Financial Asset Services, Inc

FAS now requires agents to pay a fee for BPO and REO.  Anyone doing business with these guys.  I'm like everyone else...I hate spending money when I don't have to.  I've never done any business with them but BPOs and that business really doesn't justify paying a fee.

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  • Appreciate the advice Willy. I do 15-20 BPOs per week for various accounts, and yes I get paid.  I regularly close 40-50 transactions each year with 75% of those being REO.  I'm a firm believer in running the numbers and don't do anything that I can't make a dollar on.  Thanks again.  Bob

    • You know, we can beat that dead horse about what we will do Bpo's for and what we won't and I'm truly VERY vocal about it......but I will NOT lower my fees and that's that, and for those that won't listen to what we're trying to make you understand that taking the lower fees don't get you ANYWHERE...I understand, you have to make a living too and I hope you survive for another year,,,,,,BUT on the positive side since SLS and NREIS went under I do have more time to do other listings and marketing.....but on the positive side,I will not give up BPO's because they do help me keep up on what the market is doing ALL over and since I'm licensed in two states that really helps ! I can usually jump right in for ANY area and feel confident because of the exposure.

      I just want to add, like I try to do all the time.....thank you for all the education I get from this Blog.....keep up the good work everybody!

  • Thanks Willy.  I've handled BPO and REO business for 25 years.  Long before most agents even knew what the term REO meant.  And yes, like you I remember the $50 minimum fee.  Most of my BPO clients are paying $40-45 per report.  Anything less than that I turn down.  Thanks again for the response.

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