I was contacted by Altisource/Ocwen some time ago as they needed more REO brokers for an increase in listings (I see they are now getting the properties I used to get from power REO) however the only requests I get are for bpos for $40.00 minus $1 for using the website! I did 1 but found it took far too long as they want previous history on ALL comps. Obviously some brokers are doing these. Just wondering how long it takes to do a report as it seems a lot of work for the fee to me. Also no listings todate. Valuation vision lite orders are also too time consuming for the fee, and main street property inspections for $20 are not worth doing either as they are more involved than just uploading photos and making comments on condition etc. LPS are also adding extra requirements for uploading mls sheets which is time consuming but no increase in fee. Thoughts?
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if you give your broker 20% you are crazy....
I agree you do have to be crazy.
I don't see how a BPO for $40 is worth any agents time. I always request a fee negotiation and sometimes get it. If they decline my fee I just move on. My very minimum fee is $90.
Maggie Arnold
Neil, I am in complete agreement. The time it takes to do these 'appraisals' for $40 - $1.00 = $39.00 is nuts. Previously, I did a ton of work for Ocwen so the BPO fee was meaningless. Now, they have gone to this crazy system where one broker for the entire state lists and sells all properties. I've shown those properties recently, filled with excessive personal property, smelling beyond description due to dead animals in the crawl spaces, and completely unsecured! If agents would start saying no to low paying jobs we would all be better off. Unfortunately, there is always somebody willing to give away the farm.
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The old Mainstreet (forget the new name) and Proteck both have a book to fill out. Not sure it justify having that many photos to upload, mls, and county records. I think their inspection rpt pays $10 (not a typo ten bucks) and they ask question what the estimated value will be....
Apparently there are enough agents hungry and orders will disappear quickly.
These hungry agents are losing money, and hurting our industry. It's been said 100X, just say no to Mainstreet and all other BPO companies that offer similar fees. If they can't do us a favor, leave the business. There are a lot of fast food businesses that pay more hourly.
I stopped doing BPO's when I saw fees going down and asking for more than 1 page. So I say 2 page max, minimum fee $100 3 days to complete. Forget this 24 hr rush, 3 pages, $35 , that's total craziness. 10-4
ALTISOURCE/OCWEN????? RUN FOREST, RUN!!! I discount ALL of my valuations by 20% whenever these guys are involved. Banks will figure this out once they realize they are getting what they pay for. VA fired 'em, what does that tell ya?
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