Alex, how long/many BPO's do agents have to complete before they start getting listings from these banks?  Or, does the agent often pick up the property they did the BPO on?  I'm not a real estate agent but the agents I work with couldn't hurt picking up a few REO's.  They just want to supplement, not transform their business?  It would just be another Open House anchor to get real clients.

Alex... On the questionair for my E & O insurance, they asked how many BPOs we did. I assumed this would have something to do with risk, and my premium price. What is your thought?

I have done too many BPO with the listing going to the agent they typically use. I have given up and as long as I can I will avoid it.

Thank you Terry for your insight!

Some BPO companies wont give you REOs ever. So if REO is your goal make sure your working for the right companies. My first REO was given to me from RealTrans. I did BPO for them for about 2 year before that happened. Just during the last two months I've gotten 5 new reo listings from them. If I gave up that wouldn't have happened. 

If anybody wants to learn more about REOs I would recomment visiting this forum.

http://www.agentsonline.net its packed with REO and BPO information on individual companies. The giants of the reo world live there.    

Bpo's do not always turn into reo's, REO is a different business, you have to contact AM's get on their good side and eventually get listings, also getting noticed on sites like http://www.assignreo.com  where AM's search for agents in certain areas.