after I received the REO listing yesterday and in passing commented to the Bank how I had never been paid for the pre-foreclosue BPO in October 2006; within 24 hours I get paid? Miracle/ No, banks expect us to get paid...
This type of action worked last year at an REO Confrence where a group of us, Broker who do BPO's for foreclosures, confronted a BPO Company who was there with National Lender; you should have seen the look on the face of the people from Countrywide Mortgage as over 20 agents confronted a BPO Servicer from New Jersey, a contractor for Countrywide, that owed our group (those of us at the meeting) over $5000 in fees. Needless to say the BPO people were not there after lunch, we never saw a dime, but that provider went under and closed the next month probably owing agents 100's of thousands in fees from prior years.
Please note that some BPO Companies do not pay if you are the primary agent who is expected to receive the REO listing. This is not the issue at hand. That is a common practice and understandable. What we are speaking of are companies who sub contract licensed agents to do a BPO for a fee ($50 to $150) and nver pay you even though the bank paid thenm $400 to $500 for the report.
If you have a company tha you have documentation of your work and never receiving $$$ then please reply / comment.
I sure agree with you, Landmark, Clear Capital are but a few that have been awesome in insuring that we get paid for BPO's and in a timely manner. I had some that were over 4 months old and have given up. I won't work for them anymore.