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How To... in Fishers : Real Estate Advice

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Activity 2
Khervey, Home Buyer in Fishers, IN
Sun Aug 30, 2015
Khervey asked:
David Hale,  in Renton, WA
Sat Oct 2, 2010
David Hale answered:
Hi John,

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 but they will never send me (or anyone else) an REO listing. They will, however, 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 have done a lot of work for. 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. 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!

Dave

PS: Check out www.LearnToListREO.com for a list of BPO company contact information.
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