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BPO companies that turn into REO listings

Which BPO companies are just BPO mills and which ones actually lead to REO listings? As I've reviewed several blogs talking about both, let me share a few that I've found lead to REO listings.

I would love other Active Rainers to add their own experience as to which companies actually lead to REO listings!

Ocwen

Goodman Dean - Pat McCray

Faarv - Katie Cosner comment

Citibank

Countrywide

Posted by Jared Hokanson - Realtor Medford Oregon on 08/08/2007 11:26 AM

Comments (410)

reo, bpo, reo listing

Post is included in group: REO
Post is included in group: Broker Price Opinions

410 Comments on BPO companies that turn into REO listings

AUG

2007

Hi Jared,

Integrated Assets is one. However, doing BPO's for BPO mills is also beneficial because it gets your name out there. Integrated Assets actually found me because of a BPO I did for a "mill". Clear Capital is one who does not do REO's, however, if you do well with them, they will put you on their reonetwork site as an REO provider.

Relationships are King. Doing BPOs are great, especially for people working their way up the ladder. But do a self analysis and see if the time spent is going to generate real income. If you spent the same amount of time prospecting 'civilian' clients, would you be better off?

Align yourself with people, investors, who are willing to buy portfolios of loans, builders that rehab REO properties, and other who can add value to you. When you approach an asset manager - relay that not only can you do a BPO, but you have these people who can take the entire lifecycle of the property.

Jared

Thanks for the list, I have little regard for one of the people on the list and feel I shouldn't reveal their name.

AUG

2007

Most of my listings, I've never done a BPO on. Either I've worked w/a company before, or they got my name from someone. I don't know if you can still sign up with GreenLink/Horizon/HomEq, as they stopped doing the BPO part, except for a rare 2nd opinion, (not sure who they out-sourced to) but I do get listings from them. Also there's a ton of Finders for AMC that will do pay BPOs, & freebie 2nds, and those have all resulted in me getting listings, just not on the houses I did a BPO for. Though I haven't worked for them, MGIC gives listings.

AUG

2007

The only company I have received REO listings from whom I also do BPO's for is Ocwen. I do BPO's for many other BPO "mills" but they have never turned into anything more. I see a lot of the properties that I did BPO's for come on the market with other Realtors.

AUG

2007

Don't forget USRES.

AUG

2007

I am new to BPOs in that I'd like to know who to contact. I have found a few names here but would love to have a larger list, if possible. If someone can email it to me I'd appreciate it.

AUG

2007

Katie--I just got a listing from HomEq and I hadn't heard anything from them in months. I hadn't had a BPO order in as long. I think they were just in transition from Greenlink, which also happened when they changed from Horizon Managment.

I also get listings from Premiere Asset Services (Wells Fargo), just closed 2 nice ones. I have a $1,000,000 "listing pending" with them right now. (Making every BPO I've EVER done for them worth the money.) I also recieved 10 BPO's in one day from them last Thursday. Again, great addresses and I'm hoping it's an indication of what's to come.

I've just resigned with www.reotrans.com and got a listing from BADISSO. Had to buy special software but I've heard they're one of 3 companies that will be getting the FannieMae properties.

Also just got a listing from LandAmerica.

Hope that helps.

Kim

AUG

2007

Hi! Newbie to the group, but not reo's.....

Has anyone heard anything good/bad/indifferent about a company called Titanium? They are supposedly 3rd party intermediaries who contact local agents for bpo's (hopefully listings at some point) for the lenders. If you list a property, you have to pay them a referral fee. They also want an upfront fee.

Not what I'm used to dealing with, but thought I'd throw it out here and see if anyone had any experience with this company?

AUG

2007

I love PAS, got 2 listings right away.

Kim--Which LA gave you listings? Nationwide or Default Servicing?

AUG

2007

For a couple more

PCV Murcor is a mill but it all adds up and goodman dean offers bpo's and Reo's

also harborams.com

usres you have to be doing the bpo's for free to get the listings you can choose to be paid for them.

AUG

2007

Mark--I think it's Default Servicing, but I don't have it in front of me. I'm pretty sure that was it.

AUG

2007

I just found you guys. Thanks for the info.

I appreciate all the info. I'm a newbie, i did sign up with two co's that do bpo's yesterday and was also told about reotrans, but don't know anything about them?????

AUG

2007

Thanks Kim!

I've worked with a few companies and the ones you listed above are a reliable source of REO lisitngs. The best of luck to you Jared.

SEP

2007

Thanks guys for all the info !

SEP

2007

Hi Jared,

I had an earlier post asking for information about REOS..thanks for the information. I am an agent in Virginia, and have been recently trying to break into REO/BPO's I have been looking for contact information for Asset managers for these companies... Do you have any resources for the asset manager for Citibank Countrywide Ocwen. Thank you....

I've heard good things about Ocwen and CW, but can't find who to speak with at these offices either. I've done a lot of work with Litton - they are great, but depending on the area you work in, you have to deal with a different asset mgr.

You'd think they would make it easier for us to help them.

What does everyone think about Bush's newest idea?

Hi Jared,

Personally, I'm a little leary about taking on those REO listings and I'll tell you why. What happens if the REO company or Asset Manager does not reimburse you for; removing debris, general cleaning, repainting if necessary, broken fixtures or water lines, hot water heater or furnace, not to mention paying you back for having all of the utilities in your name until the home sells?

I think my fear is a legitimate one given these circumstances but, maybe someone else who is actively doing them can help me understand the areas to really be concerned about if I haven't already mentioned them above.

-Keith

SEP

2007

Jason: That's good to hear man but from what I've heard...not all companies are alike obviously. How many different companies have you received listings from? And, what type of problematic issues have come up? Thanks!

-Keith

Great post Jason! I've had some pleasant experiences with asset mgrs as well, but for the most part have to deal with real unpleasant people. I'd love to find a way to cut thru the layers of contact and just deal with the person who is really in charge.

Anyone have any thoughts or advice on how to do that? Also, from what I've seen so far, it looks like CW, Ocwen and Litton lead the pack on who is best to deal with. I've found that depending on where the loan originated, where the property is located - makes a difference in who you deal with.

Has anyone else had this experience and can anyone share names of people who we can contact without having to deal with the layers? I have a house in Boston with a Litton Loan, Chase is 2nd, and even tho I've sent them the borrowers Auth 3 times, I still get told they do not have it, with instructions to send to yet a different fax number.

I am hoping to call again tomorrow and get someone to talk to that can make this happen, we have a buyer that wants to buy, but it would be a short sale...still not bad ...about $20K short if it works out. That's a little hard to do when you can't talk to anyone though!

SEP

2007

Thank you for all the info....I am w/ FNMA, OCWEN and PAS, but have 11 agents now that I have to take care of. I will look into some of the comapnies that I see in these comments. I'm in Central Indiana. We have tons of REO's. I agree contacts are everything!!

Joni Bragg, GRI

Principal Broker-Owner

SEP

2007

Jared Thanks for sharing

Have found that Ocwen is a good potentail source of Busisness although their BPO form is one of the most complex and time consuming around. Land America is another good source but their orders are sent out to multiple vendors and go away very fast.

Thank you every one for sharing..... GREATLY appreciated !!! I am new to BPO's and REO .....just getting myself signed up. Just wanted to know about where to get signed up with some of these companies is my big question of the day. Example: Ocwen, when at their site I do not see it as clear as they others where to get signed up for BPO's...... or even CW.....any suggestions ??? PAS looks like you have to take the online classes now.....has anyone done them yet ? And does it really pay off by getting you the listings too ??

Market in my area has really slowed down and foreclosures are on the rise, so I thought this would be a good time to get going/signed up with these companies. I am needing to make that extra cash to stay alive !!!

Any suggestions/advise or help would be greatly appreciated ....thank you

SEP

2007

thanks for the info

SEP

2007

Sorry for the ignorance, what is a BPO?

SEP

2007

SEP

2007

BPO is a Broker Price Opinion, like an appraisal but less time consuming. Basically an upgraded CMA.

SEP

2007

once signed up how long does it usually take to start seeing some bpo offers? I have been signed up with a few for weeks and haven't seen anything come in to me yet. Does it normally take a while to start getting some business?

SEP

2007

WHAT ARE SOME REAL MA,ES AND CONTACTS FOR REO COMPANIES TO GET BPO'S AND LISTINGS.....ANYONE KNOW? THANKS...

SEP

2007

Joni Bragg: I am a Broker/Owner in Northern Indiana. Would you consider working with some one in the South Bend/elkhart area?

Ron, who are you asking?

Well I have done work for a couple of the mentioned companies above. These would include Ocwen, Horizon/Greenlink etc. EMC Mortgage, Clear Capital, RRReview, and the list goes on. But from the above listed have I received listing from Ocwen, EMC and Horizon. Many of the companies do not have a specific asset manager. I know at Ocwen I got on with then when they received the contract to market VA properties after VA stopped doing there own. I would be initially be contacted and asked would I accept a property, if I accepted I was then given a pre-listing contact. I would then work with them to get the property ready to be marketed (trashouts if needed, get estimates of repairs, if repairs were approved hire contractors to do the work. In the beginning I had to pay for all expenses incurred then wait to be reinbursed when the property closed. They have now began letting you go out and signup contractors to do the need work, and then be paid directly from them. Once the property is cleared to be listed, the file is handed off to the asset manager assigned to your region. To make a long story short I think Owen is the most difficult to master...but it was worth it to me. I was given the opportunity to market all the properties in my area. the only way others in my area got anything was because I did not accept in the begining. In my opinion Horizon was the easiest to deal with. When I received listings from it was ready for the market then.

So if you are having trouble getting into the system I say keep trying. I started if I remember correctly by registering at the following website: www.reonetwork.com. Guess who this is Clear Capital.

The one company that has eluded my thus far has been Countrywide.

Paul, are you paying on reonetwork or using the free subscription?

SEP

2007

Blair, I am using the free subscription. I think I first signed up back in 2000 or 2001.

Regarding Titanium Inc...I was very excited about the concept when I heard about them at REO MAC. Banks hire Titanium, who hires local agents to meet one-on-one with homeowners to gather information in order for banks to give loan modifications and to simplify the short sale process. I really liked the concept of being able to help a homeowner stay in their home but if it was impossible for them to keep their home, I would be there to list it.

All I can say is based on my own experience. I have done about 20 assignments for them. About half of the time, the home is vacant and I can't find the owner or they will not answer the door. You have to make several attempts by visiting the homeowner and calling them. Of the 10 or so homeowners that have allowed me to help them, only one of them got a good loan modification. He got his delinquent penalties wiped out, his interest rate lowered and his loan extended so his payments were greatly reduced. I have had several loan modifications where the homeowner's monthly payment actually increased. In those cases, it's pretty hard to explain to the homeowner that the bank really wants to work with them. One family was desperate to get the payment reduced...I called the bank and was able to finally convince the bank to eliminate half of the $14,000 delinquent payment due immediately but the monthly didn't go down AND the holder of the second note was no where in the picture. I listed the property but we have so few buyers in our market that agents don't mess with short sales. The family lost the house a few weeks ago.

I think Titanium means well but they can only work with the loan modifications the banks offer, which pretty much seem to stink. Also, Titanium seems to have grown really fast and its processes haven't caught up. I tried to fax a homeowner's bank statements most of the afternoon yesterday and their fax machine was constantly busy.

SEP

2007

If interested I have a list of 60+ links to REO/BPO companies for $7.00. Contact me if interested.

SEP

2007

Jared, Thanks for the information. I would like to know, which companies will allow you to list properties without having listed an REO before. It seems to me that most companies want you to have experience. It is a catch 21, you can not list if you do not have experience but how can you if they don't give you the opportunity? What are everyowne's thoughts.

OCT

2007

Shari I run into the same thing with Titanium. I think that it is a great idea and if you can actually get the banks to work with you it will be a success. I had a deal where the people had already moved and I was still able to get ahold of them and we got the house listed. We listed the house at a fair market value price which was less then they owed but I had already talked to amc and they were going to work with us on the short sale. I brought them an offer that was a decent offer it wasn't full price but it was decent, with no inspections and no closing costs and the buyer submitted a preapproval letter with there offer. The person that I had to work with at amc said they wouldn't take it because it wasn't high enough. So needless to say the deal never got put together. 3 months later it listed with another agent as a foreclosure and it was on the market for about 45 days and they got an offer that was 2000 less then the one that I brought them plus 3000 for closing costs and they did an inspection and got the bank to pay for the termite treatment. That is what has really burned me with titanium. But I have ran into the samething that you are talking about as far as house being vacant, phones disconnected, homeowners don't want to talk, all of it.

OCT

2007

What is the web link for titanium and are the services that want you to pay for the listing are they any good?

OCT

2007

titanium is a waste of your time. I've dealt with them for a couple of years, made $25, $50 bucks, here and there, but no real money out of the deal. What the lenders do is let Titanium do their thing because it cost less. If they actually get foreclosed on, the lender lists the reo with their preferred agent.

So, titanium wins because we take $25 for the most part whereas the agent the lender would use would charge way more. If you don't list it and sell it, they give it to their guys. I'm not in this business to do this work for $25 bucks.

Another agravating thing with Titanium is that you keep getting a new person to deal with every so often......which means they are new and YOU know more than they do!

to pay upfront to use them - only to get very little money and a lot of headaches, I'd say don't do it. I just cancelled them.

oh, and did I mention that IF you get a listing, AND it does close (never happened to me in two yrs) then you have to pay a 25% referral fee TO Titanium?? That makes a short sale a little hard to do!

Move on, don't waste your time.

OCT

2007

IF ANYONE IN IN THE MASS AREA IS LOOKING FOR REO TRASH OUTS I HIGHLY RECCOMEND QUALITY QLEANOUTS LOCATED OUT OF WINCHENDON SPRINGS MA YOU CAN REACH HIM AT 978-297-1365 HE HAS DONE SEVERAL TRASH OUTS FOR ME AND HAS DONE A SUPERB JOB.

Good info, I am just researching BPOs and REOs.

OCT

2007

I received a BPO from Integrated Asset Services and a few months later I got the listing on the same property. Also regarding the trash out and expenses, each lender is different. EMC is the lender for my foreclosure that I am working on and they have a statement in the paperwork that says they will pay for the upfront costs of trash outs, utilities, winterization, etc.

OCT

2007

I am a real estate agent. I am new to the REO program. I recently signed on with Reotrans. I was asked at thier website if I had error and ommission insurance. I don't at this time. My question is: could that be the reason why I am not recieving any listings from them?

Ralph, your broker should have errors and ommission insurance. If they don't you need to get it--from my limited knowledge the lenders want to see that you do have it. REOTRANS is great!

I want to thank Blair Ballin for answering my question on REO error and omissions insurance. I'll look into the insuance. Thanks Blair. Ralph

Ralph - I don't know of a lender seller that we work with who does not REQUIRE e/o.

Can anyone tell me if there is software that I can purchase to make the BPO experience easier? I tried working with Ocwen. There system was not user friendly, so I discontinued my account with them. This was 6 months ago. Maybe things have changed. Lastly, I think this website is SUPER. Everyone seems like there are willing to share Ideas and well as vent. Thanks, Ralph.

Ralph..

Why don't you join Active Rain?

Are all you guys running into lenders/banks overpricing listings for 30 days and then willing to drop it some? Or what has been your experience there? It seems like with all the ones I have they overprice them, and it takes them a while to drop/reduce.

OCT

2007

This is the 1st time I have ever read a blog. Thank you, it has been very interesting hearing from agents all over the country. It is worth signing up with Single Source and Lighthouse.

I'm working on an Excel spreadsheet of REO/BPO companies and their websites. I've compiled a lot thanks to all you helpful people on AR as well as searching the web and other real estate forums. It may take me a little time, but I will post when it's available and it will be free. Then if anyone has any others to add, I will update and resend as more come available.

OCT

2007

Lisa, that will be fantastic!! Thank You!!!!! How many have you gathered thus far? I had seen in another blog some time ago, they were looking to charge for such a list. But you are what AR is all about, contrubiting to the common good of us all.

OCT

2007

I agree with Paul. Lisa's generosity is what this community is about. Thanks Lisa!

NOV

2007

My office currently has inventory with over 12 different REO companies and have never had a problem on reimbursements. The key is maintaining a good paperwork trail and following each companies specific instructions. Hence the reason my broker has me, as a licensed agent, to help with paperwork and contracts and a second assistant who deals only with billing and invoicing for these reo companies.

The only company my broker refuses to work with and stop doing business with is Ocwen. Communication was difficult with this company or the lack thereof due to no phone numbers. They failed to reimburse our company for monies over $5,000. My broker contacted every level of upper management and after several months of attempt was politely told that the accounts on those properties were paid out and their was no monies left. Very unprofessional for a company that was representing VA properties.

Food for thought, reo listing opportunities increased when he joined NRBA, an association for REO brokers. He has received 5 new REO companies through this association.

Jennifer, I must agree that Ocwen is a nightmare to deal with. However , I have never experienced them not paying me. I was with them from the begining when they took over the VA Contract

NOV

2007

I am a vendor for Ocwen, and for the most part don't have any problems. I did work with an account Rep recently that I was not impressed with, but that is not the norm. I have had listings from them but it seems I get the properties that no one else wants, but green is green and I do sell them. I do lots of BPO's for them and several of the others mentioned here. I did alot for Clear Capital but recently, they have just sent me a few a month. Not that it matters but I think they have the easiest form to complete. I too, work with Titianium. I did a BPO for Litton through them and it was more like an apprasial than a BPO. So I try and stay away from Litton BPO's. I like my Broker License. I have been a homesteps agent with FreddieMac and have yet to get a listing or BPO of any kind. I recently tried to make some updates to my profile and was not successful so I emailed them over a week ago with the information and have yet to get a response. One of the recent asset managers I've worked with for CITI wanted the electric on even after the home was winterized. Heat in an REO is usually not a good idea and won't sell the property any faster. Have you noticed that some of the larger lenders have cut the pie again and hired asset managers. I have 2 listings with a Management company, and I have had difficulty getting reimbursed. There is always another reason or excuse not to get paid.

NOV

2007

Thanks to everyone for posting here... I feel like I've hit the goldmine! I wish I had something to contribute... but I've only used ReoTrans and Wachovia/World. Wachovia has been FABULOUS to work with.

where is wachovia's sign up page located?

Thanks for all the great info. I have been wandering in the dark on the subject of BPO's. With the market being slow right now, I would be happy for the extra income. I signed up with Clear Capital, but they have more agents than they need in my area right now. I will check into some of these. Thanks very much.

DEC

2007

Thank you all for the information. I recently signed up with Clear Capital and received 2 BPOs almost immediately. I also recently signed with Ocwen and went through training. Their process seems involved but I am willing to move forward.

Lisa, Bender you're a gem! Looking forward to the list!

DEC

2007

Love all the responses. I'm with REOTrans-- and that is the biggest source of my business now.

To the person that doesn't think that they have E&O -- Typically the broker gets it for the firm-- and pays the fees for the agents. Most REO Companies require you to have coverage-- if you don't have it-- then you are asking for problems. I doubt that your firm is big enough to self-insure.

Just my thoughts.

DEC

2007

woohoo! You wouldn't believe how gratified I am to see some truly appreciable information on this blog. *first time blogger* With that being said, I've done HUNDREDS of BPO's for FARVV (formerly Source One, eAppraiseit , etc.) And have been with Ocwen for a couple of years, too. REALLY like Ocwen, as it is not as SCORE driven as FARVV.com.more B4 I stumbled onto this link, I have found the following:

The www.camreo.com

Sorry,gotta logoff now- my tablet is picking up BoSTON LEGAL and transcripting.... best of luck! KEEP IN TOCyou know

The www.camreo.com

Sorry,gotta logoff now- my tablet is picking up BoSTON LEGAL and transcripting.... best of luck! KEEP IN TOuch

Ok- DUH- To use the tv, you must be smarter than the tv *remote mute*

I average approx. 10-15 BPOs in Charlotte a month...Our market is still REALLY good here- but I also have suffered some this past year and have looked at various ways to RAMP IT UP....especially in a market that is perceived to be failing. (If only Henny Penny wasn't the editor at the Charlotte Observer!!) LOL Our sky is not falling, but buyer confidence has- which is the precipitation for my inclusion to this blog. Would love to be able to reach out to other Brokers in other areas and help- especially when I was able to glean so much *freely* from this valuable association!

This was all so interesting. I am new to the BPO's and would appreciate a list of who to sign up with. I am in the Phoenix area. Thanks in advance !

Patti-Clear Capital is a good one in Phoenix. I am here too. They have come out with about 20 in the past 2 days and I've had to turn them all down because I was busy with others. Emortgagelogic is also good.

DEC

2007

Patti, I have a of 60+ BPO/REO companies list available for download on my website. www.valeriespivey.com

I see no reason to pay for a BPO company list. If you keep going through AR -- and this post specificially-- You will find a lot of companies-- and not have to pay for them.,

Just my thoughts... Nothing against anyone who is trying to make a little money though.

-Jason

I agree but some folks don't have the time and may want something in their hands quickly. So the list is available for those folks.

Jason I agree with you on the list. I think AR is a great way to get the word out. From the list presented here, they keep me quite busy. I sometimes are overwhelmed that I have to turn down some assignments.

Hi, I have been trying to find out more about mgic as well as wachovia. Can anyone give me the websites to either of these?

Wachovia, has it's assets handled by Homeq: http://www.homeq.com/reo .

I tried Homeeq they are not accepting any more agents for the state of Michigan just an fyi

DEC

2007

So, I ask you (says the Newbie to blogging and AR): What keeps us, the performers of BPOs, to solicit these properties as a listing????Why can't you drop a letter by when you're doing the drive-by? Does anybody else out there go after the BPOs as listings b4 they hit REO status?

Michele,
Nothing stops you from doing it. But if you get caught- you might get black listed.

Let me know how it works-- I have been toying with the idea....

-jason

Jason you are correct in what you say. I know on most of the BPO's I do there is a statement, that you are not to contact the the residents or discuss contents or purpose with anyone other than the company who hired you.

Paul,

I think you and I are on the same page.

The way I look at it-- and I probably shouldn't-- If I'm doing it for someone that will never list with me (Clear Capital)-- I have little to lose.

That being said-- BPOS are done for more than just deliquent owners. It can be used for re-fis, package buys and sells, evals of mortgage backed securities, etc.-- So you can't automatically assume that these are pre-foreclosure sales.

You can't say "I was hired to do a BPO" -- But if you send generic farming material- how would you get caught?

My thoughts!

-Jason

DEC

2007

hello everyone

i have been doing bpos for 16 years and want to expand my companies i work for , and does any one know main street valuation and thier phone no or web site

thanks debbie rood in florida

debbierood@yahoo.com

I came back, lots of information on the post. I am putting together a list of all the companies listed and will sign up with them. I don't see a need to have to pay to get the list. Thanks again.

Just did my first BPO for them--- their website is www.mainstreetval.com

They paid an extremely high amount to me to complete the BPO -- since they could find no one else (in their right mind) to do it.

We just completed the BPO a few minutes ago-- and I'll keep everyone in the loop if they give me any problems.

The BPO contact did not return my phone calls--- but they did respond to my emails...

I wil not charge for this information-- nor hold it hostage-- (Give me some and I'll share with you).. I just ask if you have good companies- you share them with me and everyone else!

Oh, NationsBPO contacted me earlier -- and offered me $45 to do a BPO about 3 hours from my house-- When I told them that I would charge at least $200 -- she told me that she couldn't work with that. LOL-- I checked their REO division--- and they only have 3 listings in their database for my ENTIRE state...

If I want to deal with more people in India-- I'll go back to Ocwen.. LOL

-Jason

DEC

2007

Looked at this blog a couple weeks ago, signed up with ClearCapital, and just finished my first BPO for them! However, I have missed some that were offered to me, some were sent in the middle of the night!

George

DEC

2007

Nice blog. Some info for the newbies

Negociate you fees! and help yourself and the rest of us. Example. Last week there were 2 BPO's from M2M in the same street rural and distance 25 miles. Both were offered at $45. I waited a day and when no-one picked them up (which I sort of exepected) called them and asked 150 for the 2 and got 145.

It is so easy to make an extra 10-25 per BPO just ask !!! For starters, I would not get in my car for under 50. The companies will try and you will have to be firm and negociate. It is part of the game.

good luck

Hey George,

You need to join Rich and I ... We are going to start a new club-- Realtors-- Why do we even bother to sleep?

-Jasonp

DEC

2007

Do you guys realize the more you talk about BPOs the less work there is for those of us who are in? Quit telling everyone about our business. There is only so much work to go around!!!

There is always enough work to go around. If you are that worried about it you probably shouldn't be in the business.

DEC

2007

Mike,

Loosen up. Think about "paying it forward". When I first started, no one in my area would tell me anything. There was a sort of closed mouth monopoly on all the information and there still is. Why? Even if you know the names and web addresses of every company, you still need to apply, you still need to do a good job to keep your name out there. If I can't compete with my service then too bad for me. I will tell people what I know, then it's up to them to move on it. Yes, I personally spent days and days searching, on my own, but the information is there and I would have loved seeing a post like this when I started.

Interesting Post. Maybe once a bunch of people answer, you can summerize your findings in a new post! I would have loved to have this info 6 months ago!

Hey mike,

Don't worry, there is enough work to go around, plus we are located all across the U.S.

DEC

2007

Mike, you get by giving. These are wonderful agents sharing, unlike some of these agents out there that are trying to charge us for the info. Thank you all for your kindness.

DEC

2007

Great topic! Does anyone have asset manager info for Citi Res and Countrywide?

DEC

2007

What is the going rate for a BPO.

April,

If I can get $15-$20 per BPO-- I'm happy. I mean -- What is your time worth? What do you think would be fair?

Seriously, if you have to ask.....

-Jason

DEC

2007

I would never do one for less than $50.... if you are paying someone else for photos? As far as I am concerne $50 is a minimum.

Does anyone know of a effective way to track mileage (software other than map quest) for bpo's. This question pertains to the distance between a subject property and comparables? Broker Ralph

Can a independent broker that works out of his/her home recieve a bpo and or REO listing? James

I was being fecicious. I would never do it for $20 !!!

I'm just getting sick of all these questions being asked over and over and over and over.

Rather than doing a quick search -- to find out what people charge-- Or deciding what their time is worth-- they try to measure their pay scale on mine-- I've been doing BPOs for a little while-- So I know what I need to charge.

But hell no, *I* wouldn't do it for $20 !!!

For example-- James-- Can you list or do any other real estate transactions out of your house???? Are you in compliance with the state laws of the area in which you practice??

Then why should anything else be any different?

Excuse me-- I'm gonna go check into the local Insane Asylum!!! I'm going nuts over here!

-Jason

Jason, you seem to be some type a crtical pompas that gets his kicks by making smart comments. If you don't have something informative to say, why don't you reserve space for someone that has common respect?

JAN

2008

Broker Ralph-

I write down my appointments on the calendar but turn in my total $$$ spent on gas to my CPA. That works best for me.

Christina

Hey James,

First of all-- What do you think even gives you the ability to comment on my track record? Do you even have an account??? Or are you here for free information? Do you post to give info? Have you ever? No? Then shut up.

Do you remember in school-- when your teachers told you that there was no such thing as a dumb question? Well, you seemed to have found an extremely dumb question.

You asked if an independant broker working out of home can do BPOs or REOs. As I mentioned-- What is so different about listing and working with corporate clients?

Before you try to snap back-- Take your Principles of Real Estate again, read my posts-- read the posts of others-- then I'd love to hear your intelligent questions-- I might even be able to offer a suggestion.

I love the AR forum-- But there are too damned many lazy people on here-- who just toss up a question -- and don't even put 5 minutes into researching the answer. Or the other people -- who ask questions that a 1st day Principles student would know the answer to (i.e. Can I show houses-- or does my broker have to work with my clients).

Later Peeps

-Jason

Ralph,

I use Mapquest-- Or Google maps... There is no other software that I have found that gives me a good distance.

To save time with Mapquest... I input the subject property-- then I revise the target address (instead of retyping both addresses-- I only type in the new one) .

I've heard that there are some softwares that you would pay for-- but you would have to enter the same data. And if you have to enter the same data- why pay.. LOL

-Jason

JAN

2008

Hi everyone, HIP HIP HURRAY. I just received my first REO Listing. Here is a company I have not seen on this blog yet. I have been doing BPO's for about 4 years and NEVER received a listing. I am from MN and a larger community. www.Olympusasset.com . Anyone that needs E & O Insurance, go to OREP. They are cheapest by far. I love Clear Capital for BPO's I am averaging about $ 2500 per month which is great money for market being so crappy. The other companies that I get BPO's from are Pro-teck.com, Land America. CBC Innovis is looking for agents to perform inspections (cheap pay, but great for newer agents). HAPPY NEW YEAR EVERYONE. Angel

JAN

2008

Good stuff so far. Does anybody now where I can sign up for Chase,National City Bank,Key Bank and Countrywide. I work with some other great asset companies that maybe we can exchange info on. My email is thetierneyteam@aol.com

Jason;

I hear you some people should not be in REO. they have no clue and never will, but you have to play nice! What burns me is that the jafng's wanted nothing to do with REO during the past 15 years, now they all want in. so when the market changes i'm going to get out of DS and sell resales, and relo. See how they like it when I take the food from their plate, and I do not take prisoners!

Jason, settle down.

Prozac? You got Prozac??? I WANT PROZAC (Beavis and Butthead voice)

LOL

You don need prozac just dont read blogs that you know are going to set you off young jedi. Some of the questions are stupid though. Like I'm going to tell you how to get bpo's first, dont think so!

Jeff,

I don't mind helping people.. But I was always raised on "Before I help you, You need to help yourself".

Most of these blogs start off easy- then we have someone come in -- and simply ask for all our money making methods-- Just because they are not in my market? Well, somoene else reading my messages is working in my area and competing with me!

Perhaps we are looking at it wrong-- perhaps we should share ALL our contacts -- let these people screw up-- since we already know they are too lazy to look through the site to find the companies-- then let them fail. So our clients know how valuable we are..

Nawwwww -- I'll just keep doing a good job!

JAN

2008

they all used to laugh at REO, bottom feeders, now they all want to be bottom feeders! Hey Walmart's hiring!

Were going to get hell for this! the poster is loving it though, mucho points!

I found some good information on one of these new Forums http://www.undermarketre.com. I also have worked with many bpo companies but no listings from them, i have an insider contact at a bank.

All great info thanks everyone! I just got approved to do BPO's for Clear Capital. Does anyone know how long it might take to get some work?

thanks...

JAN

2008

I have been doing BPOs for only a few months now and appreciate all the good information this blog provides. Since my goal of doing BPOs was to get REO listings, it helps to understand what companies or personal contacts offer the best opportunity.

Best of luck to all.

Contact are everything. Did BPO's for Clear Capital before, but they have dried out in our area (lots of agents), still waiting to get paid on Proteck BPO's from a year ago.

Countrywide and Well Fargo only take new agents in by invitation - at least in our area (Denver, CO).

JAN

2008

Some companies do not pay. I would not recommend signing up with Advantage Valuation, they are not paying. I started work back in July - August and have not been paid as of 1/7/2007. When I initially signed up with them it was like any other company just submitt your info and zip codes. Now they want you to pay 149.99 per year to receive orders. Don't Do It.

JAN

2008

So I signed up with USRES and got the confirmation email however it says that agents perform BPOs for free. So can anyone here confirm they have done BPOs for USRES and received REO listigs? If so, I am in, however I was more conservative on my zipcodes. I have not heard bad things about this company, but others missusing this practice.

Thanks.

Does anyone here feel a bit like they are being used by doing BPOs for $50 a piece? I completed a BPO last week on a propety that had 4 units, which all had to be inspected and photographed plus it was really hard to find comps and one of the comps didn't have an MLS photo so I had to go take a photo of it. I completed all the infomation and the form generated a bunch of items that needed explanation, which I thoroughly explained (at least I thought so). Then I got a request for another explanation. I literally spent 3 hours on this job. I always spend a great deal of time and effort on determining the value.

It seems like a catch 22--we do the BPOs with the hope of getting a listing somewhere down the road, but because we are willing to do them for so little money do we look like desperate idiots to the asset managers?

Confused,

You didn't mention who you are doing the BPO for. If you are doing it for Clear Capital-- there will never be a listing attached. If you are doing it for someone such as a direct lender-- then you might be getting something more than just $50. However, if you knew it was a quad before you entered-- and accepted $50-- you are a better person than I am.

I do not do interiors for anywhere near $50. I do drive bys and I have my assistant help with those!

-Jason

JAN

2008

Well, the address didn't indicate that it was a quad when I took it. Regardless of that, the company is an asset management company so I hope that down the line this BPO work may lead to a listing. I really wonder how much of a foot in the door doing BPOs really is or is it just working for cheap.

For the person that asked about a software program to track mileage-how about yahoomaps?

You type in all your destinations, it maps it out for you and puts the amount of miles.

I enjoy researching things myself, but if you are new or newer here, you don't know what a wealth of information that there is, and you will ask questions that will be perceived as dumb by some-but we were all there once, and NO ONE should forget that. And if there is a way to share information to work not just harder, but also smarter, then we should.

JAN

2008

Does anyone have expiecence with Corporate Asset Management http://www.camreo.com/ ? There appears to be a fee of $299 to sign up. A small price if you get listings but a waste if not. Feedback would be great.

Thanks!

I think I signed with him CAM. They are a waste.

JAN

2008

Some of the best companies for BPOs for me have been Clear Capital, LandAmerica, Imortgage Services, GOBPO, and Brokerspriceopinon.com. Signed up with clear capital first and got 5 request that same day! LandAmerica is very competitive. You have to virtually be sitting on the site all day and checking to new orders. If you're more than 60 seconds late after the order comes out, then you're SOL, someone else will get it. Same with emortgage. They both run the same software and have agents camped out on the site all day just to accept the orders!

Before I even signed up for activerain, I joined www.universalreo.com . Yes it is a pay site, but boy is it worth it. In all of the post that I've read on activerain, I've never seen a company mentioned that was not on the list of companies from universalreo.com. I have spoken with the owner on several occasions and he's working on becoming a source to issue out orders, much like the REOTrans site. As it is, the site has from 50 to 80 different companies that you can sign up with for REO/BPO's. Yes I know you can sift through the post here on activerain, but I like the convienence of going to one place and finding every site you can find on here and more. Be forwarned though, IT IS A MAJOR PAIN IN THE AZZ TO TAKE THE TIME TO ACTUALLY SIT DOWN AND SIGN UP FOR 50 TO 80 DIFFERENT COMPANIES!!! I believe that the 80/20 rule will rain true here. Only 20% of the people will take the time to actually do it. Guess that's even better for me.

<a href="http://www.mlsfinder.com/nv_glvar/bryanknight/">Click here to search all Las Vegas properties for sale!!!!</a> Bryan Knight real estate consultant in Las Vegas, NV 702-845-8435

Jared

Thanks for posting this information, I have contacted Pat through this posting to ask her a question.

JAN

2008

Goldmine of information here! Thank you to all!

JAN

2008

Great site guys. Appreciate all the info. I've worked with great success with Clear Capital for couple of years but no listings, they won't do that. And they do have a lot of agents everywhere all the time so I mostly get offers when I am at the office or at home watching for them on the computer because other agent are offered the same list at the same time. I don't know what other company doesn't work this way. If you guys do, could you let me know? I like BPO's, you guys can have the REO's. And I like to work Short Sales, I've done a couple of those recently and they're not too bad. Many thanks. LT Ward.

JAN

2008

I have been with clear capital about a year. THey are pretty good. Please let me know of other BPO companies that pay up , and have alot of request for BPO's. This is a great place thankx for all info. email at jh70679@aol.com

JAN

2008

I have signed up with Reotrans and Clear Capital for a few months now and have not received any work from them or any listings. What do I need to do to get the orders? I see another agent get listings in my town. Any help would be appreciated?

I am a Realtor in the Phoenix area and I do BPO's and REO's, all this information is great and I will share if I find a site that has not been discovered. Thanks to all who are contributing and realize that there is enough work out there for all of us who work full time.

JAN

2008

You guys are great. I have found this site so informative. I am an agent that needed this information, and thanks for sharing. I see that its competive and its hard work, so that means many of you old timers really don't have to worry much.

JAN

2008

I'm signed up with clear Capital and Land America it can go by weeks not getting ant requests and some weeks I'l get many,

I guess its all about what the need for your particular area and any given time, hang in there.

This the first time that I log in , I am a new agent and I see Agents who share information are gratefull , but here is like the agents they dont want to share any info , Iam glad i see this web .

JAN

2008

make sure to add this to your list::: This is a huge BONUS....Titanium Solutions. www.titaniuminc.com. This is a Loss Mitigation Consulting Company where your assignments turn into pre-foreclosure/short sale listings. So far so good. I have worked with about 25 assignments and you get paid every 2 weeks. There is a 25% referral to them, but who cares they give you the leads...

JAN

2008

I love working for Titanium. It somewhat 'got me started' with the loss mitigation, BPO, REO stuff. do not think it is for everyone. I think they are growing so fast that there are some bumps etc. I have visited the home office in SLC and they are great people.

I looked on the titaniuminc.com website. Are they just pulling names off public records with lis pendens? If so, is that worth a referral fee, when you can search the public records in your area, or is there more to it? It sounds like they are focused on short sales.

Since it hasn't been posted yet, and people keep asking for it....

this is the link for Countrywide...

http://www.cwfieldservices.com/valuations.asp

You'll need to send an email for an application as they don't have it online.

I have been doing work for them for about 2 years now and they pay $55 for exteriors. I have never been assigned an interior. I was getting up to 20 orders a month, but recently it dropped off to NOTHING. I think it may be b/c of the buy-out of Bank of America.

Good Luck!

JAN

2008

Angel,

Titanium is good if you like to get only 25 dollars per assigment. and yes it is true that you can get the pre forclosure listings if you can get ahold of the people and if they will open up there financials so that you can submit that paperwork also. The down side is that you have to price the home so that it is fair market value so that you can get it sold which may require a short sale approval which titanium is suppose to help you in with negotionation but guess what it dosen't help at all. I have been down that road with titanium and it is just not worth the time that you put in.

I typically get $75 for my Titanium assignments. If you do the BPO and get the financials $125.

Hello All,

You should try PCV MURCOR, There fees are fair, It took me a few months to get my first listing. Since November i've gotten 3 listings. However they do stress quality and turn time. I maintained their standards with hope of eventually getting the listing, and it appears it's paying off.

JAN

2008

I am doing very well with Titanium. I receive assignments on a weekly basis and I DO make contact with the clients. If you DON'T make contact with the client then it is only $ 25.00. I have 4 listings with Titanium so far and if it wasn't for them, I wouldn't have these listings. Titanium also gives you 14 days to get your assignment completed and if completed on time you get a bonus. So I guess you really have to attempt to get in contact with the homeowner. This is the ONLY Loss Mitigation Company where you dont have to pay to join (only for training, but got that back on 1 deal I did with them) and they supply the leads...

JAN

2008

I've NEVER done a BPO and later received the listing, my listings just get assigned.. I almost had to retract that the other day but by the time I tried to accept the BPO it was already taken. 3 days later I received the listing. So maybe it was good I didn't accept, who knows.

JAN

2008

Hope I don't sound stupid, but do the companies pay you directly or your broker?

JAN

2008

Hi Jen,

The companies pay you the Vendor who is doing the bpo for them.

-Keith

I could be wrong but I believe ins some states they have to pay you through your broker. Some brokers may want a piece and require that. I just signed up with someone that if they pay you directly they need a letter from your broker on letter head.

I get paid directly.

FEB

2008

Hi,

Anyone worked with FNIS? Also, I have had good luck with Emortgagelogic.com but I haven't ever received anything from REOTRANS? Anything special you have to do with them???

I'm signed up for Emortgagelogic, but I've never recieved an email notificaiton from them, I happended to be on the site one day and just by luck caught an order using find work feature. I don't think they have a lot of Las Vegas orders. They do kick out the checks in two weeks though! Not working with FNIS. I'm proably signed up with over 50 different companies. I just signed up for the pro version of univeralreo.com and went down the entire marketing list of companies and signed up for them all. Took about two months to get through them all though!!!!

Emortgagelogic calls me when they have them. I get about 6 a week from them and then get listings from them as well. I do a ton with FNIS but never get listings. Let me know how univeralreo.com works out.

I do meny BPO's with eMortgage logic, I didn't think that they do REO.

FEB

2008

I stumbled on this site by accident. I just want to say that in all my years in real estate (16 yrs) I have never heard so many agents share really good information with others Just Because. I have been trying to find out info for many years about REO's but in my office it was the best kept secret. I accidentally found about the Five star conference held in dallas and that was truly an eye opener for me. Since, I have started my own office and attempting like you all to fill out every application I can find. Its sink or swim. One thing I can share is I subscribed to www.DSnews.com and you can get some info form. Oh, one other is www.reoexperts.net this is Caldwell Banker. Thanks so much from Texas.

FEB

2008

Hello all,

I came across this site by accident as well and it is great reading other agents comments. I've been doing real estate for a few years now and have never explored the BPO/REO world. I think I'm ready to give it a try. Does anyone have a list of good providers they could e-mail me to get started? Thanks to everybody on this site for all the help and info!! Take care

FEB

2008

Great Site with Great Info

FEB

2008

If you're looking for lists, go to dmoz.org they have field service companies listed under financial services as well as lists of appraisal companies and asset management companies listed under real estate ....

I am just getting in to doing BPO's and REO's. They seem to be very time consuming but well worth it. I spent the past 2 days trying to submit applications to banks and financial institutions...I should have just checked out Active Rain first and saved myself 2 days of tedious work. Thank you everyone!

FEB

2008

I have tried to find PAS but cannot. Can anyone help with their website to register? I also wanted to thank everyone for their comments. I was going to pay anywhere from 9.99 to 129.00 for lists but then I thought of Active Rain and found a great list of companies to register for. Thank you. Everyone is so giving.

FEB

2008

This site is a great find, informative and sharing comrades. You all be blessed.

FEB

2008

Great site. Love the sharing. Hopefully I can share one day.

I will check this out! hopefully it will help me get more experence. Thank you for the information. This is really great!

I'll ask all you pro's

if you get asked to do an extrior and you manage to get inside should you complete it and ask for more $ as an intrior,

will they usually pay that.

FEB

2008

For those of you sitting by your computer , waiting for an alert or batch order of BPO's , you will never be able to respond as fast as the agents who are receiving this same info on their "Blackberry's".

It is alot faster to "Accept" than waiting to run thru your server

Never accept a BPO unless you know the area or READ what is required.

I was requested to do a 2nd opinion BPO on a 15 acre horse farm with a Custom home on it zoned as agricultural. The agent who did the 1st BPO used Single family houses on 1/2 acre or less w/ residential zoning. Of course I was flagged because the difference between the 2 properties was greater than 35%. By the time I was done speaking w/ mgt , they requested my information & resume to be sent to their REO division which is separate than their BPO division.

Time will tell if another agents error boosted me into the REO side of things , but now when they get an odd property or anything over 1 million in value in that area , they call me and ask me to be ready to hit "Accept" b4 they send out the BPO info.

Laura

FEB

2008

Just applied to Clear Capital and received an email stating to reapply when I have two years experience. I'm six weeks short of it! Hope the other's I've applied to are a little more flexible. BTW, thanks for sharing your info everyone.

Hi Folks

I ran into this site quite by accident and am so thankful for the willingness to share information. I have spent many days reading the posts here and found all the information very helpful. My suggestion to those that are new to BPO's is read the posts here as they are a very good source of info. Don't ask for a list of companies that do BPO's. I foolishly bought a list before I read these posts and later found two sources for free lists. Also, just today through these posts I compiled a list of over fourty companies. Look smart and be smart. Do the research and all the information you need is right here in these posts or somewhere in Active Rain.

I just finished my first BPO for emortgagelogic.com and was paid in less that seven days. I think thats pretty good, don't you.

My thanks to all those who are willing to help and share information. You have been a tremendous help. I have been an agent for 5 years, but have been buying and selling houses for 45 years. I love being a realtor and helping people.

Dick Atkinson Murfreesboro,TN

MAR

2008

Why do some companies want credit card info?? such as Titanium?? We have done several BPO's for clear capital... very easy but you must be quick to accept!!

MAR

2008

I've got most of my listings from ocwen i also found a great reo directory at http://www.assignreo.com

Thanks Tim for web address you provided. From what I could tell there are not many within the list.

thanks to everyone for all the great info. Has anyone done business with Financial Asset Services? I would like to know if they are a waste of time.

MAR

2008

here is something i used a few years ago to collect old bpo checks. sent the company an email stating i would file a mechanics lien in small claims court and place an attachment on their properties unless i was paid. got the check within 2 weeks..

the bpo is like a mechanics workorder to accomplish on the property and at least in alabama you can attach your lien to the property and go after the company in small claims court.

MAR

2008

Thanks for all the information. I think I have signed up with everyone. I hope I get one soon. Thanks again!

Wow - after reading all this great info, I don't even remember what the post was about. I have been out here for over an hour copying urls in and signing up for more BPOs. I have been doing them for Clear Capital for a couple of weeks now and I love it! When I complete one I become obsessed with my inbox until the next one comes in. I have to have one going at all times or I feel left out. Thanks for all the great info! This is why I love AR. Congrats to the original poster - this one is going to rack up the points for ya!

MAR

2008

Thank to all who provided such great information. I've been a REO agent for a year and just left a co. that provided you the listings to a company where you have to get this listings yourself. This info was a great asset.

MAR

2008

Great post. People dont forget to have very beefy profiles with all you BPO companies. Asset managers look at them to find potential agents to list REOs with.

Thanks for all the useful information.....soooo glad I found this. Could someone answer a couple of questions, please. One profile I was completing asked for "Lender References", another for "References". What kind of "Lender" are they looking for and does "Reference" simply mean a personal reference. Thanks.

MAR

2008

Great Blog, So many new people ready to jump in the warm waters of REO........Good Luck guys, i guess for the time being we may have enough to go around for everyone. I ve been doing reo & bpos for about 3 years and ready for the next step. I mean associated with some very tight liped NRBA types any one had any expierence with them.......... they just dont take anyone and all memeber have to approve new memebership........love to get any comments

Sunny...What is a NARBA? Or does anyone else out their know?

HMMMMM

sorry guys....its NRBA.Com

MAR

2008

Has anyone been getting listings from USRES lately?

Just got a 24 hour rush "free" bpo from them today. No listing lately though.

Yes, I've been wondering about USRES and their promises of a "listing" as long as you have enough "free" BPO work accumulated under their system. Although I am registered, I haven't received an assignment for my area yet.

Has this resulted in any listings and how many BPOs did you guys have to do before getting that listing from them?

I receive 2-3 listings from them every month . I do about 15-30 free BPO's for them while I out doing BPO's for companies that pay. It took about 3 mos before I received listings.

Valerie Spivey-Keller Williams Premier Classic

www.valeriespivey.com

Personally, I object to the concept of work for free--until we give you something. I do BPOs for companies pre-list-- that if they foreclose on it-- then they list it with me. However, doing several hundred BPOs for free...

Just my thoughts...

-Jason

MAR

2008

Ok Guy's I'm new to the BPO, REO arena, I have been reading the blogs for awhile now. Just wanted to say thanks to all for all the info! As I continue to learn from the up coming journey I will be more than happy to share what I have learned!

Randy James Re/Max Advanced

Thank you

MAR

2008

How many days/weeks pass between registering with OCWEN and getting a BPO assignment (assuming they are available in my area)?

Great info here!

MAR

2008

I have had the same trouble with usres, I told them that I am not willing to do it anymore because they don't even have any listings in my entire mls area. Sounds fishy to me. And they were giving me a hard time with a bpo that I did for them because they were comparing it to a bpo they had done on that property 6 months earlier. She didn't think that it should have been that price. I finally sent her every listing and sold in the mls in that area and told her you make it say what you want but I am not putting my name on it. They have sent me 3 orders since then and I don't even respond to there e-mails. i agree it wasn't smart working for free and I won't do it again there are plenty of other companies out there that will pay you for doing them and are much easier to work with.

MAR

2008

This is a great post. And I learned a little about Titanium which I have just signed up with but am having doubts as to wheter it's worth my time.

MAR

2008

I just wanted to say thank you very much for all the information. As I am a new agent and trying to learn all of it. Can any one tell me what "PAS" means? Couple people mentioned about it and I am not sure what that means?

Thank you

MAR

2008

Hey guys.....

I've be lurking for awhile.........love this forum. Ton and tone of resources and it's free. I agree with an earlier post where someone said, in essence, you give and you get back. I so do appreciate all of your comments and helpful resources. For all who have contributed you will get returns 100 fold. Thank you so very much...I have learned much. As I am armed with information, I will also post to the forum.

Best regards,

MAR

2008

thanks every one this is great

APR

2008

In regards to REOTRANS.COM, I signed up with them the end of February 2008. I kept checking on the site to find out how many lenders have viewed my posting and that number kept inceasing but stil no BPO orders yet. But I finally got my first BPO Order around the 15th of March. Asset company was Equity Pointe, they were really hard to get in touch with. Interior rush order pays $85. I have yet to recieve a REO Listing.

I, like many, have recently added BPO's to my business. emortgage logic paid within 2 weeks for 2 orders. WOW, after all the bad things I have heard about others that blew me away. They certainly have won my loyalty.

APR

2008

If you send me a list of your REO/BPO companies, I will send you mine (100+ companies)

APR

2008

Also check out the online REO agent directories like www.assignreo.com and reonetwork.com. I signed up and did receive a call a few weeks ago. Good luck

APR

2008

This is a great blog

I am in SW Florida, does anybody have some helpful tip and info for this region?

I am just starting to check into reo and bpo and every time I check the internet it brings me back to active rain.

Thanks in advance

Anne

This is a great thread! I came across it on accident like others. It's great to see that there are other agents out there willing to help others like them. here is a site I found from another blog/thread that I visited

http://fixthisloan.com/index.php?option=com_content&task=view&id=18&Itemid=29

it lists 29 BPO companies for free. I think I got it off of a thread that said "pay me $10 and I'll give you 100 companies" and someone else listed this site.

I'm just starting out and trying to do BPO's for extra money, and not really looking to do the listings, but if they come my way then great.

Thanks everyone for all the great info

APR

2008

Stay away from evil Coast to Coast Mortgage Services, Inc. out of California. They won't pay for your BPOs. You do one or two BPOs for them and they'll tell you that you will be paid in 90 days, and you continue work for them because you are thinking that you're still in the same time frame, but then you'll learn a lesson you don't want to learn...

One of the ways to give "bad" BPO companie a little pain is to find out what bank orders through them and write that bank/s a "nice" letter explaining the treatment you've got. You can also extend your word to respectful Fannie Mae and Freddie Mac. You might even get paid after that.

Truly yours

APR

2008

Hello! Everyone thanks for all the great info. I work the LA area here in California, i have herd of alot of companies here in this site I have sign-up with some of them already but i have jet to receive anything. I'm hoping if anyone in my area has sign up with a good company that will give you reo's... Your info would be greatly appreciated....thk

APR

2008

Great information! Thanks for the post and all the comments as well!!!

Nina- In regards to your question about how long it will take before you start hearing from BPO Companies. It may take anywhere from 1 Week or 3 months. I'm starting to work with new companies I first signed up with in January. I know that a lot of companies I've signed up with are Not accepting anymore applications for California, I'm in the SF East Bay Area. I think Cali is saturated now

I would love to know if there are regional differences with these companies? I live and work in New England and don't see these companies much here, other than Countrywide.

I cannot seem to find a log-in site for PAS? it says you need to be invited. Also, for Ocwen, they are looking for not only credit card information, bank account information...does that sound right?

Thank you!

Rebecca

Rebecca, that is what Ocwen does. They started that several years ago when they said you must have a bank account so they could send your money direct deposit. Also I have never had them charge my card either.

APR

2008

Thanks!

APR

2008

Jared and everyone,

Thanks for the great posts. I have done BPO's for REMUSA www.remusa.com for more than 10 years. None have become listings but they pay between $50 to $65 per order and sometimes more. Thanks again for sharing.

Hi again,

I spent the afternoon submitting applications on line from the different sites mentioned in this blog. I will have to say that a couple of them didn't say there was a charge until you were in the final stages of the application. What experience have you had with this?

APR

2008

Do all bpo companies send out eblast when they have orders? It becomes, who's the fastest to hit "accept".

APR

2008

After 15 years as an asset manager I decided to jump ship and go back to real estate which I left to become an asset manager. I got tired of the corporate world. I love being back in the field but even with all my contacts I am finding it hard to get business even from the company I just left. The people who have helped me the most are the realtors through out the country that I have done business with for years. Most of the banks and mortgage companies are outsourcing all or most of their inventory to asset management companies and most charge high referral fees. With the work involved and the expenses involved, the REO business is not as lucrative for realtors as it used to be, instead I have been concentrating on first time buyers and have just put two under contract this week. The people making the money in the REO business now are the Asset Companies, who also receive a management fee from the bank for each property they receive on top of the referral fees they charge the realtors. Paybacks are heck though, because once the foreclosures dry up so will the asset companies. Short sales are a hot commodity right now and I plan on taking advantage of this one.

APR

2008

I am trying to get in the BPO market and have gone on several site, applied and been accepted to several but I have yet to receive any. Most of these companies are national, should I be looking at local companies? I am from Maryland, can anyone recommend any I should be looking into? I would appreciate any help!

APR

2008

BEWARE!!!! EVALUATION SOLUTIONS DON'T PAY FOR BPO's. IF THEY JUST GAVE YOU AN ORDER THEY TRY TO GIVE YOU ALMOST EVERYDAY IN YOUR DESIGNATED AREAS. ALWAYS RUSH AND ALWAYS THE CHEAPEST PRICE. AFTER YOU ACCUMULATED AT LEAST $500 IN RECEIVABLES, ORDER START TO DIMINISH. WHEN YOU FOLLOW UP FOR YOUR PAYMENT, ORDERS TOTALLY STOPPED. SCAM!! SCAM. IF THEY PAY YOU,THEY PAY YOU AT LEAST 60 -90 DAYS AFTER YOUR JOB IS DONE. WE NEED TO BOYCOTT THEM.

I had read warnings about Evaluation Solutions, but they called me and I decided to do one order. They kept calling and I took the second one. Kept calling ( always a different person). I told them that I had heard that they did not pay in a timely manner and would consider doing more work after I got paid. After 45 days on the first and 40 on the 2nd, I called the main number and one of the people who assigned the first one.( I had kept the email). Got a runaround about how busy they are and have only one person writing checks, etc. The check was cut that day and I have been paid, but I do not want to go through that again. They tell you that they pay in 30 days, but you really have to PUSH them. Who needs it when other companies keep their word. jannorvell PS they have not given me any further orders.

Wow! I should have searched for this group when I got my first REO listing. I should be closing it tomorrow. Less than a month after I got the listing. OCWEN listing only did about 4 BPOs for them when I got the listing. Thanks for the post. I am going to try a few of the other companies.

OK, I need tips with Ocwen then. Help please. I signed up, did then training, but I have never received anything from them. No BPOs even. I have tried to call and see if there is anything wrong in my profile, but their customer service center is difficult in my opinion.

Just my 2 cents but I have good feedback about Evaluations. They pay more than some and you can negotiate your fee with them. After just over a month of working with them got my first check for $730. Make sure they have your W-2.

Christina Pilgrim

thanks for sharing...this has been great info

APR

2008

We got the list from www.RegisterREO.com

We paid for the list but got a couple of listings about 2 months after registering.

APR

2008

Kim,

Why would you come into a blog that is FULL of information from other agents helping each FOR FREE and want to charge for a list?

Just wondering?

Thanks everyone else for all the HELPFUL information.

FOR ALL REALTORS STILL DOING BPO FOR EVALUATION SOLUTIONS! PLEASE BE WARY, DON'T DO ANY BPO FOR THIS FLY BY NIGHT COMPANY IN FLORIDA. I HAVE SEEN A LOT OF BLOGS ABOUT THEM NOT PAYING FOR THEIR BPO WHICH THEY ALWAYS WANT A 24 HOUR TURN AROUND AFTER YOU ACCEPTED THE ORDER. THE PROBLEM THEY ALWAYS GIVE YOU A RUSH ORDER, AT A VERY CHEAP PRICE, THEN YOU WAIT 60 DAYS TO GET PAID OR NOT EVEN GET PAID. YOU CAN MAKE A BETTER USE OF YOUR TIME ESPECIALLY NOW THAT GAS IS VERY EXPENSIVE. I ATTACHED HEREWITH A LINK TO http://www.ripoffreport.com/ ABOUT THIS VERY BAD COMPANY.

http://ripoffreport.com/searchresults.asp?q1=ALL&q4=&q6=&q3=&q2=&q7=&searchtype=0&submit2=Search%21&q5=evaluation+solutions&Search=Search

Thanks for your info on Evaluation Solutions...But how come you are hiding your identity?

MAY

2008

Thanks everyone, this is really great, sharing all the info. It's pretty hush hush in my office. When an agent gets in on the REO's they wont say a word. Even my best friend that I got into the business, have referred her service to many agents looking for an agent up north and she just got a list and won't say anything to me. She keeps saying, oh, I send it and never does. I have done BPOs for Titanium and have helped 2 people save their homes, 3 were abandon and three others were already listed. I'm going to try for the listing on the others. They do pay on time. I actually like the concept of trying to help someone save their home. I hope I can get something from the list you gave. I signed up with a company called LAMCO, However, they don't have anything in my part of California. Good luck everyone. Thanks for sharing

I just did my first BPO for PCV MURCOR. Do I need to send them an invoice to get paid? They say they pay in 30 days? Thanks in advance.

MAY

2008

No need to invoice them. They pay in 30 days or less. Usualy send the check out during the first week of the following month. Their input screen is not very user friendly as every time you check a box, a comment area pops up, but it works.

Janice, thanks. They send me another order today. It was a rush interio order and they offered me $60. I negotiated up to $85. I think I could have gotten more? What's the going rate out there now and how much are agents making?

You did great! $85 for a rush interior is about as good as it gets. I have my price for an interior at PCV(Pacific Coast Valuations, not a type of plastic piping (pvc)!). I have set my "normal fee for an interior for them at $75. They always start at $60. Everything is negotiable, but if you get too high, you will not get many orders. Been there, done that. It is best to negotiate each order rather than set your prices too high initially. I was told this by an LSI rep.

Kathy, you can probably get them to go higher, I know I do. They usually want me to do a driveby for $50, I counter for $65, and for interior I demand $100. If I can not get into it as they say, and have to make another trip I add on $25 per trip. I remember on one exterior I did for them I got $165. Be firm and they will pay most of the time.

I remember they tried to give 5 at one time and they asked would I do them all for $50 as a discount because of the number of them. They obviously thought I was some kind of nut. That is 5 jobs to be done in the same amount of time alloted for just one. I told them if the wanted them all they would have to extend the time and increase the fee for sure.

Jared, this topic was a sure winner for you I see! Congratulations

Janice and Paul, thanks for your info. I thought the $165 days were over.

I guess the price has to do with your area and the demand for the report. I repeat, if you set your price too high you will not get many repeat orders. Personally, I have done drivebys for as high as $110 and still within my MLSarea. We have many rural areas and can go out 40miles. The "mills" ask for what they want, but do no be afraid to negotiate and get what you consider a fair price for your time. Early on, I set prices for everything for one BPO company. The orders stopped.I renegotiated and they have become a steady source for income. This is a very competitive area of late, and many more agents are being approached to do BPOs. The BPO companies are looking for: on time delivery, reasonable fees, no QC issues. It takes time for a BPO vendor to establish reliability...years. They keep score! Janice Norvell

Janice, thank you for your experienced insight! I am in an extremely competitive area.

MAY

2008

Thanks, Yolanda for your comments on Titanium. I have been going back and forth for the last couple of months trying to decide if I want to get involved with them or not. I have heard a lot of mixed messages about them and have been nervous about it. I do around 3-10 bpo's a week and am not sure if I would have time to take on something like what Titanium demands. Does anyone else out there work for them and have some input to share? We all know this business is becoming all about foreclosures right now and I am trying to find the way to "get my foot in the door".

Great info! I spent all afternoon applying to all the sites mentioned in this thread.

MAY

2008

I AM IN LILBURN, GEORGIA. DOES ANYONE KNOW OF A WEBSITE THAT WILL SORT THE ADDRESSES OF THE PROPERTIES THAT I WILL BE SHOWING IN ORDER OF NEAREST AND FAREST. OR 1,2,3 ORDER.

THANKS

CARMEN

MAY

2008

This is on Eval, I have no problems with them, in fact I think they are great, you do a good job for them, they do a good job for you, its all customer service you know. Wokring on 6 interiors for them today 75.00 each, and I get checks every month for them, no worries here with them, I would reccomend them myself.

Jacquie

This response is for Carmen's question:

AM IN LILBURN, GEORGIA. DOES ANYONE KNOW OF A WEBSITE THAT WILL SORT THE ADDRESSES OF THE PROPERTIES THAT I WILL BE SHOWING IN ORDER OF NEAREST AND FAREST. OR 1,2,3 ORDER. THANKS CARMEN

I am not sure I understand your question. Do you mean if you are showing 5 properties, how can you find out the best way to plan your route? If so, google maps or virtual earth are great for that. They are free downloads as well.

Paula Beaoridan
Orlando, Fl

This was the greatest blog post ever-so useful. I am just starting with Countrywide doing bank owned properties and have signed up for Clear Capital, Goodman Dean, REO.trans and Titanium. I haven't gotten anything yet except from Titanium. The jury is still out on them. I also filled out an application for IndyMac but don't know anything yet. Thaks again for the info.

MAY

2008

You are absolutely correct stay away from Evaluation Solutions, They are a Scam Company. I did 6 for them and finally on the 7th order I put my foot down and said I'll complete the Commercial BPO but I need my Money for the past 6 first. They removed from there list as non compliant. I kept calling them and sent them emails., of course when you call them you can never speak to anyone willing to help. Finally I contacted the Rep who wanted me to complete that BPO order and told her that If they did not respond to my Payment request then I would contact the Lender who ordered it to seek Payment, I got my response and a Check 3 days Later!! NEVER do busines for them otherwose you are wasting your time and efforts that could be with a company that will truly value your work and refer you for others....... Well that is all. Thanks everyone for sharing your thoughts and reading others.

MAY

2008

I have found a Gold mine here today. Thanks Jared. I am so happy to have found this site. However,I have never done a BPO before. Do some companies allow you to do them even if you have never done them before? Somebody please respond. Thanks.

Tanya-How did you get signed up with Goodman Dean? I couldn't find a place to sign up.

Lanre-Most of them provide some training because they all want them done "their way".

I called Goodman Dean using the number on their website (toll free). The" contact us " email address leaves out the underscore between contact and us. I have asked for sign up info, but received no reply as yet. email is: contact_us@goodmandean.com. The underlining obscures the underscore. I wanted to send it from my company email address so my signature information would be on the email. Janice Norvell

Tanya - Thank you very much. I signed up with Titantium yesterday. But I noticed that some of them charge a fee. Which ones would you highly recommend? Thanks again for your comments.

MAY

2008

There are several subscription sites that cost money to be listed/subscribe to. I have no problem putting out the cash if it is worth it. Are these (or any others you know of) worth it in terms of listings received. Please give me some feedback.

http://res.net/

www.camreo.com

http://www.reonetwork.com/

http://nrba.com/

www.reo.com

www.reobroker.net

MAY

2008

Hi Ralph and anyone else who may benefit from an answer to an effective way to track mileage (point a to point b) instead of driving directions for BPO's... When my old program website failed I searched all over and I just found this: http://www.gpsvisualizer.com/calculators It seems to work pretty nicely it even shows feet which is helpful if a property is next door or across the street from a comp.

"Does anyone know of a effective way to track mileage (software other than map quest) for bpo's. This question pertains to the distance between a subject property and comparables? Broker Ralph

12/31/2007 01:39 PM

by Ralph

OCWEN is NO FUN to work with, try getting them to make you workorders to get your money back Ouch!

Thanks Amanda for the website on calculating distance between addresses. When I do assets for PCVMURCOR, I believe they have a similar function aleady within their form.

JUN

2008

Hi anyone know of any REO companies in California I live in San Diego.

JUN

2008

Who is going to the 2008 Five Star conference in September? I have communicated with several Realtors and I have mixed feelings about it.

Same here, I have been seriously thinking about the 5 star, I am a newbie in the REO arena, would it be benificial for the money spent? air fare, event cost, and the $230. a night room ect. I'm all in if it is worth it.

Thank you for providing all the very helpful, complimentary information on working within the BPO and REO arena. I just finished reading the entire thread and now have my work cut out for me signinh up to do additional BPO's and hopefully looking forward to REO listings. I appreciate all the efforts from the real estate community in this forum. Thanks for being so generous!

JUN

2008

Hi everyone, I have been in the real estate business for 11 years, doing BOP's off and on for the past 7 years. I really do appreciate all of the good people that have taken the time to post on this board. Keep up te good work!

JUN

2008

wow there is alot of information in here wtg AR!!

JUN

2008

Hi gang.....I just wanted to say thanks to all for the information passed on this site. I've been doing BPO's since mid-March of this year. I've done a ton of them years back and decided to get back in the race. I am currently running about 15 to 20 BPO"s per week (that was supposed to have been for a month but they're addictive especially when you find good companies). My favorite is eMortgagelogic....pays every two weeks and easy forms to use. Clear Clear Capital is another good one and pays at the first of the month (another easy form). I did some work for IAS (easy forms also) but that was short lived when I had to turn an order down....I had 5 in front of them.....have not had an order since. RRReview I have mixed feelings on....I did one order and then got an email they wanted an additional picture that wasn't posted on the origional order. I said it was going to take another 3 gallons in fuel to dirve that far and back....asked them to give to another agent and they said none were available...anyway I finished the order (without the extra picture) and figured this one was a wash and not get paid....but lo and behold I got a check within a week.....my concern was they would not respond to emails during the BPO period. And their forms need to be brought up into the 21st Century.....makes you do a lot of extra work while other companies pretty much have fill in. Anyway to you newbies....emortgagelogic and Clear Capital....both great companies and very professional. Have a great day....

Jim, with eMortgagelogic, you almost have to be checking their website constantly to get orders. Do they have certain key agents that they actually give orders directly to? I did two bpos for them just by accidentally signing in and saw the orders. But since I am busy with other companies, I very rarely sign into the website and haven't done anymore bpos for them since. They do pay fast. I will welcome any advice from you. Thanks.

JUN

2008

I have been doing BPO's for the last 8 years and I can not believe that any one does not value their time enough to get paid for it. I never do them for less than $80 -$100 each. I only accept $80 for the ones that are in my same town. I usually get $100 or I do not do them. Until we as agents stand our ground on our time and knowledge being valuable no one else will certainly value our time and expertise. Please respect yourselves and do not do BPO for $35, $40, $50. This is not your gas money, nor your electricity for your computer, your camera, your ink and most certainly not your time.

Hi Pam,

Which companies do you work for? Thanks.

JUN

2008

I am a newbie as well. I just wanted to let all other newbies thinking of applying to do BPO's with Clear Capital. They do not accept your application unless you have licensed experience of 2 years minimum. I'm finding other places like Integrated Assets are not accepting applications because they arleady have enough agents.

JUL

2008

This is a great blog post. I have been doing BPOs for Clear Capital which, by the way, I think is a pretty smooth operation! However, I haven't done many for other companies and I am trying to pick up more of them as well. My experience has been that when trying to get REO listings, unless you've listed an REO before, it's a pretty tough market to break. So this is a great blog with tons of info! Keep it coming -- I'd like to get in on the REO listing market and can definitely demonstrate that I have the resouces to carry the property through its life!

JUL

2008

Take a look at

Option One Mortgage Company - www.oomc.com
Asset LinkLP - www.assetlinklp.com
Integrated Asset - www.iasreo.com
Olympus Asset - www.olympusasset.com
REOTrans - www.REOTrans.com
Wells Fargo
Countrywide
Homecomings
OCWEN
Goodman Dean

I am part time real estate broker in SF bay area. I put together FREE list of more than 50 Broker Price Opinion (BPO) and REO companies. Good luck to earn additional income.

JUL

2008

Hello all, this is great blog, full of good information, I've been doing BPO's and REO's for some companies and my best experiences are with OCWEN, Clear Capital, E Mortgage Logic, RRReview and AVM.

Also another thing I do is look for hard money lenders and offer the BPO's and REO services, so far I am working with two of them. Most hard money lenders and investors like to do CMA's themselves, and list their properties FSBO or in the local wholesalers site, but they will sign an open listing and if you bring the buyer they will pay you, and after a while they will give you listings, it is easier than dealing with some asset managers, because you here you are dealing with the decission maker and can get things moving quicker, also this way you get to use a local title company and communication is easier.

JUL

2008

This is great information. Does anyone have know a way to identify which REO servicers assign listings in each region of the country. I know we cna call each one and see, just looking for a database that may be sorted.

Thanks

JUL

2008

I am a BPO newby in New Mexico. Any suggestions for BPO companies to register with? Appreciate your feedback.

JUL

2008

I love this site! New or experienced agents, a word of advice - if you are trying to get REO's and have signed up for various websites to try and get listings, take the time to call the company, ask for the asset manager that handles your area or get the address and send a gift basket, etc to the entire department. Having been an asset manager, I know. I had one agent in Colorado that sent me a $5 Starbuck's card every month, after the 3rd month I decided to give this agent a try and he and his wife turned out to be great, after that I sent them several listings and they still continued to send me the Starbuck's cards! Most companies will allow gifts of under $25 or if it is over, then a gift that can be shared by the department. Once you get a listing and it closes, send that asset manager a thank you, remember them on holidays as well. the more you show your appreciation the more listings you will get. Don't call unless necessary as asset managers are very busy and they prefer email. Asset Managers change companies so you want to make sure you stay in touch, also, they change portfolios. The downside, it is very hard to compete with realtors that have been at this this for 15 - 20 years as they are heavily entrenched with most companies. And quit paying for BPO or REO lists, surf the web! That's what Asset Managers do, if they need a new agent for a certain area, the most popular place for them to look is Realtor.com, reobroker.com and reotrans. Hope this helps!

JUL

2008

hello Im new to this blog. I was reading all the comments, everyone speaks of ocwen, or realtrans. I signed up for them and need help! Everytime i try to log back in, it does not allow me! I have paid twice and no receipt or login. Am I doing something wrong?

AUG

2008

Just wanted to let everyone know I have contacted the BBB today and filed a complaint on Evaluation Solutions. I have read comments on a lot of blogs about agents getting burned by this company, but thought it wouldn't happen to me. When researching them on the BBB website, I was shocked to find that there have been no complaints filed on them in the 3 years they have been in business. We have to stand up and fight to stop companies from doing this to us. We work hard, complete the orders when they ask us to, and then have to beg to be paid. I want to make this company be held accountable for what they are doing so it can be stopped. I strongly encourage you to visit the BBB website and file a complaint on them if you have had this problem too. It only takes about 5 minutes to do. The company is located in Jacksonville, FL.

AUG

2008

I have enjoyed reading every post on this site. I've been doing BPOs for over a year now. Yes, Evaluations Solutions is difficult to get money from. I"m trying to do that right now. Clear Capital pays within about two weeks and you have to love that.

I've just recently had an experience with I Mortgage. They require comp photos for the BPO, which isn't unusual, but when they came back to me and said the quality of the comp photos were unacceptable, and I had to take them myself...well I hated that. I already had to travel about 40 miles to photo the subject and then used the MLS photos for comp photos. So I mapquested the comps and went back out to take them...just because I have a strong work ethic and i wanted everything to look good. Is this common????? I will definitly rethink any order I take from them again. Or maybe I should pull my comps first and then go out and take pictures of the subject and comps. Any feedback????

By the way if there are any agents out there that have a strong work ethic and are really trying to help their clients, I would like to talk with you. I've taken this slow time in the market to try to set up my referral network. Please contact me at DanCuttbow@aol.com. I would at least like to talk with you before I send clients your way. I'm in Western Colorado. Debbie

AUG

2008

Unless they're paying really, really well they'd get MLS photo's of the comps from me. I've never heard of a company requiring additional photo's of comps in a BPO. Clear Capital pays in a timely fashion. My only complaints with them is that some of their jobs don't pay well and give deadlines of less than 24 hours.

Debbie,

I only drove to a comp one time to get photos- and that was because I used a comp with no photo-- for a listing BPO. My asset manager (correctly) instructed me to get a picture of the property.

However, on a BPO -- I would never drive to the comps.... That is like asking us to do 6 bpos for the price of one.

I too believe in doing the job right-- but I would not drive to the comps-- unless 1) I agreed to do so during the negotiation of the price 2) They paid extra 3) It was for one of my listings..

-Jason

For an average BPO payout of $50-$95, I would never agree to provide non mls pics and quite frankly I am not sure why would they need them anyway. I was asked by one company recently to do a BPO for $65 and they wanted me to submit comp pics that I have taken. I told them it would be $150 for that bpo. They didn't give me that order and I am fine with that cause if another agent can do it for $65, bless them! as they may really be desperate for those $$$ and for those who are doing BPO's for $40-$45 I really hope its worth your time and effort.

AUG

2008

Thanks for the imput. This I Mortgage also seems to contact me on a Friday evening for something due on Monday morning. They don't pay that well, either, but they do pay and in a very timely fashion. I've never had this issue with them before...you know having to actually go out and take the comp photos. I told them that I would have to rethink doing any more work for them. They didn't seem to care, and when I asked for more money to go out and take the comp photos, they weren't going to do it. I really do take pride in my work, so like I wrote before, I took the pics for them. I think I might still have cleared 10 bucks on the deal, but that certaintly isn't worth my time.

By the way, do you have to contact Nation Star and ask them for info on signing up? I found them on the web, but no way for an agent to sign up. Everyone have a great night. I am. I just made a customer very happy today.

I wrote as discndeb on my previous post, and now just signed up with the site as minnick. Still me. Discndeb I used on my first post, because I'm an avid disc golf player.

I will remember to negioate payment before excepting the order with I Mortgage.

CLear Capital has always been good to me, but it's difficult to get the assignments from them...there's so much compeition. They've always paid me well, rush or interior orders. A couple of months ago, I had a rush interior from them and got paid 120 for it. Of course they wanted it in 12 hours, but I had the time and got it done. It was a foreclosed property.

AUG

2008

Thanks for this AWESOME exchange. Shame on those of you who are trying to SELL something on a site where everyone is giving so freely. I'll bet you take money out of the collection basket too. Ask yourself how many of the URLs in your list you got for free from this site or from someone else sharing with you? Get your money from the banks, not your peers.

LandAmerica has a lender that requires pics for comps....I just spent an additional hour yesterday taking pics. of properties that I could have pulled MLS pics for....not worth the $$$

Eric, I have done work for LandAmerica also, but they had me go out to take original photos of the comps. When did thy start this, or is this just for some of their clients? I have not had anything from them for about a month now.

AUG

2008

Me and IMS are back on track. But I just did an order from them, and when I went to enter information on the form, another agent's information for the same BPO came up. I had already pulled comps. I saw that her comps were different from mine and much closer to the subject property. Her report looked better. I wondered how she found those comps. Then I looked at her information she gave on the report and the information in the MLS for those comps, and found out she lied about the age of the homes and square footage. Apparently this was done to make the report look good for the bank. Do the banks follow up on this information given in the reports??? Maybe this is why they want me to do a report. You know because she lied about the age and square footage of the homes. IMS has always told me to go outside of the area before giving in on any of the other criteria for the reports. The other agent managed to stay within one mile of the subject, but lied to make the numbers look good. Any advice here. I live in a very rural area, and comps can be difficult to find and we often have to go out of area, or scarifice in some way.

PS...I finally got my money out of evaluation solutions. Notice no caps for the name. That's out of shere disrespect for the way they do business. Kudos to the one that filled with the BBB against them. They called me to do an order, and I explained that they owed me money. Well the person that called me looked into it, and I got my check in four days. But I did agree to do an order for them. Hopefully that will be future money I can look forward to. Maybe around Christmas or Easter. Or the next time they need something done. They do tend to throw a lot of business my way for this rural area. I was already going that way, and for our area, the subject was going to be easy to comp out, so I did it.

Yell at me if you want guys, but at least I got my 235 dollars out of them.

AUG

2008

Hello all!

This is a GREAT site! I have found some valuable information from all of you. I am in Las Vegas, and am trying to break into the REO business. Can anyone tell me your experience on how long it takes to actually get a BPO or listing from these Asset Management companies once you apply?

Thanks!

SEP

2008

I know Ocwen does for a fact. I just received 3 from them in the past month. I've been doing BPO's with them for about 8 months.

-Dev

SEP

2008

I like mark to market They pay good it takes about 30 days. Their forms are a snap. and passes QC the first time. I got $65 for a driveby BPO. www.marktomarket.com.

Mary Pichardo

Adobe Country Realty

Mira Loma, CA

I will have to agree with your assessment of Mark to Market, they are indeed a great company to work with. Also most of the time if you do not agree with what the fee, they will go higher.

Another company I had commented in this blog on was LandAmerica, I had commented they had not sent me any for about a month, they contacted me with 4 on Tuesday, and I was able to negotiate a higher fee.

SEP

2008

How is Erika going to handle everyone in every state......would seem like I don't hear about anyone in that accounting department! Still waiting on my April check but did talk to Erika once, surprise her voicemail box is full! Emailed her and someone will get back to me in 5-7 days great!
Slow pay is one thing. I never count on a PRTK check before 60 days but the back and forth stuff to see when you'll be paid is ridiculous!

They call me at least once a week and send a desperate email 2-3 times a week. Love the ignore button on my phone for that reason (I have their numbers programmed into my phone with the name, so I know what to do with the call) and the delete email option also, actually need to set them up for auto-trash bin.

EVALUATION SOLUTIONS has no solutions on how to pay their agents.

SEP

2008

This is an excellent post. Thanks to everyone who is so generous with the information. I hope this thread continues as it is obvious that the company information and business practices at times are subject to change!

As I learn more, I'll be sharing it as well.

SEP

2008

I looked at the market to market site, but it does not have an area for agents to sign up??????

Wow what a post, this information is great I signep up with titanium at titanium inc and already have two assignments. I must have signed on to over thirty sites and this is the only one I have received anything from, best of luck to all out there.

SEP

2008

Hello All,

I appreciate all the leads. The market has definitely forced us to evolve into places we never thought we would be. I love selling real estate but during the downturn in the market I was forced to find "Gainful Empoyment". I am now an asset manager for Ocwen. If there is anybody out there with Ocwen questions, I will be happy to answer them...

can you direct me to the AM handling my area? i'm in NY

Asset Manager~~I have been trying to find out how to get BACK on with Ocwen. I use to do BPO's for them several years ago, then all at once I quit getting orders. When I started trying to find out what was going on, I was told that none of the Reps I was use to working with were there anymore and that they were changing some things up. Never heard from anyone again. I have heard that, NOW, you have to pay to "JOIN" their approved list. Is that true? Please email me at katlyn57@juno.com. I am located in North Texas.

Oh and Debbie Lewison ~~ go back to the market to market site and send them an email. You have to request information from them about joining.

This is STILL a great post...it just keeps on giving and giving. THANKS everyone for all the valuable information and websites.

SEP

2008

Asset Manager-- Hi, I have been doing ocwen bpos for about a year now in NJ and received no listings. Anything I can do to change that?

Thank you for taking my question

Asset Manager - I have been working with Ocwen's BPOs for a few years now and received my first listing with them just a few months ago. When I asked my Pre-Marketing Associate about my partner receiving listings, she emailed the REO-Analysts with a comment, "Kindly assist this broker with listings". Is this the right panel? Do they assign the broker to the listings? I just want to make sure she's not just appeasing me and our information is getting to the right people. Thank you.

SEP

2008

Christina Pilgrim

Did you mean W -9 instead of W-2. You did not login though. Are you with evalonline?

Good BPO companies:

Clear Capital, eMortgagelogic, IREP, IAS, Goodman Dean, Nations Valuation Sevices, Mainstreet Valuations, Summit Valuations. Mark to Market eblast their orders very hard to get. Ocwen I ws approved for a while but no orders yet. Reotrans, I am getting desperate with this site. I have been a member for more than a year and not even a BPO.

There is no one specific Asset Manager that handles one area. I have assets all over the country. If you currently have a property and you don't know who the asset manager is you can contact Customer Service and they will direct you.

As far as getting listings from Ocwen, they are all assigned in India and the asset managers have no control over that. What we can do however, is choose who to reassign the property to once the listing expires. We also are allowed to reassign the listing if we feel the currrent agent is not doing a good job. Under certain circumstances, agents will be put on "PU" or "Preventitive Use" meaning they will get no more listings. This happens when they are extremely difficult to deal with, they cheat the system and get caught, they don't do what they are supposed to do as far as invoicing correctly, Providing requested information in a timely manner, submitting monthly activity reports, maintaining the property...

I'm not sure emailing reo analysts will accomplish much but unfortunatly, I can offer no additional help in property assignments.

As far as will you ever get a listing after doing so many BPO's... I'm sure you will. They ask for 2 BPO's on every new asset and one of those two agents gets the listing. I believe they are looking for the bpo that shows the correct value not the agent that tries to inflate the value to make it seem they can get more for the property. In addition to getting the bpo's they also have people in the valuation dept checking realtor.com and a number of other sites behind you to confirm value. So I guess I am saying be accurate.

Katlyn,

There is no "Approved List" to join did you ever get listings or just bpo's? Which asset managers were you working with?

Asset Manager~~I did mostly BPO's but had a couple of listings as well. Where do I go (website-casuse the old one I had doesn't work) to "re-signup"?

Thanks.....katlyn

I think I may have been PU'd back in 2007. I think they thought I was difficult. But in the end after going through several other agents, the difficulty was with the asset manager. I would go through several managers wanting different things for the same property, and many times received request for the same information that I gave perhaps a week or sometimes a few days earlier. Why? Because the person who asked for the info was no longer there. Is there not a file kept on each asset and a checklist of task needing resolution and those that had been completed.

SEP

2008

Regarding BPO/REO lists:

Our company just bought Krautkremer's list of about 125 REO/BPO companies plus his guide to the REO business. It is not cheap, but for a newbie, it is a good deal. I now see about 20% of his list here on ActiveRain. ( We have signed up for 56 so far and I am still working my fingers to death inputting our E&O # for the 56th time ......) For those who want to pay and hit the ground running, I recommend going the paid route, whether it is Krautkremer for $100, the Atlanta list for $7, or the EBAY list for $15. For those with some time on their hands and some elbow grease, the FREE lists mentioned above and the FREE Active Rain info exchanges are awesome too. You gotta spend. No lunch is free. Either you invest TIME or you invest MONEY. Anyway, this blog is awesome. If I can help a colleague, just email me ... jeff at sunset-estates.com here in Los Angeles, CA. Thanks everybody!!! Oh, yeah, almost forgot: for the $100 you give Krautkremer, he actually RETURNS CALLS and RETURNS EMAILS! .... ListReoProperties.Com is his website. You can even call him before you plunk down your hundy!!!! - JEFF From LA, CA

Fantastic info everyone.

I can't believe this all fed off the original post, but there is a lot of great information that has been shared.

SEP

2008

I was about to sign on with Titanium, but said to my self do some research on them Paul. Activerain to the rescue, after reading several entries about them I decided not to sign on with them. It seems more and more of the companies are trying to get a part of our revenue for BPO's and listings when they sell. The way I see it they are paid several times; from the bank for getting to property sold, from us when they want a referral fee when it closes, then they want you to work for peanuts to get the information on the residents....

OCT

2008

Great information and great comments.

OCT

2008

I am so glad I ran across this Blog. I have gotten some very good information. I don't have a lot to share with you but will share what I have in hopes it will help.

About a month ago I got my first BPO and listing from Ocwen (it was already in the marketing phase). The listing was given to me after the first agent's listing expired. It was a pleasure working with the Asset Manager assigned to my property. My e-mails were answered promptly and I was paid almost immediately with the funds going directly into my bank account. The close of escrow of the property was painless and my commission check was federal expressed to me. I was very impressed. I hope to get many more listings from Ocwen and hope they will be as smooth as this one.

Another company that pays promptly is Single Source Property Solutions. I have only done BPOs - no listings yet.

Atlas REO is super. I've gotten listings with the BPOs from Atlas.

I do a lot of BPOs for USRES. I've only gotten a few listings. I am going to have to stop doing so many BPOs until I get listings. I even paid $250 to join their network in hopes of getting listings. With gas prices so high, it is time to cut back.

Wow, congrats. 331 comments and most of them on topic. First time I have read this long of a thread start to finish while taking notes! Remember to ask if they only handle outsourced BPO's or if they are full service and assign listings. Many won't know their ratio, but some openly advertise it on their website like USRES (Free BPO's from agents) however 1/15 is average bpo to list ratio.

OCT

2008

What a wealth of information from all of the comments. Thanks for the great post.

OCT

2008

I have been trying to sign on with Countrywide and Wells Fargo and to date no luck. Any help in directing me to the right source will be helpful. Thank you.

Sharon,

How is your working relations with Countrywide? Does the local branch manager know who your are? It seems that if you have not sent any business to them they are a little reluctant to send any your way.

As for working with Wells Fargo I think the stuff from Wachovia may give you a better chance. I may be wrong, but I think HomEq may be the ticket.

I have never worked with Titanium, but will try them out and post back on my results. Thanks for the information Scott E Gibson, Phoenix Arizona

Scott, I worked with Titanium and didn't find them to be of benefit at all. I'm sure others have seen success but I wasn't too impressed

OCT

2008

So many people have good things to say about USRES. I am still waitingly eagerly to see results. I havent had any negative feedback, but not a single listing still. I believe I am over thirty bpo's without a listing.

OCT

2008

Lots of good info. Thanks for the warnings about the companies that don't pay. BPO's are a lot of work for some to not get paid for them on time.

OCT

2008

I just started doing some BPOs for Protek. I've done 3 so far and it doesn't appear you can negotiate the fees with them. Does anyone know otherwise? I am happy to do BPOs at their suggested prices since I am new with them, but they do seem rather low for the time invested. I am registered with several other companies, but haven't received work from them yet.

OCT

2008

I have done several for Proteck. They pay very quickly and the lowest fee I have received from them is $50.00. This is for an external BPO. I believe they pay $65.00 on up for interior. I have found that some companies will negatiate fees, you have to ask. I have been doing BPO's for about eight months.

M2M, E-mortgage, Rrreview, Finity and Asset valuation pay quickly just to name a few. I am registered with about fourty companies and am currently doing BPO's for ten companies steady. Don't take on more than you can handle. TAT (turn around time) is very important to these companies.

I got greedy once when I was offered 5 BPO's at one time and accepted them all. I got all but one of them submitted on time and that hurt me with one company. Take it slow at first, have patience, the orders will come. I got three today. I've gotten to the point where I can knock them out in about an hour and a half. If possible I try to get them out the same day. I am getting a steady stream now, about 3-7 aweek. Hang in there, it will happen.

Dick Atkinson, Murfreesboro, Tn

OCT

2008

Thank everyone for sharing. Does anyone have experience or recommendation for BPO training? Such as National Association of BPO Professionals (NABPOP)? Is it worth it or recommended?

Thank you,

Theabo

I think the best BPO training you can get is right here on AR. I found everything I've needed from all the pros right here. This is where I got my training. I've been doing BPO's for about six months now and through all the reading and research recommended by the great people posting here I'm getting a steady if not small stream of BPO's, but it's building. Old dogs can learn new tricks and I'm one old dog. I'm seventy one and am having a ball. Thanks all you young fireballs for being willing to share what you have to offer. Keep it up.

I agree, AR has a wealth of of information including how to request and receive BPOs. However, I skimmed all the entries. I didn't see tips or information regarding techniques for completing BPO's. For example, how to adjust (or do you adjust) for + or - bed/bath? Time adjust for more than 3 months on closed sales? Source for repair estimates? Completion of BPO in approximately 2 hours?

Thank you,

I think I saw some of that information on other BPO blogs. Check them out. I've lost track of the number of BPO blogs that I've gone through. I've just completed 2 BPO's for Finiti tonight and I had to justify the comps that I provided. I couldn't find comps that met the criteria they were looking for. I gave them the closest match I coud find. Some were over six months old, some were not within 1 mile of subject. But I was able to justify in the comments section of the BPO explaining the reasons for the comps I used. They accepted what I gave them. The subjects were in a very rural county so there were not that many comps to match the subject.

Excluding time to take pictures and depending upon the BPO form, I can do one in about an hour and a half. When I first started it took me about three hours. I'm not the fastest typist in the world and I know there are others much faster than I. It takes practice and patience. You will find that each companies input forms are different so it takes getting used to what they are all looking for. I take lots of notes and am not afraid to call for help from these companies. Hang in there and take it slow. Don't be afraid to ask questions. This is an excellent site.

NOV

2008

Hello - Great Site Here- I have been in the reo world for 5 years and I wanted to say that USRES is fishy...Reason being, I have done over 1200 FREE bpo's yes 1200 FREE BPO's and they are giving me listings but with the appraiser's price coming in and then my price coming in and they are wanting me to match the appraiser - Not to mention, appraiser doesnt sell the home I do - then if I dont sell it say within a year - they dont reduce much at all! Then it gets re-assigned...Just beware! God bless you all.

NOV

2008

I put together FREE list of BPO & REO companies at http://www.garypedia.com/realest/rebpoinf.php Earn extra income doing BPO for banks.

NOV

2008

I've actually worked with Titanium Inc., and several other BPO companies throughout Southern California. I will honestly say that Titanium does pay out on a regular basis, and they are worth the initial payout of $100. I've gotten 1 listing from them that paid a commission of $7,800 to where I had to pay them a referral fee of approximately $1900.

I've never been much of a mathmetician, however, paying $100 to get $6,600 is a good day in my book. I did see some comments earlier in regards to Titanium being paid from both sides of the fence, and my only rebuttal to that is "who cares"! As long as the agent gets paid, i.e. me, I don't care who pays them. Its all about follow through, and timeliness. Make sure that you contact your area managers on a regular basis, and stay in their good graces, and they will continually keep your docket full.

They do operate differently from most BPO companies however, as their main focus is foreclosure prevention, which means that they train you and send you to speak to the homeowners before things escalate to that level. Your initial objective is to get their financial information, and submit it to Titanium to present to the banks to see if they are eligible for a loan modification. If it goes through, your done, and you're a hero to the family. If it doesn't, you tried to help the family, and who are they most likely to list with? Someone who helped them try to stay in the home, or random agent B, who just wants the commission.

Everything in this industry is what you make it; and I maximize every opportunity I get. BPO's are no different. Be patient, pay your dues, and work what you get, and the big hits will eventually come!

Sincerely,

Deon R. Williams

Hi All!

great info! I wanted to add my 2 cents, I was told the other day that when you do BPO's make sure that somewhere in the comments you put all of your contact info . The AM is going to see it! I am doing it now, hope it helps

NOV

2008

wOW I FOUND THIS SITE BY ACCIDENT, AND WAS TOTALLY SHOCKED BY THE INFORMATION GIVEN OUT ON THIS WEB SITE. THE REO COMPANIES HAVE BEEN KEPT VERY SECRET HERE IN PEORIA, IL. WAS APPROACHED BY OCWEN 5 YEARS AGO TO DO APPRAISALS ON THEIR FORECLOSURES, WHICH I DID FOR 2 YEARS, AND THEN ASKED TO GO TO THE OTHER SIDE AND GET REAL ESTATE LISTINGS, THEY WERE VERY EASY TO WORK WITH. STILL WORK FOR OCWEN, BUT THE FEE THEY JUST ADDED RECENTLY IS A LITTLE STEEP WHEN YOU HAVE A HIGH END HOME. WAS LOOKING FOR ANOTHER COMPANY, AND WILL CHECK OUT THE ONES MENTIONED ON THIS SITE. I DON'T GET THE BPO ORDERS HOWEVER. I WILL DO A BPO ON A PROPERTY THAT GETS LISTED WITH ANOTHER REALTOR, AND THEN THAT REALTOR HAS TO DO THE BPO AGAIN. SAME THING WITH MY LISTINGS, THEY PAY A REALTOR TO DO IT AND THEN I HAVE TO DO IT FOR FREE WHEN I GET THE LISTING. IS THIS HOW ALL OF THEM DO IT?

NOV

2008

HAS ANYONE EVER RECEIVED A LISTING AS A RESULT OF A BPO THAT WAS DONE PRO-TECK?

NOV

2008

I've registered with a few BPO companies and havent had one order even sent. Can anyone give me a suggestion just get an order? Any companies that I can try. I've registered with a few and still nothing.

It takes time to get orders. Some agents have registered 2 or more years ago and are doing a lot of them. With almost all agents wanting to do BPO's now BPO companies have a large database of agents regularly doing BPO's for them. It also depend on your area, how many agent are there, & how many orders these companies have. You have to be careful too and do research on which companies don't pay. It is no use doing free BPO's unless you will get a listing. You will not get listings from BPO mills. You have to research and research this forum and make sure when they give you an orde you know what to do. BPO's are more detailed than the traditional CMA's we are doing.

NOV

2008

Thanks to all for a great blog! I will report how it works out for us!

NOV

2008

We registered with IREP about 2 months ago and have done over 30 BPO's receiving multiple weekly. We do however know that this is a "BPO MILL".... Many of the BPO's performed are already assigned listing agents even prior to the BPO being submitted.... To use the words the coordiantor for the company used. "They do things A** backwards"... LOL! We have however found that by doing BPO's we have gained good references for potential REO companies. We just received a phone call today for REOTRANS who wanted to verify one of our references, that which being IREP. Hope this helps!

Nate ~ do you mind telling me what the website for IREP is? That's one that I haven't signed up for yet.

Another great site for doing BPO's and the possibility of getting REO listings is Disposolutions. I have just gotten three listing in my area over the last couple of months. Their website is www.disposolutions.com. Good luck to all and THANKS AGAIN for all the great FREE information.

NOV

2008

Didn't want Jason angry with me, so I did the work without asking any questions. There are 77 different BPO companies posted within this blog and now I have a great resource that I did not pay to possess. I can't thank you enough and I'll let you know when I get my first assignment.

NOV

2008

I joined www.justreo.com and reonetwork.com! reo is free to join, and justreo cost like 35 bucks for 2 years. heck, they even send you a list of over 100 BPO companies and REO companies. i get calls 3 or 4 times a month from joining both of them

NOV

2008

NEW BOOK Millionaire REO Real Estate Agent: REO's, BPO's, and Short Sales is a great book to learn everything you need to know to make great money in these three feilds; and it also has a large list of the best companies and there contacts. It is now available on amazon.com at the following link: Go buy a copy today and have it delivered tommorow!

http://www.amazon.com/Millionaire-REO-Real-Estate-Agent/dp/1440458677/ref=sr_1_1?ie=UTF8&s=books&qid=1227546999&sr=1-1

This is the quintessential book on the subject of REO's BPO's and Short Sales. Every Real Estate Agent Whom wants to generate cashflow in any market needs to have this book. With an extensive list of over 80 BPO and REO companies. The list alone will pay for the book in 1 day. This book also contains extensive insider tips, tricks, information and closely guarded secrets; so you can get the upper hand in these lucrative areas of real estate. REO millionaire also contains 2 of the industries top BPO manuals so you have the upper hand with the BPO companies which in turn will give you REO listings. This book is a must have for all Real Estate Agents and Real Estate professionals.

BPO IS OKAY JUST TO MAKE SOME MONEY FOR GAS BUT IF YOUR INTENTION IS TO GET REO LISTINGS FORGET IT. I HAVE DONE ABOUT 1000 BPO SOME FOR BPO MILLS AND SOME FOR ASSET MANAGERS BUT NADA, NONE, NO REO. WE ARE JUST BPO SLAVES. BPO SLAVES NO REO. WE ARE BEING TAKEN ADVANTAGE OF BY THESE ASSET MANAGERS BUT THE REALITY IS THE % OF YOU GETTING REO IS NIL OR 0%. DO SOME OTHER PRODUCTIVE THINGS LIKE GET MORE BUYERS, FARM YOUR SPHERE, DO MORE INTERNET ADVERTISING. THE AMOUNT OF ENERGY YOU SPEND IN DOING BPO'S ARE NOT WORTH IT. BELIEVE ME.

THEY USED TO PAY $75 FOR EXTERIOR AND $150 FOR INTERIORS BUT NOW THEY PAY YOU $40 FOR EXTERIOR AND $65 FOR INTERIORS BECAUSE THEY KNOW THAT WE AGENTS HAVE NO UNION AS FAR AS THE FEE WE WILL ACCEPT. IT'S HARSH BUT IT'S REALITY.

BY BPO VICTIM

Victim,

What you are saying is not exactly true, I have done work for several BPO mills as you call them. They have been of great help in getting me listings. When ever I apply directly to an asset manager I use the mills as references.

Also you mentioned something about us having a union of sorts, funny I thought the same this past weekend. With some of the companies I am able to bargain with them on fee's. I have found out that if you have been during this long enough and provided good results/reports they will pay your requested fee.

NOV

2008

IAS is a very professional company. They don't eblast their orders. They take care of you and orders and payment are regular like clockwork. I like working with them.

IAS is great. thanks to all of the posts here. i have been doing BPOs for awhile and its just now paying off with REOs. the trick is to actually be complete and thorough with your BPOs and do them for a couple of years and you get the reward.

NOV

2008

All:

Another WILLIAMS and WILLIAMS auction coming to town. You cannot win, so do not even bother to play. Ignore their hype and read the "Terms and Conditions". The "Terms and Conditions" document is attached.

In the interest of public education, I'll snip out a few phrases.

"All Properties have a Reserve Price, meaning the Seller of each Property has established an unpublished, minimum selling price. The starting bid is not the Reserve Price."

My comment: Why attend an auction where you don't know the minimum price? Reserve auctions are OK, assuming the reserve is disclosed. Absolute (i.e. no reserve) auctions are best. With an unpublished reserve, you are shooting in the dark.

"the Auctioneer may open bidding on any Property by placing a bid on behalf of the Seller and may further bid on behalf of the Seller, up to the amount of the Reserve Price, by placing successive or consecutive bids for a Property, or by placing bids in response to other bidders."

My comment: The auction house bids against you? So not only are you up against other bidders, but you are bidding against an auction house, up to a price you don't know.

My comment:

So even if you manage to outbid everyone else, and the auction house, the bank CAN still reject your offer.

"Auctioneer is not acting as an agent for any Bidder in any capacity, and is acting exclusively as the Seller’s agent."

"The total purchase price will include a buyer’s premium equal to five percent (5%) of the winning bid amount"

"The buyer's premium is the fee the Auctioneer charges the bidders to bring the Property"

My comment:

5% is a steep fee to pay as a buyer. Normally a the seller takes the hit for the 6% agent commission.

Folks, there is no way you'll get a bargain here. Hold out for absolute auctions. There is a tidal wave of foreclosures about to hit the market, and you'll get a much better deal.

All:

In the interest of public education, I'll snip out a few phrases.

"All Properties have a Reserve Price, meaning the Seller of each Property has established an unpublished, minimum selling price. The starting bid is not the Reserve Price."

My comment: The auction house bids against you? So not only are you up against other bidders, but you are bidding against an auction house, up to a price you don't know.

My comment:

So even if you manage to outbid everyone else, and the auction house, the bank CAN still reject your offer.

"Auctioneer is not acting as an agent for any Bidder in any capacity, and is acting exclusively as the Seller’s agent."

"The total purchase price will include a buyer’s premium equal to five percent (5%) of the winning bid amount"

"The buyer's premium is the fee the Auctioneer charges the bidders to bring the Property"

My comment:

5% is a steep fee to pay as a buyer. Normally a the seller takes the hit for the 6% agent commission.

Folks, there is no way you'll get a bargain here. Hold out for absolute auctions. There is a tidal wave of foreclosures about to hit the market, and you'll get a much better deal.

DEC

Was wondering if anyone has received any orders from BADISSO and do they only service Texas?

DEC

Is it just me, Or was it slow this week with Bpo Orders?

Here is a list of companies that assign REOs. This is obviously not all inclusive, but its a lot of them. If anyone wants to get the direct contact information to the asset managers at any of these companies please visit our site at www.reointelligence.com.

Bear Stearns' Electronic Mortgage Corp. (EMC)

Fidelity (LPS)

Integrated Asset Services IAS

Indymac

Land America

Lighthouse Real Estate Solutions

Litton Loan Servicing

Premiere Asset Services (PAS)

PMH Financial

Premiere REO

Real Estate Disposition Corp. (REDC)

Reo Experts

Saxon

Single Source Property Solutions

DEC

Thanks for the list REO Intelligence.

There are 3 or 4 on here I'm not registered with....I'll have to take a look

Whoa! Talk about useful info...Thanks

DEC

Wow! So much helpful information. Thanks to all.

Here are a few more that assign listings:

Olympus

Atlas

Bayview

NPR Financial

Accredited

LSS (Loan Serviving Solutions)

*Not to be promoting on your blog, but I wanted to let everyone know that through the end of the year all of our information will be 15% off.

We provide the direct contact info (name, email, and phone) to the Asset Managers (the actual people) that assign the listings at 60 REO companies. www.reointelligence.com

JAN

Wow! This is great! Thanks!

JAN

I just had to send in a rebuttal on the post saying doing BPO's and expecting to get REO assignments were a waste of time. That is as far from the truth as Earth is from the edge of the universe. I have found that attitude and commitment to producing a quality product (BPO), does lead to regular REO assignments. I am sure there are many of you out there that will agree with me.

I agree, Paul...In fact I do not know of any other way to get REO listings in the beginning. You need to get your name out there with the bpo's, the listings will come.

REO INDUSTRY IS ALREADY SATURATED WITH THEIR FAVORITE AGENTS.

My advice get back to basics. Get good RWA buyers and get paid more commissions than the listing agents. Listing agents typically get less commission than the buyers' agent. And you don't have to advance money for CFK, Trashout, Electricity, Home & yard maintenance, MSR's, etc.

JAN

This is the third time you have posted this message and I'm confused. What's your point? I think that most of the posters here understand what it takes to get REO'S. Hard work, short turn around time, quality information on the input forms, and get your name out there. Talk to the reps of the companies you are serving and get to know them. Ask for feedback and how you can improve.

I have doing BPO's for about a year and have learned a great deal from my fellow agents here on AR. I have made mistakes and learned from them. One big mistake I made was taking more BPO's than I could handle (I got greedy) and missed deadlines. This was for E-mortgage and I haven't been offered any more BPO's from them. Not their fault, just mine.

Here in Tennessee all money received for services provided as an agent have to be turned over to the broker. Some brokers will cut a check for what you turn over and others will charge a check writing fee. My point is that some of the BPO companies will negotiate their fees, especially if you have done quality BPO's for them. Just ask. So many agents doing BPO's now is probably the main reason for reducing fees.

My advice is if you don't like what's going on find something else do to. Personally I like doing BPO's and I'm learning a lot. Some of the companies are calling me direct to do BPO's for them. Patience, patience, patience. OK I'll get off the soap box now. Have a superior 2009 everyone.

If you put quality in, the rewards (REO assignments) will follow. The blogger is also complaining about the upfront money. In the beginning when I started doing BPO/REO work (8 years) I had to put the money up and expect reimbursement. Now many of the companies have stepped up to the plate and do not require us to do that anymore. I have found that on rare occasions I had to put the money up. I only have to turn on utilities mostly. For the major managers like USRES I go out and find the contractor to do the work, and send the invoice to them for payment, But as of this year that has changed also, they have hired a field service company to do all the stuff that we used to have to do. Countrywide is the same.

I agree with Paul and the others that have stated doing GOOD BPO work will result in REO listings. I have been doing BPO's for over six years and have received listings regularly because of my work.

I ALSO don't know why someone is continuously posting here saying the same thing over and over AND NOT SIGNING IN TO REVEAL THEIR IDENTITY! What is the use. WE GOT YOUR POINT!...now move on.

JAN

amazing list. i was getting ready to pay for a list until i bumped into this blog!!

i happen to be a contractor and real estate broker. i wonder if any of you are in the same situation and if you did both the field servicing and listings?

thanks.

e. perry,

I posted that rather large list above and I wanted to let you know that we offer a product called REO Contractor 411 on our site that gives you 52 companies and links to register with them to receive Property Preservation Work. These include, lenders, Asset management companies, and national property preservation companies that all assign these jobs to contrators. www.reointelligence.com

JAN

Same with Brien Berard, I think BPO'S are a waste of time for me too. I feel that after doing BPO's for a year and not getting a single listing I guess that is enough for me. I have done BPO's for Goodman Dean, IAS, Ocwen but no REO listings. BPO's are good if you get REO's. But in my area, I feel that these banks and asset management companies have their own favorite REO agents already and won't change or add anymore new agents unless they screwed up. With all the loan modifications, loan mitigations being done by those attorneys without too much case on hand, I feel REO's are harder to come by for agents like me and especially to the NEW AGENTS! If I feel I was late joining the REO bandwagon, I guess those new agents are way, way too late. I don't know how many agents are on line before me. I feel working with Ready, Willing and able buyers are more productive for me money wise and time wise. I have nothing against those agents who are doing BPO's and getting REO's, or agents doing BPO's because they have no other business. Last year all I did was BPO's and those agents in my office who did not do BPO's and concentrated on working with buyers make a lot more, more, more money than I did. This year it is my turn to make more money by declining those BPO's.

I think doing BPO's should be considered the vehicle to get you to the goal REO assignment. You even get cash back! Just like a well tuned machine it provides reward along the way. Provide good work and the rewards will come. I think another problem many are having is they are only working with just a few companies. Search this blog and other for companies. Trust me they are out there.

JAN

All agents and Brokers, I want to thank you for all of your hard earned information through trial and error.

It is very refreshing to find agents/brokers as yourselves sharing so much viable information. Much of the realtors in my area are reluctant to share any information regarding reo and asset management companies. Eventhough these very agents are listing 30-40 properties a month.

Well, I believe in Pay It Forward. I will certainly exhaust my resources and post any or all new input onto this blog.

Happy New Year, Let us all share in the Wealth..........

JAN

To J. Rivas who was suggesting to find investors and hard money lenders who are selling the portofolios and work with them . How do you find them?

I have investors who would like to buy many of these REO properties before they go to the asset managers,how do I find the private investors with these portofolios who are selling the properties?

FEB

I have read this entire blog and appreciate the information that has been provided. My present discipline is recruiting and unfortunally it has taken a hit with the poor economy therefore, I am returning to Real Estate. I have a Brokers License and am a State Certified Appraiser in Florida. This Blog has been a tremendous help and I also will contribute in the near future. Now its time to register with the many companies that you have provided and see how it goes. Thanks again, and good luck to all.

Klaus Levin

http://www.highlanderheadhunting.com

FEB

How to Get REO Tips & Tricks

I send my Asset Managers Starbucks gift card, department store gift card & send them on all expense vacation trip to LAS VEGAS with $2000 Pocket Money once in a while. You bet, in this business, "IT IS NOT WHAT YOU KNOW, BUT WHOM YOU KNOW". Ever wonder why the REO market is controlled by a few Brokers? You have to know where to send these cards, not in the office. You've got to know how to grease the correct sprocket. You can do BPO day and night but if you don't have the right connection, you will just be a BPO agent.

I am a newbie to BPO's, I have singed up with several companies, but I can't seem to accept the order in time. yesterday I got 5 email notifications for BPO's but they were all accepted within 1 minute so I call the company and they informed me that there are BPO teams that are logged onto the web site and accept them right away. So I logged on and recieved 25 more bpo requests in about 40 mins, but I still couldn't accept in time. The order just came up cancelled everytime? Can anyone tell me how these orders are being accepted so quick, & what I should do.

Thank You realestatesteve1@gmail.com

"ANONYMOUS" - I would be VERY Careful about what you send to what service vendors you are using. As a licensed agent, you might be in serious trouble for paying a "bird dog" TYPE reward to someone who has sent you business......I'm just saying.

MAR

Hello,

How does williams and williams approve bids submitted to do preservation work? Is it literally a snatch up thing like BPOs?

Hello,

How does williams and williams approve bids submitted to do preservation work? Is it literally a snatch up thing like BPOs?

MAR

Whew - That took me a whole afternoon to read this thread (not really but omigosh there was some UNNECESSARY banter here) but there was some really good stuff. I found a couple more REO companies to register with I hadn't heard of before. Thanks and great original post - I think? It's been so long since I read the ACTUAL post :-)

MAR

WOW !!! I just wanted to say " THANK YOU " to EVERYONE for all the great info....It is nice to read information and see agents helping agents..... this has been a tough market to break into, but plenty of business to go around the entire USA.....Read it all, picked up some good,bad, and ugly. I have been doing BPO's for over a year now with Clear Capital,PCV MURCOR,Pro-teck.....all pay me on time - love Clear Capital !! Evaluations still owes me for 3 BPO and they are almost a year old now - guess that money is gone.....Signed up with a lot of the Reo company's over a year ago but still nothing in listings. Is Ocwen really worth the fee ?? I guess I may have to bite the bullet :) and pay. Again... thank you to all..... good luck...and pay it forward .....

MAR

Can anyone tell me the average time it is taking you to do a BPO. I feel like I just get through my list and then they are requesting an update and I am spending 3-4 hours per BPO.

MAR

When I first started it took me about 2 and 1/2 hours but now down to about an hour. It takes practice to reduce your time. Be patient it will come. A lot depends on the company form and what they want. More than any thing else do a quality BPO and keep your turn around as short as possible. Don't be afraid to call your rep with questions and call for a followup to see how your diong. If your new at this, just keep asking questions. You'll get answers.

Does anybody have any suggestions on any companies that actually will give you orders for BPO's? I've registered for a few and have not received an order yet and its already been at least 2 months.

I live in Orange County California so I don't know if its just swamped with agents or what. I don't have any experience with BPO's but have been in real estate for years so I've done plenty of CMA's so I know its not brain science.

Any suggestions on what to do? Any help is appreciated!

Try contacting some of the local banks and title companies in your area. I know that CA is very high on the list for the rate of defaults, so perhaps there is a lot of competition you are up against. Since the selling and listing of REO's has gained such popularity it will be hard in your neck of the woods. Did you apply to the major players?

Craig, You might want to try companies that work on First Come,First serve basis. Like marktomarket, mainstreetval,they always need bpo's. But you have to be in front of your computer and quick with mouse in order to accept orders..

Best of Luck

Thanks you guys. I did register with Clear capital, Pro Valu and one other one. Any others that you suggest that are free or that may actually give me an order? Thanks for the suggestions!

MAR

Craig, I've signed up with over 40 companies and am working steady with ten. The more you sign up with the better chance you have of getting orders. There are several FREE lists of companies to do BPO's for. You can find them within the BPO blogs. That's how I find mine. You can pay for a list but it's not necessary. Too many free lists. Too many for sale lists are not up to date and don't tell you who pays and who doesn't. Try www.bpo4agent.com. Email me with questions. Good luck.

MAR

Hey there,

Banks need Real Estate Agents to help list and sell $600 Billion worth of foreclosures.

Well I am getting my share of the pie! I just bought the BPO and REO Kit here: http://tinyurl.com/d2tvnk

I thought you might want to give this a try too. Check It Out...

Best of luck ...

Good luck with that Eric...

Hope its worth your $77.77

I am just going to keep my nose to the grindstone and find the free lists. Those BPO forms you can buy look like a waste. All of the companies I've worked with have their own forms they need you to use anyway.

-Erin

Allen Realty, Inc.

Wisconsin

Hey Eric,

Please stop advertising your thing BPO/REO kit whatever. It does not help anybody. You can get all the info here in Activerain for free. Why spend that money which is already equivalent to one interior BPO order. Stop plugging your ads Eric all over the place. You are not helping anyone but your own purpose of making money out of the Realtor's money. Do something better Eric. I don't even think you are a Realtor.

Hey Eric,

APR

Has anyone worked with AMS Asset Management Services LLC.? I'm looking for listings, not really BPOs. Is it worth the $200 fee they charge up front?

APR

why dont u try this one

www.cutforeclosures.com

www.vky84.com/cutforeclosures

its all the same ....just in 77 dollars ....i m earning money from this...

check it out plz...may be it can help u jessica

MAY

Try these

Five Brothers.com ,goodmandean.com, evalonline.com

Hey,

Have any of you heard of the recent remarks that realtors won't be aloud to do bpos anymore? I am hearing that only appraisers may do them now??? Is this true? I was just getting started, and now it may be all over!

MAY

Great Post! I have working through this for the last couple of days and signing up with some new companies, thanks to a ton of you!

I have personally been working with USRES for the last 3+ yrs and have rec'd a ton of listings from them. I actually started getting listings from Old Republic through the res account, so that one has paid for all those free bpo's and then some. Now, since November, I havent done any bpo's, and havent rec'd any listings from RES directly, but still get OR listings. So, I think it is worth the work, they started limiting the number of bpo's for each agent per week, now, so it shouldn't be so bad

JUN

These lists are great, I think I am registured in most.

I would suggest www.reoprep.com they have been very good to me for the past

few years. Another I would suggest would be www.reoworld.com they have done pretty good

for me with BPO orders.

JUN

I find it very disturbing that the anonymous asset manager basically tells us to send free crap and gift cards and bribes to her and others like her (and the whole department!) in order to get REO work. God help us if she means send the freebies for BPO orders! Over 1,000 of those to my name so far and they're truly the least rewarding work of my career. I have cancelled all asset manager accounts except one, my favorite, and I will keep that going and work for them. The whole thing is a big mess. BPOS are grossly overrated. I enjoyed this blog post a lot, like most blogs at ActiveRain, but I feel so sorry for agents clamoring to do BPOs. One guy said it was all for nothing and a few disagreed with him. But I can tell you, he's probably right.

JUN

What are your thoughts about the NC Real Estate Commission sending out a message in the May 09 news letter that doing BPOs are illegal? Saying that it is against the "Appaisal Act". The article was on page 7.

JUL

why dont u try this one www.cutforeclosures.com www.vky84.com/cutforeclosures

its all the same ....just in 77 dollars ....i m earning money from this...check it out plz...may be it can help u jessica

james

DONT GO TO THESE LINKS---the fool is trying to sell a lame seminar on how to be a bpo broker.

JUL

I went to the site to check it out, you seem to be correct about how long it has been around. I signed up to see for myself what they are about. They say they will be having assignments all over the US. After looking through the site I could not find any of the mentioned claims you referred to. They may have removed it. All companies have to start at some time. I remember when Clear Capital got started, they were call BPODirect I think, now look at them!

JUL

I got a call from one of the Asset managers for REO Direct Partners yesterday. In the discussion I found out they are strictly an asset management company, with a slightly different approach to REO's. He said they will take the house from the lender, and supposedly fix/repair the property/ bring it back up to neighborhood standards. They are doing the repairs that the normal Asset companies would have the agent do, and then have to wait for reimbursement. They take on this cost, so the agent does not have to. They assigned me as the primary agent in 4 zip codes in my area.

JUL

Have you heard of BPORE.com who wants a sign up fee for BPO work that they say could turn into REOs? Do you know if they actually assign you REOs?

JUL

I am in IL - I dealt with REO Direct Partners and some others. REO Direct Partners has excellent customer service. New company that goes far beyond and above in customer service. I was really impressed with their work ethic. They do cover A LOT of costs on their own -

Hope this helps - Lisa

I took a chance with them, only time will tell if they are a good company.

JUL

I ask u one Question from all of uuuuu. How can i get the BPO's Or REO's. Plz give me the easy way to do this.

AUG

I haven't done a BPO before. I just got my liscense 2 yrs ago and haven't even had a listing. So should I even sign up with any of these companies? When signing up with these companies, do you put the brokers information in for the W9 and have the check issued to the broker? Do you have to get your brokers permission to do BPO's?

Thank in advance

AUG

Is this blog still active?

Hi there Linda!

This blog is still active, if you have a contribution please feel free to post to it. I am sure it will be of great value to us all! I am very sure Jared will not mind.

SEP

NREOB and Brighton REO are two companies I will NEVER do any work for again.

SEP

what is wrong with NREOB and Brighton REO.

ARe the companies that charge $89 or $299 or $49 per year or $500 for the site and software worth joining to get on the BPO list and maybe reo list. just cause you pay a fee does that mean you have a better chance of getting business, What are the best companies to sign up with to get work from.... any help is appreciated

OCT

Not sure how I came across this but it is great! It is so nice to know there are agents out there not afraid to share info, there really is enough to go around!!

Can someone explain to me what Active Rain is and what are the benefits to being a member?

I'll be back to share :-)

Stacey

OCT

Hurry back Stacey. ActiveRain is composed of people from many sectors in the housing industry, i.e. real estate agents, lenders, speakers, coaches, you name it they are a part of this community. The benefits are having the above community at your disposal with no fee involved.

OCT

Todd Schroth

I was wondering the same thing, and I also noticed sometimes the best info is free or very inexpensive. www.reoworld.com is free, www.reoprep.com, and www.reotrans.com have very cheap fees to be involved for BPO and foreclosure listings. I think they offer "expensive" upgrades however I would rather just work hard and show my experience than pay someone 500 dollars for software.

Todd Schroth

OCT

evaluation solution...no reos

NOV

I appreciate all the posts on this site, and although signed up with many companies don't get as much BPO biz as I'd like. Does anyone know what company handles the BPO's for Litton or Citibank?

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