I'VE BEEN DOING A LOT OF BPO'S FOR A FEW MAJOR ASSET MANAGERS.
HOW LONG DOES IT TAKE TO START GETTING THE REO LISTING ?
I SEE SOME PROPERTIES COME ON THE MARKET WITH ANOTHER AGENT OR SOME THAT ALREADY ARE ASSIGNED WITH ANOTHER AGENT BUT THEY DON'T HAVE A VALUE YET SO THAT IT WHERE I COME IN WITH MY BPO ? I HAVE SEEN THOSE GO ON THE MARKET AT EXACTLY THE VALUE I SUBMITED. SOMETIMES I SEE THE SAME AGENT LISTING IN A VERY WIDE AREA .... OVER 40 MILES AWAY.
DOES ANYONE HAVE AN EXPERIENCE TO SHARE ?
Elena, I'll be checking back to see what comments you get. This is my experience: I received an email (from a company that cleaned out and secured a home) letting me know what the lockbox code was. I thought, oh, how nice of this agent to let me know about a foreclosure. NO, he called me to say 'You're the listing agent'. Hello, this is the first I've heard of this property!
I finally got in touch with the REO dept, they sent me an email asking if I'd like to list the property and get the BPO in ASAP. So, within four hours, I'd taken photo's did my market analysis and sent it in. Haven't heard a word back, but the agent said they were swamped and it would be weeks before the property would be ready for listing. Has THAT happened to anyone else?
Elena, I was you a few months ago, and I got my answer, email me and I will tell you what you need to do. Someone was nice enough to do the same for me, so I am paying it forward...
Konnie
Elena, I was you a few months ago, and I got my answer, email me and I will tell you what you need to do. Someone was nice enough to do the same for me, so I am paying it forward...
Konnie
Make sure you are doing BPOs for a company that can assign REOs some BPO company's have no control over the assignment of the REO.
I was doing BPOs and found that my business suffered greatly from not sticking with what I was doing. The State Board forbid agents doing them this year and im selling the heck out of the down market, best 4 months I ever had!
Depends on where you're looking, but now isn't the time to crack the REO market. You needed to pay your dues before this market.
Cameron Novak, Broker
The Homefinding CenterTM
Corona, California
Corona Real Estate Agents
Elena, the REO market has been watched for years from those that were ready. There are three to five agents that I look for in different market areas that sell REO's. Anyone else, I know that they are dealing with the scraps.
I do keep an eye on it, though as I don't want to let my confidence make me the fool in the end. Good luck! email me with what you get so I can help my clients in the pre-marketing phase.
Debie, that is a bad sign. The cleaning companies don't refer the listings. I would try to find out if that house was already sold to an investor . sometimes they do that . they wold get an offer in and need a quick BPO to make sure the value is close to the offer.
Mark, The problem is I see these agents listing from Scottsdale to Avondale. Sometimes they go in a certain area and they list way too low messing up entire neighborhoods. I have no problem with them listing but I think they should stick to a certain area that they have a solid background on before the boom and bust. Another thing is that ( before 2007) I have never heard of these agents. ( never seen thier name on a listing sign )
Cameron, I have been a real estate agent for over 8 years. Some of the agent that sell these REO's I have never heard of before so that comes to tell me that they did not pay their dues. I also see a lot of what I think is still fraud but on the other end .... I can't tell you here but I know is not good.
Eric, Good point . One company told me my name and contact appears at the top of every report , they don't assign the listing but the lender can see the name on the report and can contact me.
Elena, when I see REO's from some agents like Scott Gibson with RE/MAX, I know that the property will be done right. There are other agents that are dealing with the scraps that the real players don't want. I've seen your diligent effort to learn and contribute. It may just be a matter of time before you pop into the REO market. You can do it so stick to your guns but as Larry said, don't forsake your bread and butter. Also, Cameron's point is true. These REO listers have been around for ages. We just didn't have a ton of REO's. Even so, stay positive and move your goals forward.
Ellena you said: "Some of the agent that sell these REO's I have never heard of before so that comes to tell me that they did not pay their dues. I also see a lot of what I think is still fraud but on the other end"
Same here and lots of it! I have many stories to tell but frankly---I'm just sick of the whole thing. The only dues they are paying is to those "so-called-asset management" companies!
But, I know that there will be enough pie to go around--as soon as some of these "mega" reo listing brokers--burn out!
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