Hey Ya'll

I just got my brokers license here in Texas and ventured off on my own, at my previous company I acquired distressed homes for a company with majority of them being REOs. Just wanted to see if it still worth trying to get into the REO business? Here in San Antonio there is about 6 agents that pretty much have it all locked down and have been doing them for years. 

Ive signed up for 15 or so valuation companies to start doing BPO's, have only got one assignment emailed to me but was quickly taken by another agent. Please give me your thoughts/advice I would really appreciate it.

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  • It all depends on where you live.  I am in Texas and our BPOs and REO's are drying up.  I get a few REO's  but not many.  Some of the BPO companies pay $15..really?  Not gonna do it.  HUD is drying up as well,  I have been a HUD agent and there are only about 215 HUDs in the entire state.  Our housing costs have drastically increased so no one is really under water any more.  If Dodd-Frank is repealed, who knows what may happen...

  • Study how Alt-Option Arms work.  And the time frames associated with them.

    Alt-Option Arms were used by people who could not possibly afford the homes 

    that they bought in the belief that they could flip them in 6 months for a $100K 

    profit.  These are higher quality homes than the hovels that defined the industry 

    in 2010.  Now these people who were left without a seat when the music stopped 

    (Because in FL we are a judicial state and it takes anywhere for 24-60 months 

    to foreclose) IMHO we are about to see the second wave.  Regular people who 

    bought homes for themselves are finally coming out of being under water.

    The speculators who got loans where the payments were less than the interest 

    per month (yes that means the balance of their loans was increasing each month 

    as the value of the properties tanked are seeing their payments go from $900 per 

    month to $5,000 overnight.  Study the difference between an interest rate resetting 

    and and Alt-Option Arm Recasting.  It will be a REAL eyeopener for a lot of agents.

  • Yes. I was completing a large amount of BPOs every month until mid February and everything just shut down. I been doing these bpos since 2005 and I notice it slows down when there is a change in the White House. I guess the lending industry is waiting and trying to figure out what the new administration is going to do. I remember in 2009, the first few months was crazy slow and just went crazy with BPO or REOs after that.

    • Thanks, that makes sense. We're all holding our breath over that one:0)


  • REO has become more of a pain of late with lower end properties and more demands from asset managers to do the busywork that does not lead to sales. That is worth doing for higher end properties, but not for the ones where you will make $1000 or so for all your work. 

    But keep active, as the REOs will pick up again at some point and you will be ready to go!

  • I've been doing BPOS for around 12 years. It was a nice side business. Just recently I got a shock, Now receiving request with a fee of $15.00. And they dropped from $40 to $35. Are agents taking these? Not only have they stopped auto assigning. So, rare to get them, but the fee is so low, you pay them to work. Does anyone know what's going on?

    Single Source Property Solutions Is the main one I work for.


  • Not many REO listings left in the Seattle area but they will be coming back with a vengeance in 5-6 years!

    • Bite the bullet again, can you wait for 5-6 more years? Focus on REO listings, it's less stressful. Cheers and good luck.

      • Homes values are so out of control in Western Washington that people that were underwater 4-5 years ago now have $100,000 in equity.

        I just checked the NWMLS and there are currently 41 REO listings in King County out of 1449 total listings.  Snohomish County also has 41 REO listings, interesting?, out of 735 active listings.  

        Will become a REO agent before the next crash! 

        • I am generating good income, yes. I average $4,000 per month doing BPO's.

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