Bryan - I haven't used any of the pay BPO sites.  I have had very good luck with Clear Capital.

I have yet to get anything from Res.net but ReoTrans does put out BPO requests from reputable companies that have turned into listings for people.

Good experiences with

http://www.res.net

http://www.reotrans.com

http://www.realtrans.com

http://www.assignreo.com

I have not had any luck with reotrans I have been paying for coverage area, enhanced listing...nothing...

I haven't had to pay for BPO's yet, but I have my first REO that is asking for a referral fee of 25% of listing side.  Is this common?  As far as BPO's I have been very successful with First American Value View.  I get most of my BPO's from them.  I am looking into others as I find them.

Free is the best, just work the companies the listings will come. Payinh then getting hit with 25-33% referal fee does not make sense. i have over 15 listings none from pay sites.

That makes sence Jeffrey, Don't know about paying and still having to kick out the referral fee.

Thanks Bryan,

How are REO Trans and Res.net working for you? Do they send you both BPO and give you REO listings as well?  How well have they worked for you?

I want to reply to Gerri and Bruce: Yes, referral fees off the listing side are very common, especially when the banks use an asset management company to handle their properties. I have seen some as low as 25%, but others up to 35%. Yes, it hurts. Some times the cleaning company makes more than the listing agent in REO work....

As far as pay up front companies, I do belong to a few that have been good for me. I joined one that was a pay-up-front company, basically to get their list of companies, but found that I already had all those company names and a large number of them were ones with bad reputations (not paying for the work you do, mainly). I have had better luck from the free companies and doing a thorough job on the BPOs they do send me...

Do any of you know anyone wanting bulk REOs direct? If you do please steer them my way. You'd need your fee from them btw.

we can do most anything they want and straight from a well known bank.

Get in with Clear Capital.  Great online forms, great pay.  Also Goodman Dean and Source Net are great companies.  Good Luck!

Oh... I don't pay anyone.  They pay me!

Bryan,

I haven't paid anyone yet. Have you heard of Financial Asset Services (FAS)? They want an annual fee of $100 to do their BPO's and $200 to do their REO's.

Kathy,

I have found and I am going to get started with Clear Capital. How do I get started with Goodmand Dean and Source Net? I really want to get started with BPO's in order to broaden my knowledge in the field. I really appreciate your time.

I just got rid of reotrans.  not making anything from them on listings.

My team has received about 9 listings from REOtrans.  3 have sold and the others should soon because of price drops.  Of course this is in Phoenix where every other house is in foreclosure.

Paid for res.net about a week ago, nothing yet.  Paid FAS today, don't know why but if the rest of you don't I guess I'll get some listings from them also...haha.

Shayne

Thank you for the post and all the comments. I have used Clear Capital in the past as well as HomEq and Horizon. All have provided me numerous BPO's but I have only received listings from HomEq from the three.

Back to Bryan's original question, has anyone paid to join FAS, Financial Asset Services?  Are they reputable and has anyone received REO assignments?  I started filling out the application to join and thought I'd better check my Rain blogs to see if anyone has any information on this company.  I too, have joined resnet, reotrans.  We were forced to use reotrans based on the lender we work with but I have not received any biz from either.  The reotrans site will post BPO's available but they are almost impossible to secure, you have to be faster than lightening to accept them.  Once i was actually on the site when a BPO came in and I still could not get it.  

I just joined FAS this week and am feeling a little unsure if that was the right thing to do since I have since found most companies don't charge you anything to sign up.  But as the old addage goes..."you get what you pay for"...hopefully it rings true with BPOs!

I have about a half dozen listings with them and they are telling me payment for expenses are 90 days out,  they cureently owe me about $5,000 and I have yet to reveive any reimbursement.

David Blank

www.Nationalrealtybrokers.com

I am here in California and I have signed up with FAS and I have received 5 BPOs so far no REOs yet.  I will keep everyone informed.

Goodman Dean recently started using Res.net which requires you to pay $250 to use the site.  ReoTrans is extremely inexpensive but in order to get REO listings from it you must be be one of the AM's preferred agents that use it

I just asked to be removed from USRES - has anyone used them?  They don't pay for BPO's and their online form doesn't work so you have to handwrite your BPO's!!!!  I have gotten a few from res.net but we don't have a ton of foreclosures in our area.

Tina in Virginia 

Thanks for the information everyone, this post has really put me on a good path!!!

I would never pay to belong to a BPO website.  I've had good luck with Mark to Market here in Northern Virginia. 

Just like anything, you get what you pay for.  The small initial fee are typically to make sure that you are going to be serious when they send you orders.  Think of it as a advertising fee.  If you want business, you have to market your services to companies and most of the fees charged are very small in compared with the business they will send you.  Just do some research first, like how long the company has been in business and if they have a working phone number and valid address.  Use common sense. 

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

I've done reotrans & haven't gotten anything here in Chicagoland from them.

I personally haven't done any pay sites, but if I felt that I would get something out of a pay site, I would do it.

USRES and RES.net are the same company. You pay 250 dollars a year and in exchange for free BPO's they give you REO listings. Their forms are super easy and almost the same as Goodman Dean. They reimburse in 30/45 days and I have had a great experience with them. Goodman Dean is free and I just got a BPO from them last week.

USRES and RES.net are the same company. You pay 250 dollars a year and in exchange for free BPO's they give you REO listings. Their forms are super easy and almost the same as Goodman Dean. They reimburse in 30/45 days and I have had a great experience with them. Goodman Dean is free and I just got a BPO from them last week.

Considering REOtrans results in some agents getting paid a couple hundred thousand a year, $200/mo. for one's coverage area is a very small cost of doing business.

...and as for what I get out of REOtrans, I have about 15 actives at any given time and another 15 to 30 in the pipeline at any given time.  I have disabled the BPO features -- BPO's without a 50/50 chance of turning into a listing are not worth my time -- I only do them for clients (primary or backup), potential clients (as backup) listings.

Clear Capital is excellent, easy to use forms, quick payment.  You will have to set up the direct communication to your Blackberry as these go fast.  First American Residental Value View has lots of work, and they pay quickly, usually within a month.  Thumbs down on Evaluation Solutions. they still owe me for February and I stopped accepting from them.  EMortgage Logic is good.  ProTeck is slow with paying also, but they do pay.  I own a small independent brokerage and I make about $2000/mo from BPO's, which helps pay office expenses until the market picks up. 

Excellent info here everyone. We've had good luck with realtrans. There is a lot of competition for their REO listings and they are awarded based on a point system. The more BPO's you do; the better quality BPO's; faster response, etc the more points you get. They pay on time, too.

Margery-How long do you have to respond to their requests? Is it possible to get them if you don't have a Blackberry or do they go too fast?

I personally would not sign up for any that required me to pay to get the work, just another way in my opinion to get ripped off.

Wayne, Clear Capital requests go very fast.  Unless you are sitting in front of the computer when it comes in you will miss it if you don't have a Blackberry or other device that connects to the internet.  Try FARVV, they have a lot of work and after you do 20 for them they will automatically assign BPO's to you in the zips you request.

ive done Appraisals for FAS for many years now, they pay slow 45-60 days but they defintely have the volume. They actually just started charging thier vendors last month. The reason for that is because they have so many Vendors it's hard to keep up with who actually wants the work or not. Pay the fee, it's not uncommon and you stand a better chance at getting the work if  you want it and/ or the Reo's. They are reputable. I've never had a bad experience with them and i've been working with them for over five years. .

My advice is to get REO listings. To do so you need the REO Asset Managers emails. I am gathering a list of REO Asset Managers emails. Anyone interested in getting this list for free, just send me at least one valid email addresse of a REO Asset Manager that you currently are working with or have recently worked with. When I have at least 200 valid email addresses, I will email this list to your email address. Send to joebray99@yahoo.com

I have done one for REOtrans and actually never was paid now that I am thinking about it. I am going to have to look into that. But they are slow coming from them.

REOtrans seems to be a joke or a scam.... I have not received any business from them and will most likely cancel all the zipcodes that I have been affiliated with.  

What a great post and such wonderful answers.  Thank you.

I have been signed up with reotrans for 6 months now.  It costs me about $3.00 a month.  So far, I have not been able to get anything from them.  I check it at least twice a day.  Also, the website is very slow loading.  Does anyone else have the same problems with loading the website?

Yes, even if you are on the website you are not able to get the BPO posting. Then when I called, they told me that I paid for the advertising and the BPO's are a free service

USRES...Im digging them and their people... no, they dont pay, however i will be shocked if they dont send listings my way. They seem use me alot, which i think is great...i always do a good job for them.

USRES and RES.NET are owned by the same people, however i dont think they consider themselves the same company...

Hey Bryan, have you gotten any reo business.  I just came back to your post get an update!  I've since then apply to REOnetwork--which owns Clear Capitol--REO network rejected me because I was honest.  But decided to do BPO work for Clear Capitol anyway--just for the experience--it's been 10 years since I've done a BPO, and boy have things changed.  I won't be doing much work for them unless the BPO's turn into REO listings for me.  Anyway, hope you give us an update!  Take care.

Aida,

Yes I've gotten some REO business for a site that I had to pay to join. Actually my first REO listing came from a site that charges agents to be apart of. Sort of their way of weeding out the serious players from the "pretenders".

Bryan Knight, REO specialist in Las Vegas, NV

I am doing BPOs with companies I didnt have to pay with however I have heard alot of people mention that the ones that you pay are usually the ones that give REO listings

I did a BPO for HOME Trust Nation. They said it was submitted to accounting for payment. Its now been several months. I cant find a phone nuber for them any where. Any Ideas?

Hi Bryan...glad to know that you have been successful......can you share with us which company you applied with?

I haven't paid any of these sites but I have not received any listings either.  Maybe it's just a matter of time, here in LA the foreclousre market didn't start to happen un till late 2007 where other states started earlier--so I guess our reo ride will be bumpier!  Take care!

Good REO leads from REO Trans. Very easy system to use. Have seen one BPO order from Clear Capital and it was taken before I could get to my computer to respond. Did one for a company called GRP and have yet to be paid. Have done several for USRES and finally called them to ask how many you have to do before any REO listings, valuation manager said around a dozen or so.

I started with Ocwen Bank (aka RealTrans).  They pay but they nickel & dime you (click fees).  PVC/MURCOR is good too, but I don't like sitting around waiting to be the first to catch the assignment.  BPODirect (Homesteps) pays good too. 

Lately I've been getting calls/email asking me to do the BPO.  These have come from ReoWorld, FAREO and Nationstar Mortgage.

Pay?  Never have (for a subscription).

My company does well with reotrans, resnet, and clear capital for listings. If you want to try and get BPO's for cash www.emortgagelogic.com is a pretty good one and it's free! My husband just scored with Fidelity and has been doing well with them.

Good Luck!!

Appraisers have struggled with this for years with many national Internet services making great promises but rarely delivering.  Perhaps it will be different but then, why would it be.  There is a major free listing service where I get many leads.  When approached by other companies, they always back down when I propose that we'll take the fee out of the first several jobs I get from their service.  Hopefully you'll have much better luck since some of the comments do seem positive.

Thanks for the post Bryan.

I've done reotrans, but I don't think its worth it.  The charge is minimal, but I don't I'm getting anything from it.

Finally got a check from GRP. About 7-8 weeks to get check but they seem to pay OK for what I've seen as far as pay goes for BPO's. Trying to get on with First Preston, anyone had any luck getting signed on with them?

I have had a lot of luck with Titanium . Go get signed up it's so easy and you even have a chance for the listing. I just stared already 20 orders and 2 listings. The 2 listings are in ESCROW. Good luck !!!!

I think I can clear things up a bit.

I work for one of the largest default servicers in the US. I am an asset manager who assigns the listings to agents.

You should not look to REOTrans or RES.NET as a marketing source - That is not what they are there for. We (Asset Managers) don't go to these types of sites to look for new agents. These sites are a workflow system for the different servicers to use to process their REO properties. If you are on these sites, all that means is that you could possibly receive REO listings if you service that particular zip code.

The best way to market yourself (and be as visible as possible to Asset Managers and Lenders) is to get associated with one or all of the REO networking sites.

The new kid on the block is REO All Stars.com, the others that are useful are REO Network, and REO Broker.com- These are the three sites where we look to find agents to list our properties.

Good luck - There is plenty of REO to go around.

JCOLA

I agree, ReoAllstars is fairly new but the way it is set up is absolutely beautiful and I believe its popularity will spread quickly. Naturally the first people who sign up there will get most of the business since that is the way most asset managers typically pick their brokers, rather than going down the line.

Thanks for all the great info!  This is my first time in here, but I am going to stick around.

Attn all agents looking to get REO work from Asset Managers:

You need to stay as far away from Joe Bray's idea as possible! I just read his post from this past May:

My advice is to get REO listings. To do so you need the REO Asset Managers emails. I am gathering a list of REO Asset Managers emails. Anyone interested in getting this list for free, just send me at least one valid email addresse of a REO Asset Manager that you currently are working with or have recently worked with. When I have at least 200 valid email addresses, I will email this list to your email address. Send to joebray99@yahoo.com

 We all hate spam. Trust me, if you start soliciting Asset Managers through a list like that you are sure to NEVER get an REO listing. Also, Asset Managers talk. If we hear of an agents doing shady things like this we let all of our contacts know about it.

Nothing against Joe - He is just thinking outside the box.

I just think there are better ways of going about getting work from Asset Managers. Right now networking is king.

Thanks to all

Bryan: I have never used a BPO paid service...

Jeff--again thanks for keeping us updated---I remember seeing that post---and thought it was strange--borderlining on the sleazy side and definitely not Kosher!

Boy, you sure are super nice--".....Nothing against Joe - He is just thinking outside the box." 

p.s. I would love to work with someday---I like nice people!

Aida -

Thanks for the very nice words. If you are in REOTrans or reoallstars.com I will look you up once I get some properties at my new place.

I would love to work with you too - I am sure I could learn alot from you.

Thanks again.