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)
-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