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BPO and REO Services

By Matt Yogerst

Real Estate Agent with RE/MAX Realty 100

February 29, 2008 02:59 AM

I am actually writing to pick the brain of all the BPO and REO service agents/brokers out there. First a little about me...

I have come from a construction background. I feel very competent in running a rehab, a trashout, or changing out a lock. I can also screw the back door shut with the best of 'em! (I always found that amusing, yet pratical) I have been servicing mostly REO buyers and would like to get a piece from the other side of the pie. I have a website somewhat started (www.wiREOhomes.com) and yes it still needs some work. I have a list of BPO and REO companies and have submitted a couple applications already. So, here are my questions...

1) How much E/O insurance do you carry?

2) Do you float your costs on a BLOC or just out of pocket? (business line of credit)

3) Do you hire out most of your 'dirty work' to a 3rd party, or hire a handyman to run around and keep costs down? I realize the banks probably demand a couple bids for things, but can you keep that somewhat 'in house' and make a little profit on that end as well (as long as you are the cheapest bid)?

4) The NRBA... Are any of you members of it? And how hard is it to become a member? (can i get a referral?)

5) Hints, Tips, and Advice....?

I know there are many different things to know about BPOs and REOs, but these are just the ones that popped up first. Thanks for the advice/comments!

Thanks for reading!

Matt Yogerst - Realtor - Menomonee Falls and SE WI - RE/MAX Realty 100

www.MattYogerst.com www.MenomoneeFallsHomeSearch.com

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John Lockwood

Lockwood Real Estate - Sacramento, CA

I realize this isn't along the line of your questions, but you might want to have your webmaster test your web site out in Firefox and fix it. Looks good in Internet Explorer, though.

Feb 29, 2008 03:05 AM

Matt Yogerst

RE/MAX Realty 100 - Menomonee Falls, WI

Metro Milwaukee Real Estate

What is wrong with the site in Firefox? It hsa been recently uploaded, but it is just being hosted by my internet provider. I have the domain name being forwarded to the location of the site. Thanks, Matt

Feb 29, 2008 03:11 AM

Matthew Boughton

Realty World Pacific Northwest - Longview, WA

Matt, the NRBA is a must in my book if you're serious...maybe because I'm a member.. hehehe Anyway they've been great. I believe there's a wait list for most areas, they control the numbers which is also great..well maybe not for the people trying to get in but once you're in you appreciate it. I would highly recommend you submitting an application....if it takes a while it's worth it in my book.

Feb 29, 2008 01:44 PM

Matt Yogerst

RE/MAX Realty 100 - Menomonee Falls, WI

Metro Milwaukee Real Estate

Matthew Boughton

Thanks for the encouraging word. I have heard positive thoughts regarding the association. Also, do they have a standard qualifications/history needed to become a member?

Feb 29, 2008 01:53 PM

Anonymous

patrick

Matt

1. I carry $1,000,000 policy

2. Manly out of pocket, make sure when you start, that you have at least $10k for repairs, which you get back within 45 days from the bank.

3.Larger jobs we get bids and the bank decides, small (lawn care, rekey ect.) we have a handy man.

4. Not a member, try reonetwork.com - reotrans.com - assignreo.com and some others.

5. apply with many bpo companies and do a good job, also check out this site with some great information

http://www.agentbrokerforum.com

good luck Matt.

Mar 26, 2008 08:27 PM

Felix Gonzalez

Starlink Realty - Winter Garden, FL

Hey Matt, your site looks good in MS Explorer but Firefox needs a change. Can I ask who provides your MLS search on your site? ow did you get it listed on there in frames? Other than that your site looks good.

Mar 27, 2008 03:59 PM

Eric Egeland

RE/MAX SUBURBAN - Libertyville, IL

SFR, e-PRO, CDPE

Thanks for the post Matt

I'm with Patrick above...he gave some good advice

Sep 12, 2008 01:43 PM

Freddy A. Saavedra

Essential Properties - Goodyear, AZ

Well, I dont know anything much but I can offer some advice on a couple of your comments

1. My broker carries $2,000,000, it is not something about which I know much, I just know the amount and the carrier.

2. I pay out of pocket and wait to be reimbursed.

3. I have a full time crew that I send my work to, this is very important as I need to know that the work is done right and for a good price.

4. I have heard mixed review of NRBA, I have no definite info.

5.RealTrans, REOtrans, Main Street Valuations.

Sep 12, 2008 04:42 PM

Evelyn Johnston

Friends & Neighbors Real Estate - Elkhart, IN

The People You Know, Like and Trust!

ActiveRain has the most giving group of members. No matter what the subject there are tons of people willing to tell you what they know about it. This is an educational process! Thanks to all who have taken the time to post!

Oct 05, 2008 11:51 PM

Peter Carlseen

RE/MAX Clarity; Praecelsus Property Management - Chula Vista, CA

About keepingthings in-house, I believe that whoever does the work needs to be a licensed contractor of that trade (or general) and as far as I know, they cannot be related to you (I am assuming this means you can't do it yourself).

But I'm a newbie, just attended a bunch of conferences with hard seats and good information.

Oct 07, 2008 09:12 AM

Anonymous

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.

Jan 22, 2009 06:45 PM

#12

Eric Auger

prudential Americana Group, Realtors - Las Vegas, NV

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 ...

Mar 24, 2009 05:11 AM

Michael Collins

*ROCK REALTY|Broker|Realtor|Real Estate|WI Short Sale Agent* - Janesville, WI