I could write a book here. In fact, I just spent 30 minutes answering then deleted it by mistake with an incorrect key hit!! Grrr.
I'll nut shell it.
One used to get REOs from doing BPOs and contacting asset managers. Long story short---you dont now.
Lenders give Reos to big well financed brokers who can pay OUT OF POCKET for the electricity, re-keying, gardening, cah for keys etc until re imbursed.
There are dozens of BPO companies out there but only a FEW really have the business. Many are SCAMS, especially those requiring paid membership! They claim to put you in front of asset managers.Its a total load of crap, people.
I do BPOs all day long, every day. Have been for almost 3 years. I receive as many as 12 a day. Sometimes its easy and sometimes I have to go like a banshee mrom sunup to sundown without even eating. You are TIMED ON THESE THINGS.
There are many tricks and practices to do them within time frame and receive more. It took me two years to have Fannie Mae tell my main BPO company that they preferred my work, which insured me a larger number of BPOs and at a higher fee.
Some BPO companies are only good for orders from a limited area. You may waste time signing up with 50 and receive orders from three.
You must know how appraisers use ADJUSTMENTS. Go to http://www.nabpop.org
for lessons. Most of the BPO companies also give training.
Dont get starry eyed over designations either. They are usually just fluff and not really recognized by the BPO companies.
Regarding what Wendy said below---she is correct. You NEVER EVER need to pay for BPO company lists. All of them are in the net. A few searches will do it. Keep in mind everyone and their brother and llama are after spare money and signing up with the portals. If you manage to get some orders, you have to SHINE to get more. Jeeze---the more I say here, the more I want to say and really could go on for many pages.
If you want to work REO---get in with a big brokerage that has a lot of them and rotates them mto its agents. Except for maybe shmoozing some little S&L or credit union, you wont get them on your own.
How much will you make doing BPOs? They average about $42 for a driveby and $60 for an interior. The interiors pay more but OMG are they a pain. Main pain is trying to get an appointment to get in. Remember again you are TIMED and even if the owner or real estate agent isnt around to let you in, you lose points.
How much can you make? Depending on how many homes are in your area, density, how good the comps are, etc. A reasonable amount is $1,700 a month. Starting out it will be a few hundred. If you learn quickly and do good work, About $2,200 to $3,000 is possible but with a LOT of driving. I know a guy making $10,000 a month but he cheats and uses a lot of help, clearing about 6,000 after paying out 4,000.
Sorry If Ive repeated myself or have typos, its late where I am and Im tired.
SHARON, I gave you a thumbs up, by the way. It would be fun to share BPO horror stories. Ive actually been shot at, and Im typing badly rightnow because a guy had his dog attack me and bit off my fingertip.
FINAL thoughts---dont p[ay for anything. You can gett all the info you want for free. This post started my juices floweing and Im goingto start a blog series on BPOs for all Trulia agents.