I recently joined this BPO/REO company. I have gotten bombarded with BPO's that they want done for no payment but promise listings. They come back after I send a BPO and challenge a prior BPO. I get the feeling I am just providing a 2nd opinion?If anyone can share their experience I would greatly appreciate it!Leslie Hansen, BrokerMoving Jacksonville Real Estate
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I guess I'm the lucky one. I only did 1 BPO for USRES and received a REO listing the following month. In the meantime, I have completed 7 additional BPOs for them. Hopefully more listings are to come. The only issue I have is with their reimbursement policy. I have definitely learned a few lessons.
I did 12 free bpos for USRes with great reviews. I was told that the work was great and I put a lot of time into each one, researched any additional info about the area, etc. I know my values were right on. I was also given the line about being up for listings, etc.
I received bpos from USRes regularly until September. At that time, I performed a bpo and had it come back (the first one ever questioned). I explained my values in great detail (went over each comp used and why it was the best, condition of the property, run down apartment building across the street, neighbor with their "livingroom" on the front porch, etc) They came back saying that my value was too high and sent me the previous bpo that had been done 6 months previous. This bpo was incredibly messed up - the agent used foreclosures (even though they specifically instruct you not to) that had closed well past the allowable comp period but were then relisted as flips. However the agent used the foreclosure sale price (again, outside of allowable time frame) but used the sale date from the flipped sale. Several other comps were short sales even though there were non-distressed sales available which is what I had been requested to use. Anyway, to make a long story short, I spent hours detailing all of this and explaining the value. I did this while caring for a family member in the hospital who was seriously ill because I really hoped for future business from USRes. I haven't heard from them since.
I joined Res.net back in September, I have been patiently waiting for any type of assignments. We are swamped with Agents in my part of the country. Any suggestions?
I had also thought the same thing. I had done about 6 free BPO's for USRES and all of a sudden got 7 new ones. I googled "USRES and free bpo's" and ended up in this forum, (where I am an admin!), and found that that they do give listings and the magic # was 15 free BPO's. Long story, short, I received a listing after 6 BPO's and have had 3 more since! Hang in there and be nice to the BPO assigners, they have a lot more say than one might think!
Leslie Hansen > Jen McDonaldNovember 23, 2009 at 4:07am
Thanks Jen, I have been optimistic and treating the mitigators "very" well. I am over 15 now with no listings yet. I was told by one lf them that I was up in line for the next listing that came to my area. I have also reviewed all the completed BPO's and none of them have been listed. I guess it may have a lot for the timing of what becomes available.
I did one BPO for them and got a listing. I heard they can take anywhere from 10 to 15 listings before giving you one.
Leslie Hansen > Janine ElkhouryOctober 16, 2009 at 7:57am
Hi Janine,
Thanks for your input, that is incouraging! All of our BPO's have been very challenging. From older homes in unique neighborhoods to waterfront where sales are almost non-existant. I think we have hung in and provided all the right answers........so I will remain optimistic!
I usually do between 10 to 20 BPO's for them and I have receive one listing every month, their listings are usually good, and now I also do paid BPO's for them too, and they are good paying those.
Replies
I guess I'm the lucky one. I only did 1 BPO for USRES and received a REO listing the following month. In the meantime, I have completed 7 additional BPOs for them. Hopefully more listings are to come. The only issue I have is with their reimbursement policy. I have definitely learned a few lessons.
Good Luck!
I received bpos from USRes regularly until September. At that time, I performed a bpo and had it come back (the first one ever questioned). I explained my values in great detail (went over each comp used and why it was the best, condition of the property, run down apartment building across the street, neighbor with their "livingroom" on the front porch, etc) They came back saying that my value was too high and sent me the previous bpo that had been done 6 months previous. This bpo was incredibly messed up - the agent used foreclosures (even though they specifically instruct you not to) that had closed well past the allowable comp period but were then relisted as flips. However the agent used the foreclosure sale price (again, outside of allowable time frame) but used the sale date from the flipped sale. Several other comps were short sales even though there were non-distressed sales available which is what I had been requested to use. Anyway, to make a long story short, I spent hours detailing all of this and explaining the value. I did this while caring for a family member in the hospital who was seriously ill because I really hoped for future business from USRes. I haven't heard from them since.
I had also thought the same thing. I had done about 6 free BPO's for USRES and all of a sudden got 7 new ones. I googled "USRES and free bpo's" and ended up in this forum, (where I am an admin!), and found that that they do give listings and the magic # was 15 free BPO's. Long story, short, I received a listing after 6 BPO's and have had 3 more since! Hang in there and be nice to the BPO assigners, they have a lot more say than one might think!
I did one BPO for them and got a listing. I heard they can take anywhere from 10 to 15 listings before giving you one.
Thanks for your input, that is incouraging! All of our BPO's have been very challenging. From older homes in unique neighborhoods to waterfront where sales are almost non-existant. I think we have hung in and provided all the right answers........so I will remain optimistic!
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