NO FEE BPO'S #@!%#&

By
Real Estate Broker/Owner with Southeast Realty Group

What the HECK!!! Has anyone out there been contacted by these BPO companies that want you to do BPO's for FREE!!!!! Are they out of there minds? USRES is the worst. They will try to convince you that if you do this FREE BPO for them then you will be the first one in line for the listing..if it ever goes into a listing. FAT CHANCE of that happening. Most of the BPO's that they are doing are for short sales and if the property does go into foreclosure and gets listed then it will more than likely be transferred to another servicing company if the bank doesn't handle it themselves.

Are you aware that these companies are still making money off of the FREE BPO that you are doing for them? Only now they are getting 100% of the fee that is coming to them for it.  I told their rep that I would only do a free BPO for them if they already had the authority to list it and could verify in writing to me that I was going to be receiving the listing. Of course, that was not possible since none of the properties that they are doing BPO's on are actually under their control and they have no authority to list them. What a racket!!!!

If you refuse to do them for free then you can be categorized as a paid agent and not be eligible for the listings.. Whoopeee!!!! Frankly, the $75 fee that they would pay you for the BPO is not really worth it to me. There are a few companies out there that are genuine and when you do a BPO for them you have a very good chance of getting the listing but they are few and far between. I have had agents in my office do BPO's for these free companies before only to see the listing go to some other agent in another County. BULL!#!#$%!!!! 

Be sure to ask when you are contacted by one of these companies to this FREE service for them what the status of the loan is and if it is a BPO for a short sale or for a foreclosure. If they want tell you then RUN as fast as you can. They are having you do this FREE service for them with absolutely no benefit to you. And belive me when I tell you that they are going to try and smooth talk you into doing this for them...it is very adventagious to them for you to do all the work for them for FREE.

My strong recommendation...NEVER do a free BPO. NEVER!!! If we will all stick together on this then we can change the way this corrupt system is now running and maybe make it work for us..the REAL Real Estate Professionals.

Comments (9)

Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Oh yes....I did get that phone call. I laughed at them...so don't think I'll get a return call.

Apr 17, 2009 02:41 AM
Luke Constantino
Brooklyn/Manhattan Real Estate - Brooklyn, NY
Residential/Commercial Real Estate Brooklyn NY

Free? What? I don't know this word. Neither does the professional skills and career I have chosen!

Apr 17, 2009 02:41 AM
Buzz Stanko
Real Estate One Blue Water - Port Huron, MI

I will not do free BPO"s. The time spent doing the BPO is time I use reconnecting to past clients. I simple tell ask the bank, do you work for free?.....

Apr 17, 2009 02:42 AM
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert

Sounds like a waste of time. I dont do BPOs anyway. But would not do it for free.

Apr 17, 2009 02:52 AM
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

To quote my wonderful husband, "Tell them you are running a business, and not a non-profit organization." I've wanted to use that line a lot lately.

Apr 17, 2009 02:59 AM
Cindy Oglesby
Southeast Realty Group - Macclenny, FL

Thanks for the responses. It is nice to know that I am not the only one offended by these ridiculous requests. What are these companies thinking??? I love Melissa's response of not running a non-profit business. Think I might use that one next time I get a call from these companies. LOL

Apr 17, 2009 03:42 AM
Chris Oliver
Century 21, Preferred Properties - Reynolds Plantation, GA

I have done a couple for USRES because I actually got a couple of listings from them but only one was marketable and I sold it. I have declined a few too and I just love the guilt trip they try to lay on you about that as if declining means you absolutely will miss the best listing in the world. NOT. Many other bpo companies have started to reduce their payments too. I think they are all preying on realtors who have no business and are desperatly seeking some action. I'm not that desperate and I really love when they broadcast a cheapie and they have to call five days latter and ask you to do it because the newbie that jumped on it didn't produce. The price always goes up then. Unfortunately, this is the same way many banks - you know, those federal money recipients - are handling their loan mods and refis. They have spun off additional asset management companies to siphon off monies and show profits for these units even though the lienholder shows a whopping loss on the loan. By the time the property is sold, there's nothing left. Loan mods are going through the motions and why bother to refi someone and lose 2% of interest on the loan.

Apr 17, 2009 03:46 AM
John Conca
CENTURY 21 Select Real Estate - Placerville, CA
Century 21 Select Real Estate

Yeah Cindy,

You go girl, I do BPO's in my area for anywhere between $45 and $70 and it is barely worth my time but a guys gotta eat.  I have gotten a couple of listings from the companies that have actually given me BPO's but I have yet to find any rhyme or reason to it.  Perhaps it is just luck of the draw.

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.  Perhaps someone could use it.  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 21, 2009 11:14 AM
Ginger Harper
Coldwell Banker Sea Coast Advantage~ Ginger Harper Real Estate Team - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

No BPO Fees.  How do they expect up to eat?

Ginger

Apr 24, 2009 08:38 AM