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REO assignments

On 2/15/08 I wrote about going crazy signing up with BPO companies in hopes of getting any listings.

Read it here: http://activerain.com/blogsview/381206/BPO-stir-Crazy

on 3/18/08 I wrote my experiences doing my first BPO's...basically, I jumped in the pool and learned how to swim.

Read it here: http://activerain.com/blogsview/413473/BPO-Learning-Curve

Today on 7/16/08, I have my listing... http://activerain.com/blogsview/596268/New-listing-Walnut-Creek

My point?

Do BPO's like you mean it; the rewards will come, I guarantee! You are the eyes and ears of the market place for the lenders so do your best work.

Posted by Johnny Huang, MBA, CDPE, RDCPro on 07/16/2008 10:04 PM

Comments (44)

bpo, listing

Post is included in group: Keller Williams 'Rainers
Post is included in group: California Short Sales, REO's, and Foreclosures
Post is included in group: REO REALTORS
Post is included in group: California Loan Modifications, Short Sales, & REOs

44 Comments on REO assignments

JUL

2008

Johnny, Congradulations on your listing!

Hang on my friend, you will probably get bombarded with questions....and I would like to be one of them......please tell me......how?

I have been doing BPO's for about 4 months now and not had one listing. I am in the Corona area and understand if you do not wish to share too much but any small words of advise would be much appreciated.

Johnny congrats on your success. Ive been signing up like crazy over the past couple of months as well. Im not necessarily ready for more listings yet and the maintainance required, just want to get my start in BPOs.

Congrads that is good will check out stir crazy blog.

JUL

2008

The time to jump on the REO market was about two years ago, before the SHTF. The work you do now will set you up for the next round of foreclosures. Companies are just not looking for new agents.

JUL

2008

Johnny -

The post by Mr. Winefield above is not entirely true. I am an asset manager with 10+ years in the industry and over 8 years with one of the largest default servicers in the nation.

We look for new agents every single day. There are some asset managers that seem to use the same agents time after time, although at some point we all need someone to cover the overflow.

Keep up the good work on the BPO's, although you do not want to get caught up in just doing BPO's and not get any listings.

Make sure to start networking where asset managers are looking for agents. The three sites that asset managers are locating there new agents are reo network, reoallstars.com and reobroker.com.

If you keep at it you will succeed. Send me a PM and we can talk more.

Thanks

Congratulations, Johnny!

I've been hearing tons of people in my office who have "given up" because they think that all AM's are "taken".

All AM's are not "Taken", We are always looking for new agents. There are too many properties for the amount of agents.

Keep up the good work and continue to network.

Thanks

JUL

2008

I did not mean to insuate the doors are completely closed. In fact I have been picking up new accounts over the last few months.

If you have REO experience you will run into less roadblocks. However, the issue is going to be for those with no experience. Asset managers are under a lot of pressure, especially those that work for Asset Management companies. Our actions as agents can be the difference between a company like EMC switching from one firm to another. Asset Managers know this and are very reluctant to give an agent their first REO. Your best bet is to work in an office with a "team" that does a lot of REO work.

Also, new legislation that goes into effect in Ocitober could greatly reduce the amount of foreclosures.

Don't give up on BPO's even if they dont lead to REO work, it is still good money that adds up.

Thank you Asset Managers for you input. I too continue to do as many BPOs as I can. If anyone of you can recommend a BPO company for assignments here in California it would be appreciated. I am struggling to keep my head above water and have contemplated giving up this business. However, I believe in continuing to pursue my dream and would like very much to make a difference. I hope some day to be in a position of success and write a blog about my struggling journey in hopes that it will will inspire those junior to me. For, my struggle continues.

Cheers.

Great news, Johnny! I hope it goes well and you end up with plenty more!

George -

Keep your head up and trying to get REO Listings.

There are plenty to go around and it is only a matter of time.

If anyone is interested, here is the link to my former company to sign up as an agent.

https://re.oomc.com/BusinessPartners/servicing_div_busspart.html

Thanks

Dick -

No worries, I just did not want the new agents to get the impression that ALL asset managers only work with their select group and no one else can get in.

I will work with who ever will sell my properties, If they have 100 years experience or 1 year, I do not care as long as they sell my property and are ethical in doing so,

Thanks

AUG

2008

Thomas - Interesting advertisement...Though I got my list of Asset Managers for free and did my learning on AR and internet for free. I would appreciate constructive comments rather than pure advertisement.

Thanks

Sorry Johnny I didn't mean to come in with a advertisement. This is an actual program that organizes all your REO's and help you coordinate with Asset Managers easier.

A lot of people like yourself are getting into Bpo's and REO's.

I think the readers can really benefit from this program is all

Johnny,

Let me know how can help you out. Do you need some personal contact with any paticular bank? Or need anything else.

I am here in Las Vegas, NV so the Foreclosure market is in full swing. I have been studying hard for 7 years and want to help out anybody that is interested.

Thanks Johhny and good luck

Thomas Moore

REODB Inc.

Las Vegas, NV

AUG

2008

Johnny, congrats on your 1st REO listing! and whish you many more.

I am also begining to sign up for BPO's in the search for REO listings and look forward to doing as many BPO's as possible. I just bearly signed up with 2 companies.

Where do I find the FREE list you mentioned? I would appreciate it so much.

I got to say it is wonderful to have people like you in the blogs, very inspirational.

Carlos- I used www.garypedia.com, look for Broker Price Opinion. Good luck, work hard...and be patient :-) You'll come across names and companies when you get your name out in the field.

Johnny- Thanks so much I will start looking into it right away.

Thomas- good to hear this is working for you. Wow 200 BPO's a month is great!!

Could you tell me how to achieve something like that? I don't mind putting in all the driving,time and energy this may require as long as it proves to be rewarding. I'd like to learn the ins and outs of the whole BPO process.

Thanks

AUG

2008

Congratulations on your listing! Persistance and hard work does pay off!

AUG

2008

Thanks for your post Johnny,

Congrats on your listing....the hard work eventually pays off

Johnny - I'm new to BPO's, but hope that they are a road to REO listings. We've been doing them for the past couple months and are hoping to have the same success that you have. Keep up the good work and we hope to join you soon.

SEP

2008

There's lots of free lists without signing up. Google BPO's and look around.

Wow congratulations on your success, I too am navigating the many BPO companies out there and have found the same issues as you. I agree that if you do BPO's like you mean it everyone wins.

SEP

2008

Forgot to update, but my first listing was sold on 9/16/08. Very excited!

Hooray!!! 1 down, and hopefully many more to go. I have closed my first 2 REO listings and have 2 more in escrow. I started doing BPOs last October, and many BPOs later, its finally starting to pay off.

SEP

2008

Johnny, Congrats on the listing! I interviewed a few months back to become an Asset Manager and basically they told me that how they get Realtors is just how you would interview for any job... and if you do a great job for them then the listings will increase.

Congrats on the listing, i lived in Walnut Creek in the early 90"s when it was a bedroom community, so much has changed there over the years

Congrats on the listing & thanks for the post.

Hard work does pay off...keep it up.

NOV

2008

Doing BPO's is fine, but listing REO's is where its at: List REO Properties for Banks

Good Luck!

NOV

2008

Anthony- I agree listings is where most agents want to be. However, I don't think selling a lead system as a comment was necessary because posted a blog about doing BPO's. Thanks for your comment, but next time, please comment something constructive.

NOV

2008

Congratulations! I have just started on the BPO and REO path and can't wait until I get the first listing!!!

Lesley-That's awesome! Do great work and be patient!

JAN

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.

Sounds like the entry above doesn't use or no how to operate systems. Bpo's are worth it if you can set up a effective operation.

Congratulations, but as the person that didn't leave his name talks about its not just doing BPO's but Doing BPO's from companies that also do REO's

JAN

No name poster- My feeling is that, during the housing bubble, agents got complacent and wrote deals that were fairly easy. Nowadays, when agents have to go and work hard for their money, they complain. Heck, I know lots of agents that we out of business because of this hard work. If you do traditional work, it's should still be work. I do BPO and REO work, it's hard work and it's rewarding to see it pay off.

Thomas - I agree, there are certain protocols I go through when doing BPO's. It makes my work more efficient.

Andrew- I do BPO's for REO's as well as for BPO mills. The BPO mills keeps me sharp in the market place.

MAR

Eric,

Are you compensated for doing this advertisement?

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.

APR

I wanted to share this free list of REO asset managers and there website information that I got. I signed up with just about every one of them. Now in less than three months I have plenty of BPO's and two REO listings, one of which is already in contract. Just do what ever you can to get started and be patient. Good luck.

Company	Link
Accredited	http://www.accredhome.com/
Assetlink	http://www.assetlinklp.com/
Atlas	http://www.atlasreo.com/index.html
Aurora	www.res.net
AVM	http://www.assetval.com/
Badisso	http://badisso.com/
Bankers Assest Management	http://www.bankersassetmanagement.com/
Bank of America	http://reointelligence.com/uploads/bank_of_america.pdf
Bayview	http://www.bayviewfinancial.com/
Brighton Real Estate	www.brightonreo.com
CalReo	www.calreo.com
(CMS) Carrington	www.carringtonms.com
Chrisley	http://www.chrisleyam.com/
Citi Financial	https://oms.citiresidentiallend.com/oms/jsp/login.jsp
Countrywide	http://my.countrywide.com/BizPartners.aspx
Electronic Mortgage Corp. (EMC)	https://www.emcmortgagecorp.com/EMCMORTGAGE/
Equity Pointe	http://www.equitypointe.com/
ETC REO	http://www.etcreo.com/
Executive	http://www.executiveam.com/general/registration.cfm?ContentItemID=Registration
Fannie Mae	https://www.efanniemae.com/is/npdcvendors/index.jsp
Fidelity (LPS)	http://www.fidelityasap.com/registration.aspx
First American	http://www.firstamreo.com/application.asp
First Preston	http://www.firstpreston.com/re_broker_registration.asp
AHMSI (First Option)	https://ahmsi3.com/servicing/home.asp
406 Partners	www.406partners.com
GMAC	REOTRANS.COM
Green River Capital	http://www.riocentral.com/prospectivebroker.aspx
Group Financial	http://www.grpcapital.com/contact/index.html
Goodman Dean	http://www.goodmandean.com/
HSBC	http://www.reotrans.com
Home Eq	http://www.homeq.com/reo/reoProperties.do
Integrated Asset Services IAS	http://www.iasreo.com/workwithus.aspx
Indymac	http://reo.indymacbank.com/reo.ext/presentation/BrokerApplication.aspx
Land America	http://www.lendersreo.com/application.aspx
Lighthouse Real Estate Solutions	https://extranet.lrescorp.com/vreg/index.cfm
Litton Loan Servicing	https://www.littonreo.com/litton/DesktopDefault.aspx
Loan Servicing Solutions (LSS)	14
Keystone	https://www.keystonebest.com/agent_login/agent_login.asp
MDWEBB	http://www.mdwebbinc.com/contactUs.aspx
Nationstar Mortgage	https://www.nationstarmtg.com/Realtors/RealtorApplication_Step1.aspx
Metro Pacific REO	http://www.depotpoint.com/news/?p=126
National City	http://www.nationalcitymortgage.com/
Nations Reo	http://www.nationsreo.com/brokers.cfm
National Default NDS	http://www.defaultservicingllc.com/become_broker3.htm
New Vista	http://www.newvistareo.com/app.php
NPR Capital	http://www.nprcapital.com/
NREOB	http://www.nreob.com/Public/Registration/Broker/RegistrationAgreement.aspx
Ocwen	http://www.ocwenbusiness.com/bs_loanservicing_res_bi.cfm
Old Republic	http://www.oldrepublicdefault.com/Default.aspx
Olympus	http://www.olympusasset.com/agent/agentdata.php
Owen REO	http://owenreollc.com/index.asp
Phoenix	http://www.assetonemg.com/Website/coprofile.htm
Premiere Asset Services (PAS)	http://www.pasreo.com
PMH Financial	http://www.pmhfinancial.com/Registration.htm
PNC	http://www.realtyservices.pnc.com/
Premiere REO	http://www.premierebpo.com/premweb/Home/ContactUs.aspx
Real Estate Disposition Corp. (REDC)	http://www.redcgroup.com/index.html
Reo Experts	http://www.reoexperts.net
REO World	http://www.reoworld.com/
REO Financial Asset Services	http://www.reofas.com/
Single Source Property Solutions	https://www.reotrans.com/index.cfm?
SNSC	http://www.snsc.com/ReoPropertiesBroker.aspx
Sun Trust	http://suntrust.res.net/
Tactical REO	https://www.disposolutions.com/clientlogins/dst/default.aspx
US Bank	http://www.usbank.com/
USRES	http://www.usres.com/vendors/real-estate-brokers/
Wachovia	http://reo.wachovia.com/wbreosubscription.aspx
Washington Mutual	http://www.wamuproperties.com/
Wilshire	https://www.wcc.ml.com/Homes.aspx

APR

Wow, thanks for the list!

JUL

I dont' see anyone writing about reodirectpartners.com, therefore I don't know if your comment has any merit at all.

JUL

John - I checked out REO DIRECT PARTNERS's website and I cannot validate any information you have posted here. - In addition, I dont even see them on the original list provided here.

SEP

Good lord I really hate spammers!

To the people I deleted, please post constructive comments, not advertisement or spam. Thanks...

NOV

HI, THIS IS MY FIRST DAY LOOKING IN TO THE BPO BUSINESS. I HAS BEEN 8 YEAR IN R E. HOW CAN I GET STARTED IN B P O. FOUND ACOMPANYTHAT WANT TO CHARGE 197.3 FEE FOR A LIST.

THANKS

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