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Working REOs / BPOs--The REAL STORY!!!

By
Mortgage and Lending with Oregon Real Estate Broker

This is going to be long but there isnt any way around it. I could sell all this info with the contact info but love to share.

Everyone and their brother , daughter, cat, and parakeet are trying to get REO listings and do BPOs for side cash. Here is my experience after paying for a 'real estate school' making claims and charging a lot of money.

Almost all of the contact information given to me was out dated or a dead end. And, ladies and gentlemen, TIMES HAVE RAPIDLY CHANGED! One can no longer haunt all the asset managers in the lenders and servicers of dead lenders. Everything is going through portals. Portals are popping up like nobodies business too. Another heretofore overlooked and/or unnecesary industry that has come into its own and is now SATURATED as all new 'grass is greener' opportunities do.

Frustrated, I started asking questions that were never answered and I was actually called a 'troublemaker'.

Here for you all is my take on the REO/BPO market and how Ive found what I needed to REALLY make money.

1. The search engines are your friends.

2. Sites like Activerain are your friends.

3. The phone is very much your friend.

Of course one must know who to call and what questions to ask but its all simple. With a few exceptions, a signup with a portal is required. It used to be easier to gain access to the rare and mystical asset managers but not nearly as easy now.

Use google, dogpile, etc to search for BPO companies BPO outlets, Asset Preservation companies, reo companies, etc etc etc.  You will fall prey to some that LOOK like reo/bpo companies but they are not. They are simply great fish lines looking to hook your information to sell or to then try and charge you for the 'rest of the story' after youve wasted time filling out all your company info.

Reoassigment.com is one of those.  Reobrokerswanted is another info site.

There are now more PAY TO JOIN sites than there were before. Why? Its a goldmine! Thousand of drooling, hungry real estate people trying to survive. Some sites have actually closed the doors and are not taking more vendors (brokers) but many are watching the money come in from the hopefulls! Here is a partial list of PAY reo/bpo sites

Agentbpos.com 
Startbpos.com 
Camreo.com 
Reotrans.com     
Here is a BPO ORGANIZATION  www.Nabpop.com you pay to join and can be certified. 
www.nationalreoassetmanagement.com  Another mix/match info site.
I am registered on 27 sites and only about 5 give REO listings. One large site will not pay you for BPOs, but promises that you get listings after so many approved bpos.
Another limits you to taking 3 bpos at a time than lets you have more.
How does one get a BPO after signup?  Its all different. Some companies call you. Some email you. SOme post it only for you but most just
post it to EVERY signed up broker in that zip code and the quickest mouse finger gets it. Its like sniping on ebay!
Frustrating too.  With most of these sites, you can become PREFERRED after finishing so many BPOs. I suggest calling the contact people quite
a few times to start a relationship.
Ive not used a PAY site yet but have some feedback that some are well worth the money.
I am getting BPOs in bunches of 3 to 5 a day at $45 per with $65 once in a while. That reminds me---they are paying less for them now
Why? Demand! There are starving agents who would probably do them for 20 bucks. I figure after fuel cost and drive time, I spend about 1.5 hours on each BPO. Its works out to
about $17 an hour. Is this worth it? Mebbe. If one is broke its well worth it. The 'schools' fill your head
with visions of all these listings you could get thats VERY hard to do. Sure, I know some real estate people who got into a back door in some copany and have gobs of listings but generally thats rare
since the biggy lenders are also consolidating their asset departments and using portals or large real estate companies already connected.
I was awakened to this after trying the 'inside' numbers given to me by the school for severl lenders including Ocwen, Chase, etc.
I finally found one site that made me preferred instantly and got a $65er the same day. They dont have much in my area though.
Another gave me three and said after only three more I could apply to be preferred.
TIP: DO EM FAST.
TIP 2: DO EM FAST
TIP3: DO EM FAST!
They score you on speed, accuracy, etc. They love fast service.
The companies have different criteria. They have different forms. Some want comps bracketed, others dont. I will come back and a lot more here as this is read.
I'll leave you with this---most of us SHOULDNT be doing BPOs. Ive had several appraisal buddies look at what Im doing and
they just shook their heads. How many of you know all about adjusting properties? What price per foot do you use on the dwelling? The land? on and on. We are shooting in the dark and most of the asset companies are
letting garbage slide by. Ive only had ONR reviewed and asked for a different comp
More later. Marvin
Anonymous
Marvin Von Renchler

UPDATE  The BPO industry has changed a lot. Many companies prefessing to be BPO portals are just there to grab money from you in the form of signup fees and dues. Truth is the majority of BPOS are from only a handful of companies.

BPOs are changing. There will be far more desk review type jobs that pay less. We are about to go into a huge foreclosure trend again. We have a year or so of heavy BPO work then it will taper WAY off. Make hay while the sun shines.

Mar 03, 2011 08:07 AM
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