Has anyone performed BPOs for Asset Valuation and Marketing (AVM). I recently received a couple of BPO orders from them but understand they do not lead to listings. I was informed they have sister companies that assign REOs. Does anyone know who these companies are? Thanks!
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I have done AVM since August 2007. In my area, they send out the check once a month at the beginning of the month. You have to be patience with the payment. They have to get pay first before you get your's. I got REOs because of them. They will sent your rating to the REO companies they are working with. In my case, I received 5 REO listings in 2008 from CalREO.com. You do have to sign up with the REO companies and wait. Just do a good job on the BPOs. If they give you 4 days to do it, try do it in 1 or 2 days. They can be your best clients. I received an invitation to their REO training in Colorada. It was a nice event. Met a lot of Realtors.
When I sign up on CalREO.com (my experiences with this company), they send you a password on approval. They have a manual up at the website on how to handle the REO. You do have to be fast in handling the REO which would be:-
1. Occupancy within 24 hours - If vacant, go to number 3.
2. Cash for keys - posting (bring at least 2 which you will download from their website)
3. Re-key all the locks, when vacant - You would need to call the locksmith right away. (I usually ask the locksmith to
unlock one door and I change the locks myself. Just make sure you have access to all locked doors before the
locksmith leaves.)
4 If any personal items left behind, note it down as well as taking photograph of each items. Load up the information up
at the REO website. Also, send a notice to the homeowner, which should get forward to the new address. They have a
timeframe to pick the items up by contacting you.
5. BPO - Photos of all damages, plus repair cost
6. Make sure all the windows are also locked
7. Get 2-3 bids on all the repairs (you would need several contractors on your staff/list that is willing to make a few bids,
and only get one job approved. This is the toughest. Contractor get tired of going to the homes and not getting the
work.)
8. Go to the HOA management company to find out the status on the HOA fees. Report the information and paperwork to
the REO company
9. You do have to have the funds to pay the contractors, if the contractors wants the money in advance. REO companies
pay contractors at close of escrow.
10. You have to check the property once a week for something that came up, such as maintenances, water pipe broke
and break-in.
11. You need funds to support the expenses such as HOAs, utilities, lawn maintenances ... etc.
12. After all is done and said, you get a listing contract to list the home on the MLS. This tells you the bids have not
been approved, and you have to work fast in getting the place all ready for the public. It can be 1 or 2 days before it
goes up the MLS. They want it up within 24 or 48 hours. Copy of the MLS need to be forward to the Asset
Manager. .... Yes, they do repairs. It depends on the owner on record. The owner has to approve it.
13. Submit all bills once a month with a cover sheet of all the statements enclosed. Make at least 3 copies - One for
yourself so you have a record on what got paid.
14. They want all offers submitted to them.
The above is just the basic. The REO company do check your work. They can drop you if they are dissatisfied.
I wanted to update you from my previous post. I just got paid today...approx. 4-5 weeks after the work. It was my first experience with AVM and i have to say...it was pretty good.
Out of the 3 BPO's I got a call back on one which needed clarification because I goof'd something up but, other than that. It was a very good experience. I would most definitely recommend them. Rather, i do recommend them.
AVM is an awesome company. We do 10 to 30 orders for them a week. They do not assign REOs but they control a lot of BPOs. Their sister companies CAL REO and ATPAC REO assign the listings. Also, we have received listings from other companies for BPOs we have done at AVM. Plus they have always paid me and there BPO has an addendum so anything that is funky about the comps or the subject can be clarified really easily. I definitely recommend working for them.
Jesse is right. I did about 20 bpo's for AVM in the last quarter. Although they did eventually pay for all my reports, those bpo's do not lead to any REO's. In fact, a good number of bpo companies have very little authority to assign the property once it is foreclosed by the lender/investor. I actually stopped doing reports for AVM because the amount of work required to complete a report warrants more than just a $45-$60 fee.
This is a good company, they pay once a month usually before the 15th of the month, but if the assignment is done towards the end of the month it will take longer for them to pay, but they will pay. They are easy to work with and I can say one of my best clients, Yes those BPO's will never lead to listings, but the extra cash is good, I actually did a BPO for them a couple of months ago, and an asset company that I do a lot of work for bough that property and I just got the REO assignment yesterday, I am sure it was not because of my BPO.
Karen Ulloa > Jose Rivas (DGRA) CDPE, SFRMay 7, 2009 at 3:06pm
I am new to this forum and just read your post about assetval. They are wonderful. I was invited to attend a training in Phoenix several months ago by them and their sister REO companies -- Don't give up. I just was recommended to atpac and CalReo for REO work by assetval. We'll see what happens, but I am keeping my fingers crossed.
Their forms are easy, but they do expect quality, thorough work.
I have done 3 AVM BPO's and have yet to get paid...it's been about 3 weeks now. I will try to remember to keep you in the loop as to how it goes.
I have never received a REO from them however, most BPO's never lead to REO's in the first place. For a further explaination of what I mean, check out my blog, "BPO’s = REO’s Myth"
BPO’s = REO’s Myth
Ok, now that I have your attention, let me share some valuable insight into the BPO = REO myth.
Not every BPO gives you the opportunity to get the R…
Replies
I have done AVM since August 2007. In my area, they send out the check once a month at the beginning of the month. You have to be patience with the payment. They have to get pay first before you get your's. I got REOs because of them. They will sent your rating to the REO companies they are working with. In my case, I received 5 REO listings in 2008 from CalREO.com. You do have to sign up with the REO companies and wait. Just do a good job on the BPOs. If they give you 4 days to do it, try do it in 1 or 2 days. They can be your best clients. I received an invitation to their REO training in Colorada. It was a nice event. Met a lot of Realtors.
When I sign up on CalREO.com (my experiences with this company), they send you a password on approval. They have a manual up at the website on how to handle the REO. You do have to be fast in handling the REO which would be:-
1. Occupancy within 24 hours - If vacant, go to number 3.
2. Cash for keys - posting (bring at least 2 which you will download from their website)
3. Re-key all the locks, when vacant - You would need to call the locksmith right away. (I usually ask the locksmith to
unlock one door and I change the locks myself. Just make sure you have access to all locked doors before the
locksmith leaves.)
4 If any personal items left behind, note it down as well as taking photograph of each items. Load up the information up
at the REO website. Also, send a notice to the homeowner, which should get forward to the new address. They have a
timeframe to pick the items up by contacting you.
5. BPO - Photos of all damages, plus repair cost
6. Make sure all the windows are also locked
7. Get 2-3 bids on all the repairs (you would need several contractors on your staff/list that is willing to make a few bids,
and only get one job approved. This is the toughest. Contractor get tired of going to the homes and not getting the
work.)
8. Go to the HOA management company to find out the status on the HOA fees. Report the information and paperwork to
the REO company
9. You do have to have the funds to pay the contractors, if the contractors wants the money in advance. REO companies
pay contractors at close of escrow.
10. You have to check the property once a week for something that came up, such as maintenances, water pipe broke
and break-in.
11. You need funds to support the expenses such as HOAs, utilities, lawn maintenances ... etc.
12. After all is done and said, you get a listing contract to list the home on the MLS. This tells you the bids have not
been approved, and you have to work fast in getting the place all ready for the public. It can be 1 or 2 days before it
goes up the MLS. They want it up within 24 or 48 hours. Copy of the MLS need to be forward to the Asset
Manager. .... Yes, they do repairs. It depends on the owner on record. The owner has to approve it.
13. Submit all bills once a month with a cover sheet of all the statements enclosed. Make at least 3 copies - One for
yourself so you have a record on what got paid.
14. They want all offers submitted to them.
The above is just the basic. The REO company do check your work. They can drop you if they are dissatisfied.
Out of the 3 BPO's I got a call back on one which needed clarification because I goof'd something up but, other than that. It was a very good experience. I would most definitely recommend them. Rather, i do recommend them.
Their forms are easy, but they do expect quality, thorough work.
I have never received a REO from them however, most BPO's never lead to REO's in the first place. For a further explaination of what I mean, check out my blog, "BPO’s = REO’s Myth"
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