Hello to all....new to this site but 15 years experience in the real estate industry. Wondering what the BPO companies are looking for when your filling out the applications? What type of experience are they looking for? Wondering if short sale experience counts for anything?Thank you in advance.Brooke Schroeder
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Brooke...welcome! Congratulations for looking for ways to stay in business in this challenging time. BPO's are definitely a way to stay in business and provide an income. You will need to speak to your broker first and determine if he/she wants a split and get a copy of your E & O insurance. For most companies that assign bpo's and REO's, you must have a minimum of $1 mil in coverage. A copy of that scanned to your desktop, your license and a W-9 in your brokerage name if applicable or your name if your broker will allow you to get payment direct. This site provides a very comprehensive list of most of the companies out there. Then, apply to your hearts delight and keep applying. Someone will give you a shot. You also might get a certification like NABPOP or NFSTI. All of them teach the basics of property valuation and provide you with an understanding of what the bpo companies want.
In my opinion, bpo's are essential to marketing and pricing short sales AND REO's. You must know how to do a bpo in a complete and accurate manor to get REO work and with short sales if you are well trained and experienced on how the value is determined by the servicer, you will price your listing correctly. Our short sale package always has a current bpo included. It's shows the loss mitigation dept that we do know what we doing and have priced the property correctly. Besides it helps you to see who the players in your market are. ;)
Keep searching, training and looking for ways to improve your knowledge about this niche. It can be challenging and stressful at times but I am still in business and selling houses because 2 years ago I started doing bpo's. Now I have a growing team that is constantly busy listing and selling houses. Yes, we still do bpo's too.
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In my opinion, bpo's are essential to marketing and pricing short sales AND REO's. You must know how to do a bpo in a complete and accurate manor to get REO work and with short sales if you are well trained and experienced on how the value is determined by the servicer, you will price your listing correctly. Our short sale package always has a current bpo included. It's shows the loss mitigation dept that we do know what we doing and have priced the property correctly. Besides it helps you to see who the players in your market are. ;)
Keep searching, training and looking for ways to improve your knowledge about this niche. It can be challenging and stressful at times but I am still in business and selling houses because 2 years ago I started doing bpo's. Now I have a growing team that is constantly busy listing and selling houses. Yes, we still do bpo's too.
http://reopro.ning.com/forum/topics/reobpo-companies-that-dont-pay