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.
FEEL FREE TO E MAIL ME IF YOU ARE SERIOUS
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.
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.
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.
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.
PS: Check out http://www.LearnToListREO.com
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.
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.
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...