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Mini Muzquiz,  in San Diego, CA

Anyone know how to get REO & BPO's?

Asked by Mini Muzquiz, San Diego, CA Fri May 16, 2008

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Mini,
Here is a list of places to find BPO providers. http://www.google.com/search?client=firefox-a&rls=org.mo…

Most BPO companies use online requests and agents submit BPO's online for acceptance. This is one foot in the door for REO accounts since you will be communicating with REO asset managers / Loss Mitigators. I have the Lane guide available for you to look at at our office in Mission Valley. You can copy information on the companies you are interested in. The Lane Guide is also available online (it is not free however) at http://www.laneguide.com/
Tony is correct that it can take persistence to become an REO agent. BPO work is easier to get, however, you won't get paid much for the work you will have to do. The experience and possible bank connections are probably worth the effort if you really want this type of work.
3 votes Thank Flag Link Fri May 16, 2008
START WITH THE LANE GUIDE. IDENTIFY REO DEPEARTMENTS FOR THE DIFFERENT LENDERS. SEND THEM A PACKAGE THAT INCLUDES A LETER OF INTORODUCTION DETAILING YOUR EXPERTISE AT MARKETING PROPERTIES. BUILD YOUR RESUME TO REFLECT EXPERIENCE WITH REO'S. CALL LENDERS TO IDENTIFY THEIR ASSET MANAGERS AS THEY ACTUALLY ASIGN THE REO'S. DELIVER PACKAGE IN PERSON IF AT ALL POSSIBLE. IDENTIFY LOCAL SMALLER BANKS AROUND YOU THAT YOU CAN VISIT TO INTRODUCE YOURSELF. JOIN REOMAC AND OTHER ORGANIZATIONS THAT DEAL WITH REO'S. GO ONLINE AND IDENTIFY BPO SERVICE PROVIDERWS AND GET ON THEIR LIST. IT TAKES TIME, EFFORT, ENERGY AND A LITTLE LICK. BUT IT IS POSSIBLE. I HAVE TRAINED AGENTS ON HOW TO DO SO. FEEL FREE TO E-MAIL ME AT: vonwymar@aol.com
FEEL FREE TO E MAIL ME IF YOU ARE SERIOUS
3 votes Thank Flag Link Fri May 16, 2008
If you want to become an REO agent, one suggestion (what we did) is to hook up with a BofA lender and get him/her to help you become a REO agent. We get REO listings now but it's a lot of work. You have to do a lot of tasks, pay bills, handle issues that come up from time to time. The commission structure is generally 2.5% for listing side and 3.5% for buyers side. Good luck!
1 vote Thank Flag Link Thu May 19, 2011
Do you really want to work these? The time spent closing these deals and putting up front cash to sell these homes can t be spent better elsewhwere. Fsbo's Expired Sphere of Influence
Web Reference: http://www.Brettnoel.com
1 vote Thank Flag Link Sat May 17, 2008
2 ways to do it it; do what Tony said below..including get on reo trans.com, reomac.com.

The second way is to find an agent through yor brokerage who has reo's. Form a temporary relationship wherein you help them with their reo's. Strike a deal wherein every other REO, you are listed as primary agent. Mnay reo agents are so bogged down they can't return calls, take descent photos etc...some may be open to you working under them for a bit. Then after a year you will have a portfolio of experience wherein you can site to the asset managers and say look, I already have reo's from xyz...I would like more.

Remember; with Reo's you will need to make sure you have some cash flow. You will be putting the utilities in your name. You will get reimbursed, but it may not always be timely. It is more like a property managing. You have to make sure the property is maintained and secure while vacant, pay for utilities and do a lot of administrative work.
My 2 friends are doing a workshop soon on how to get these REO's.One of them is a realtor, the other was in charge of wholesale lending, as well as asset management for two large banks. Email me if you would like infor on that.
Web Reference: http://www.abellre.com
1 vote Thank Flag Link Fri May 16, 2008
REOAssign.com or BPORE.com both sites are owned by the same company and run by Brokers with over 25 years experience, they seem to have the connections with the REO and Asset managers that other sites dont have, since the site is run by former and current Real Estate Brokers.
0 votes Thank Flag Link Wed May 18, 2011
Hello Mini

Here is a Trulia blog link with a long list of BPO companies, and a few REO companies. I also have several blogs on trulia for help doing the BPOs, and how they relate to REOs. No outside websites, everything you need can be found within Trulia.

http://www.trulia.com/blog/kevinolson/2010/09/bpo_company_li…
0 votes Thank Flag Link Sun Sep 26, 2010
Here are two FREE list. NEVER PAY!

http://www.bpoaccess.com/

http://www.bpo-companies.com/
0 votes Thank Flag Link Fri Sep 17, 2010
The best way to get reos and bpos is to get registered with the reoasset firms who handle them and the direct bpo compnies. As a former realtor, I sold many reos and work with a lot of fellow agents who currently list quite a few reo properties. First off, most agents have a mis-concepcion that a bpo will give you a listing, this is not true , in most cases only the bpo company assigns the bpo and and the reo firm assigns the listing. If the bpo company handles reos and bpos then it could lead to a listing. I would also start registering in REO Agent directories, because asset managers use them as another good source to locate reo professionals. One of the best most agents I work with have said is that http://www.reoassignment.com is a good site that asset companies and bpo providers look for agents on. They also have bpo opportunities on there for new agents and also a good reo training course for new agents. Also http://www.reoagentbio.com is another to join that has good resumes of reo agents that asset companies can see. I would also recommend contacting local banks in your area as a start, they won't have many reos but you can land a few by speaking with the manager at the bank who handles the mortgages, that helped me in the beginning of my reo carreer. I leave you with last good tip to get started as I don't want to give you all the secrets, but also contact the lenders at the bank you work and ask for a referrall for the reo division. I have said a earfull and there are about 8 other ways to get reos, but I don't want to give away all of the hard earned secrets.
0 votes Thank Flag Link Sat Mar 13, 2010
Agentsonline.net has a lot of good suggestions.
0 votes Thank Flag Link Wed Apr 1, 2009
Mini,

I have used http://www.lionsgatefn.com/ and recommend them. They have some great training and know how on the REO and Short Sale Industry.

Dawn Lewis
http://www.dawnsellssandiego.com
0 votes Thank Flag Link Wed Jan 21, 2009
Hi Kim,

I pursued 3 types of companies to start listing REOs.

#1 BPO companies.
BPO companies only assign BPOs to Realtors, then they submit your completed report(s) to the investor/bank/lending institution that ordered it. I've completed a lot of BPOs for SummitValuations and they will never send me an REO listing. However, SummitValuations will pass my name along to their client(s) that order BPOs. So if you do consistently good work for BPO companies they forward your name on to the companies that actaully need to assign their REO listings.

#2 REO Companies.
REO companies companies are next. National Default Servicing LLC (NDS) is one that I work with. NDS orders their BPOs through SummitValuations and they assign REO listings to agents that complete BPO work for them and are located near the REO property.

#3 Banks and Lending instituations
This is the third type of company. FannieMae, WellsFargo, B of A and any other institutions that have portfolio loans are examples. Some of these will find agents in their own broker network to complete BPOs and list REOs. Others will contract with a BPO companies to find Realtors to complete their BPOs. It's case by case.

All three are worth pursuing. Completing BPOs is the best path toward gaining credibility in the REO listing world -- and getting your first REO listing.

Good luck!

PS: Check out http://www.LearnToListREO.com
0 votes Thank Flag Link Tue Jan 20, 2009
REO/BPOs is all about building relationships. One good relationship could keep you very busy. I started out talking to other agents in my office. I notice that after the long speeches each one would give about beating the bushes and signing up with every bpo company out their.... they all came back to focusing on building strong relationships with asset managers and lenders. I don't do a large number of bpos right now but each month I consistantly see an increase. This month I only did about 5 bpos, but thats ok, my focus is not on the bpo but on building and milking those relationships. A company that help me out alot was RealNova. They're a global real estate referral company who also provide bpos to their clients. They always use me for bpos in my area. They have also sent me some pretty good buyers. I ran up on them while looking for a bpo company list and read their bpo section about starting a bpo company. You may want to check them out @ http://www.realnova.com . Good luck and remember there is no one answer to the bpo mystery, but i feel the focus should always stay on building and strengthening your relationships with the lender, BPO companies or company that you've already worked for. I hope this is helpful. Have A Happy Holiday Season!
Web Reference: http://www.realnova.com
0 votes Thank Flag Link Fri Dec 26, 2008
wow! All of these answers are useful and helpful to many agents.Thank you so much for the quesion and the wonderful answers!
0 votes Thank Flag Link Wed Oct 29, 2008
I share Scott's view which is to go to the lender who you have a long term relationship with and see if they are currently assigning REO's. Those banks who have many are obviously Countrywide, IndyMac,Wells Fargo,Wachovia, etc. Your loyalty to them over the years could be rewarded. The folks who are currently marketing REO's are not the BEST agents for the job they just KNOW someone who got them on the approved list!!
0 votes Thank Flag Link Wed Oct 29, 2008
Dont waste your money buying lists of banks. You need to start with the banks you already give loans to through your buyers. You need to do bpos to get listings, there is no magic list or short cut, it is hard work and takes time to build relationships. most banks and assett managers on those lists are not taking any new brokers. Start with who you know, do a good job and you WILL get refferrals to other assett managers.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Oct 29, 2008
Try this list just sign up with many companies
Web Reference: http://bpo4agent.com/
0 votes Thank Flag Link Thu Jul 17, 2008
And, call REO agents in your area that are swamped. Some might be willing to have you help them service some of the listings for a piece of the pie. Or, better yet, maybe they'll refer their buyers to you!
0 votes Thank Flag Link Sun Jun 29, 2008
Mini,
Other thoughts on becoming an REO agent. The Lane Guide has the vast majority of lenders loss mitigation, servicing and reo departments. We have a copy at our office and you are welcome to copy pages for the lenders you might send a resume/marketing plan/video demo/ request too. I have been recommending to some of my clients to submit a video summary of the BPO along with the regular BPO to the lender to stand out from othe contenders. You can see some of the videos I created for marketing and education at http://www.fredeckertgroup.com . You can also go to http://www.youtube.com and put fred eckert in the search box. Then click on 3fredeckert3 to see all 10 videos. If you are working with buyers on REOs, consider looking at all the paperwork form the bank to see possible contacts for leads. I agree that BPOs are lots of work, however, making your BPOs stand out from the crowd may help. I have other ideas if you want them, so call me if you would like to discuss them.
0 votes Thank Flag Link Tue Jun 24, 2008
I am part time real estate broker in SF bay area. I put together list of BPO companies at http://www.garypedia.com/realest/rebpoinf.php
0 votes Thank Flag Link Tue Jun 24, 2008
We have all these "Celeb" lookalikes on trulia! Mimi above looks like a young Marie Osmond and I swear Brett Noel looks like Al Gore!!
0 votes Thank Flag Link Wed Jun 4, 2008
I agree with Brett as far as BPO's.

It used to pay $150 for a drive by. But, all the ones I've seen lately are offering $40 and if finished in 24hrs. an additional $10. I would say to view the property and take the required photos, research the comps and put it all together in their report format is a very poor return for your time and gas. Sure, they hold out the hope of getting the listings...but, don't count on it. I know one broker who has done over 40 bpo's and never been contacted for the listing on anyone.

I would say you would be far better off working the expired listings.
0 votes Thank Flag Link Wed Jun 4, 2008
Mini,
Chicago Title is having a How to Become an REO agent seminar on the 12th of June. It is free, though you can expect some up selling by the vendors presenting. The information is at the link below...
0 votes Thank Flag Link Wed Jun 4, 2008
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