I went from 0 BPO 0 REO in 2009 to runnning a team that does over 200 BPO's a month and have gotten 62 REO listings Im not selling anything, im sharing information, and would like you too also

Hey guys,

I would really like to start a discussion/blog worth talking about. I feel the best thing we can do is try to put together the pieces to the giant REO world. I started a group about asset managment companies that use res.net sense the other group didnt list any companies. Briefly here are ones I know

-IAS (for homeloanservices)

-USRES

-FAREO (for aurora properties, they also service litton however use there own platform REO source)

-PMH (all they did was just pick me out of res.net, not even signed up on there site)

-Citi (all they did was just pick me out of res.net, not even signed up on there site)

- BSCORP BealServiceCorp (my partner had never gotten an REO before and this company just assigned him 2 throught res.net

-Specialized asset managment SAMREO. Also, just assinged me a listings not registered on any site

I have more in there, and also my thoughts on being certified, please add to it... lets not go off track, and really try and list all 30 or so companies that use it.

Here are a few golden nuggest I can give you

Lamco, check and see if they service REO's in your area. If so pay the 200 dollars. There interior BPO's can be up to 150.00 and exterior are 60. Form is super easy, and I have gotten 2 listings from them

NREOB. Is a good site and free.... I signed up and got 3 listings in 2 weeks. That is the only 3 I have got but they priced to rock and roll, all sold instantly and paid a 2.25 comission.

As for BPo companies and getting the listings. So many people have no clue, a BPO is a BPO mill. FARVV does a ton of Country wide/BOFA/ BAC. I have done so many BPO's on properties that have actually gotten foreclosed on a few months later and never considered for the listing. It doesnt matter to almost all companies.

FAREO is my best client. And I coinsidently get REO's that I have done BPO's on before, when I ask them about it they say the never have any clue who has done a prior BPO.

Same with the BSCORP. I had done a BPO for the property through Old republic 2 months before I got the listing.... they said they had no clue who does prior BPO's and it didnt matter.

Same with NREOB. They dont know it doesnt matter. The companies to do BPO's for are ones that service REO's as well. If they get the asset you get the REO.

Here is a good note. Before you pay search for properties. I paid to be in fasinc, and 2 months later did a property search on there site, and found they have no REO's in WA. Bad move on my part.

I feel that old republic is a joke, and the fact they are even blasting me a BPO for 30 dollars is obsured. My partner and I have done probably 100 BPO's for them, and no listings. I have never heard a positive comment from them.

Ocwen.... I dont even need to say anything. Funny they were my first REO I ever got. Now they have some auto assign program that seems to neglect me. There have been 8 Ocwen properties I have done BPO's on for ocwen that got foreclosed on, and I did not recieve the listing.

Asset valuatin and marketing, again is just a BPO mill whos main client is litton. In my area litton goes to FAREO, or Assetlink now service link. And will not get you a listing. However there form is easy, and they pay usually 75 dollars for exterior, 50 minimun and a great company. We got in good with them and they asked us to be prefered in there 2 REO partners. No listings but still helps

IAS. BPO's are very hard, this company doesnt mess around. I flew to 5 star to get in, did about 10 BPO's and have gotten 2 REO's from them. There biggest thing is turn time. I would get every BPO you got from them in same day

Single source I got into a few months ago. I have the auto acceptor for BPO's and have done a ton. THEY ARE QC NAZIS!!!! but, I feel I will be recieving REO;s from the soon. There BPO partner is imortgage by the way

Greenriver capital. I here a lot of good things about them they just dont seem to have much business in my area. A guy I met in New Jersey said he gets a listings a week from them. There BPO partner is infinity BPO and they pull there REO agents based on your BPO rating.

Lighthouse/LRESCORP. Is a good company. I have never gotten a listing from them however.... I got 2 listings from BPO's i did for them. This is the only case where I have gotten a listing because I did a bpo on it for another company. It was for GRP financial. It took me 2 months to get the guy out on one, the other I listed for a week, then they sold there portfolio to SPS and pulled the listings from me. :( There BPO's are automaticallly assigned by turn time. So turn them in as fast as you can, and you will be REO eligable.

I am platinum certified in REOTRANS have never gotten a listing through there and cant add much detail. But those of you who do should really add to that group.

I am running out of time with so much to say, what I do is make a list of everyhome that gets foreclosed on firday, figure out all the assigmnet/ trust codes/mers and figure out who acually is going to get the property. And calll my asset manager list. I have figured out a lot of the puzzle, and would like your help on figuring out the rest.

I have a BPO update to do on a house that "sold" at the REDC auction last week ha ha 6000 sqft bed a breakfast remodel, 1.7 acres on the river in a rural area.

I love this game. If anyone knows of any other good REO blogs or people that want to get involved share ext let me know. I have learned so much in the last year, have contacts, lists, whatever and just want to take over the world

excuse my spelling ext.... anyone in KW knows and can see I am a high D and drive like crazy dont care about spelling grammer or whatever. Looking forward to having some good conversations. Im gonna start bogging some more any recomendations

Regarding this question by Barbara: To determine if a platform or company does much business in my area, I sign up for the email alerts for the new listings. Even though the listing is listed with another firm, I can then check the listing or public records and find out the new owner. Thus, if I received the new listing alert from say, Reo Trans, I then check the listing for the owner name. I now know that Bank X is using an asset manager who's using ReoTrans. Then you can search your MLS listings by owner name, X Bank, and see how many listings they have in your MLS and the listing agents. Some agents have even written the asset manager phone number on the listing. So now you know that X Bank used ABC asset management co who is using REOTrans (because REOTrans gave you the new listing alert). Then apply at ABC asset management because you are already signed up on the platform (In this case REOTrans). I have learned a lot about this business by reading the foreclosure MLS listings. I search for REO only, then I look over various info for names, banks, documents they each require. By reading the documents an agent can learn a lot about what each different bank, asset manager, fannie, freddie etc require. For the instruction sheet for other agents for my first Fannie Mae listing, I wrote up my instruction sheet based on all the Fannie requirements, then other Fannie agents info on their MLS listings, then my asset manager requirements etc. I didn't want to leave out one thing. I began reading listings when I was mostly selling other REO & Fannie listings and getting perturbed that in some cases they weren't even presenting my buyer's contract, So I wanted to make sure I had done everything they required just right, so they had no reason not to present the contract. You can gain valuable information by reading foreclosure listings in the MLS. I'm sure my instruction sheet now for other agents, will be used by others, but that's ok because it is better that active, professional agents know the procedures. Now that I am listing more I find it a royal pain and super time waster when other agents don't know anything about selling a foreclosed/bank owned property. Recently one agent with a contract on my listing (who was 3 days late informing me if buyer had financing) emailed that she had to know if the property qualified for the new cash for appliances program. I said to myself..."this is going to be a l-o-n-g transaction period til closing, at this rate."

Replies

Matt Johnson March 9, 2010 at 6:07am

This information is a huge time and money saver!
I have a specific question. I have been doing BPO work for ORDS for several months and am now being asked to join reovm. On the application, they need both BPO and REO references. Well, the BPO companies I work with will not allow me to use them as references because they are a 3rd party. What's up with that? Also this has been my snag for the last year. I only have 1 REO reference and cannot break through to get more. What do they really need to see and how can I get past this road block?
- Nate Gross > Matt Johnson March 9, 2010 at 9:11am
  
  I used lenders when I first started..... or if you do short sales, short sale negotiator.... also, I dont get why you cant use any BPO company as a reference considering most of them are 3rd party thats weird
  
  I have never heard of that company ORDS, are they just a bpo mill, and is REOVM there sister REO company? if so they should be the best references...
  - Matt Johnson > Nate Gross March 9, 2010 at 10:42am
    
    I did use a lender, the 1 REO asset manager I deal with for Wachovia, and an attorney who I have closed closed several short sales with. I hope it works.
    
    I should not have said ORDS, I meant Old Republic Default Management. I went ahead and used them and clear capital for the BPO references.
    
    REOVM is the vendor management for Old Republic Default Management. I have seen several other pros discuss the fact that ORDM is pushing us to sign up on REOVM and get the A-REO certification.
Elizabeth Owens March 4, 2010 at 7:00am

:-) This is a great post and I wish I had something to add to it but so far you've said everything I know of. Oh...have you thought about FannieMae? I know you have to be sponsored by one of their AM's/Rep's but make sure to sign up with them if you haven't already. Reading your post it sounds like you have quite a bit of experience and I would think you'd be someone they'd love to work with. A friend of mine was contacted by them because they saw her on REONetwork and it's a good thing she had already filled out their application.
- Nate Gross > Elizabeth Owens March 4, 2010 at 7:09am
  
  My REO coach said being in REO network is a must... we have gotten 1 REO from a company M&T bank who found us through there. Also, a few BPO companies contacted us to do BPO's that found us in there.
  
  NOTE:THEY WILL CALL AND CHECK ALL OF YOUR REFERENCES!!! So make sure you put people in there you know will have something good to say, and some credibilty in the REO world
Keith Zeiler March 1, 2010 at 6:28am

Nate,

What a great post. This post actually has things people can take away from. I would like to add to the post some of our experience and maybe this will help.

We have always used ReoTrans now Equator. That is the only system we have ever gotten listings from. For some reason We have the opposite experience with Resnet :) I have been signed up on resnet for a year and nothing. We started on Equator and the way we started was because we were referred to Bank of America from our lender. That is the only way we got in with Bank of America. Then we started getting a couple of listings here and there from, Green River Capital, Nationwide Reo Brokers, Atlas Reo services. And those three companies came to us on Equator. But the majority of our REO are Bank of America. We are also platinum on the site and just did that about 2 months ago and we have not seen anything different. I am starting to feel like that was a big scam for another $400.00. Because it seems like the companies will choose you anyways. We have not seen a pickup or any other companies choose us because we had that.

So if I could ask a question to you and this great thread. On resnet do you do anything different to stand out? We ad our listings on there and still nothing.

We have signed up with several hundred sites and we don’t seem to get anything out of them.
Altisource sends us bpo everyday probably about 5 a day and I have just been deleting them. They have been a waste of time. I want to only do bpo for companies that assign listings.

Can you tell me what bpo assignment company you use and does it work for you?

Can you tell us how you run your team. I have a team and I am struggling with the thought of doing so many bpos and nothing coming out of it. I have seen software that will automatically accept hundreds of bpos a day but how do you do them all. Because all bpo require photos and the research and I just can’t see getting the photos and research and then the input done so quickly. And the last thing I want to do is accept bpo that cannot get done in their time frame. That would just ruin any chance of getting any listings with the companies.

Thanks for your post and reply.

Keith Zeiler
- Nate Gross > Keith Zeiler March 4, 2010 at 7:18am
  
  Keith we should talk more over the phone again. In regards to res.net there is no way to advertise your self or whatever like REOTRANS... even though its a joke. I would am thinking of paying for the AMP system even though we use taza as our database because asset managers can see if your using it.
  
  Here is one idea we had too.... We put zipcodes in very rural places that no agents would even want to cover. especially if there is an REO there. Like if we get this companies that use res.net group actually moving and the equaotor one. You can see a property went REO on friday in darrington (very rural far away place) and wilshire is the client. I would make sure too add that zip code to my coverage, and call vendor relations try to get a contact for someone in charge of my area and who the asset is going to and shoot them a call/email
  
  Hey I know this is a rural area, I cover rural areas and would be happy to help.
  
  I am 99 percent sure wilshire uses Equator. I have gone as far as moving my office location to to darrington for the radius search, and putting the property address in the advertisment file ha ha and still nothing.
  
  But you see why this can be benificial. If we know what companies use equator, and the property gets foreclosed on and know is going to be assigned through equator the next week. We can put that address and say HEY 123 main st Sultan WA.... I am your man.
  
  haha it goes to show what breakin in to the REO world takes and the crazy things we try and do to get business
Barbara Pedersen February 27, 2010 at 7:04pm

Great post! Thank you.
How do you determine, though, if they have inventory in your area and if it is worth signing up? (Other then, in some cases, their website). Any suggestions from anybody?
Thanks for sharing!
- Angela M Kniep, CDPE,GRI > Barbara Pedersen March 10, 2010 at 8:28am
  
  Regarding this question by Barbara: To determine if a platform or company does much business in my area, I sign up for the email alerts for the new listings. Even though the listing is listed with another firm, I can then check the listing or public records and find out the new owner. Thus, if I received the new listing alert from say, Reo Trans, I then check the listing for the owner name. I now know that Bank X is using an asset manager who's using ReoTrans. Then you can search your MLS listings by owner name, X Bank, and see how many listings they have in your MLS and the listing agents. Some agents have even written the asset manager phone number on the listing. So now you know that X Bank used ABC asset management co who is using REOTrans (because REOTrans gave you the new listing alert). Then apply at ABC asset management because you are already signed up on the platform (In this case REOTrans). I have learned a lot about this business by reading the foreclosure MLS listings. I search for REO only, then I look over various info for names, banks, documents they each require. By reading the documents an agent can learn a lot about what each different bank, asset manager, fannie, freddie etc require. For the instruction sheet for other agents for my first Fannie Mae listing, I wrote up my instruction sheet based on all the Fannie requirements, then other Fannie agents info on their MLS listings, then my asset manager requirements etc. I didn't want to leave out one thing. I began reading listings when I was mostly selling other REO & Fannie listings and getting perturbed that in some cases they weren't even presenting my buyer's contract, So I wanted to make sure I had done everything they required just right, so they had no reason not to present the contract. You can gain valuable information by reading foreclosure listings in the MLS. I'm sure my instruction sheet now for other agents, will be used by others, but that's ok because it is better that active, professional agents know the procedures. Now that I am listing more I find it a royal pain and super time waster when other agents don't know anything about selling a foreclosed/bank owned property. Recently one agent with a contract on my listing (who was 3 days late informing me if buyer had financing) emailed that she had to know if the property qualified for the new cash for appliances program. I said to myself..."this is going to be a l-o-n-g transaction period til closing, at this rate."
- Nate Gross > Barbara Pedersen March 3, 2010 at 7:03am
  
  call them.... you call them for anything, be like hi I just wanted to call and follow up and make sure my profile is active and running.... that you have my w9 - E&O ext.... or call just to say hey I wanted to make sure I am doing the best job possible do you have a rating system or whatever.... oh ok and is there someone in charge of WA state, or someone I need to build a relationship with ext.... and ask

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