BPOs = REOs Myth "?"

By
Real Estate Broker/Owner with Liberty House Realty LLC

Ok, now that I have your attention, let me share some valuable insight into the BPO = REO myth.

Not every BPO gives you the opportunity to get the REO. Truth is, it rarely does. To understand this, you need to understand the BPO process. BPO's are generally ordered after an offer has been submitted on a REO or Short Sale. That's right, after the offer so, obviously you have no chance of getting that property as a REO.

So, some argue that the BPOs get your name in front of the Asset Manager....ok, yeah it does but, how many people do you think your are competing with to get the attention of the Asset Manager by using their BPOs? Not the best way to get their attention, if you ask me.

Lastly, BPOs give you invaluable experience that REO Asset Managers require. Now this is actually very true. Most of the time, if you are lucky enough to get an interview with an Asset Manager, one of the first question you'll get is, how many BPOs do you do? This is because it tells the Asset Manager how active you are in a particular area and therefore, sheds some light on just how much "experience" you have in evaluating Fair Market Value.

Oh, I almost forgot, those pesky little Default Designations / Certifications. So do they offer anything for you....well, mostly not. Unless the Designation / Certification training is offered directly by a lender or the lenders exclusive REO outsourcer. So, that is why on our home page, you will only find an exclusive handful of designations / certification and professional membership organizations that are vouched for by our REOPro Members. So, be very careful when buying that certification / designation because, it may not do a damn thing for ya. So that reminds me, here is a great blog of mine you might want to read over, "REO Designations, what is your opinion on them, are they worth it? And REO Schemes you should watch out for.

So, how do you get that elusive REO? Well, I am going to reference one of the very first blogs I ever did here on REOPro, follow this link to learn more, How to start doing your first REO.

Hope this helps out. Good luck

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Rainmaker
368,042
Julie A. Black
KAUAI DREAMS REALTY Kauai Real Property Specialist - Kapaa, HI
CLHMS, CRS, GRI, Realtor, Broker

So true. I'll check out your REO designation post. I have been wondering about all these new designations I see popping up.

 

Feb 03, 2009 10:37 AM #1
Rainer
3,400
Joanne Johnson
West County, MO

Thanks for the informing blog. There are so many new companies /partnerships establishing their own REO "certification/training" programs. It seems as though it is the latest bandwagon to pitch. I have done plenty of BPOs in anticipation of earning my way to REO listings. I can vouch for the reality that although you write a great report & receive an excellent grading score, you will not be assigned the listings.  This is a relationship business just like any other form of real estate. Trying to break into what often seems like the "secret society" of asset management is akin to playing Wolfenstein & seeking the hidden door..... although I did break through all levels in that game many moons ago.  Hmmm, come to think of it @ back then I was spending as much time mulling over that as I find myself perfecting my BPOs.

Feb 03, 2009 03:36 PM #2
Rainmaker
631,874
Joseph D. Federico
Donahue Real Estate Co. - Dedham, MA
Eastern Massachusetts Real Estate

Jesse-Thanks for the info, I will check out your other blogs.

Feb 04, 2009 02:58 PM #3
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Rainer
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Liberty House Realty LLC

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