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Old Repbulic: Is there a Negative Trend Here?

Posted by Jimmy D Moore, Lic RE Broker on February 17, 2010 at 6:06am in Sample Title

1) even though i have done about 150 BPO's for them over the last few years and even though i have been on their approved REO Listing list for months.....i still have not received one single REO listing ...and i know of a few other Brokers in the same boat

 

2) and now they are asking me to pay $399 in order to have any hope whatsoever of receiving REO Listings

 

3) their BPO's are coming in at a much lower rate AND several here in my area over last 10 days have come in at ONLY $30 per BPO, previously $45 

 

4) i have heard that they lost Fannie Mae as a Major Client(i have not been able to confirm this ? ? )

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Replies

  • David Lewis Cummings October 3, 2010 at 5:11pm
    Listened to them at the Five Star, basically with this company if you do not know an asset manager you will not get listings. Doing the BPOs mean nothing, sorry to break the news it stinks. Now taking the training will increase your chances but will not "obtain" you a listing, you still have to be picked by the asset manager which typically they are going to go with who they already know. Seems this is a company its difficult to get in with for sure.
    • Rose Mencia > David Lewis Cummings October 4, 2010 at 10:38am
      I was sent a re-newel today (reovm)-- I sent it back w/ an "Are you Kidding ME?... I've not benefitted at all from this..."-Take me off your list......"....... I know it's kinda mean..... but, I don't know anyone in there and no one has bothered to return any info either........ and My 1 yr's worth of attempts at communication have only strengthened my resolve to get back to more basic real estate.....something I'M in charge of...
      ........I started working in reos nearly 8 yrs ago..(out of 13). certainly have been around several blocks w/ it.... and I really doubt it will ever come back like that again. The reo market has learned to feed off of us as well as our govt..... and I'm done. I will no longer pay for squat except for resnet..... thats it... and they too can keep they're "super sonic " newer version as well.... The reo market is no longer looking for good work... they're only looking for add'l residual monies....they've fired many fine realtors in order to hire newbies that are willing to pay......its a bad downward spiral for us... and Ive finally opened my eyes to the reality that "shadow" inventory will not be released any time soon or even at all in any noticeable measure...our beloved govt has made sure of that... so, I think the best thing for me is to pull my hedge fund together and go buy......... yep, I'm an approved listing agent for 3 doz. companies...... and I really don't care anymore---- hedge fund here I come.... if I cant beat them.... join them.......

      Sorry So Jaded.....but, that request for payment sent me into a tail spin of OUCH!
  • Marie Walton October 3, 2010 at 12:17pm
    One day a couple of years ago I got an email from them asking me if I would do an updated interior BPO on a condo they had listed for a long time. Had never works for them before so I said yes and did the BPO. I got another request to do another updated BPO on a zero lot line that that been listed for a long time and I did. The I started getting orders for mostly exteriors and short sales. The vast majority of these orders were for properties 30 to 50 miles from my office so I did not even try to get them. I did a few that were closer just to stay in the loop.
    The last interior I did for them turned out to be a nightmare. The guy they had reviewing the BPO must have been a shoe salesman or something else in his last job because he certainly didn't know anything about real estate.
    Last February I got an email saying I needed to take their class to be able to get REO listings. I paid the money and took the class. It actually wasn't bad!
    No listing have come through just more drive-bys' that are very far from my office.
    Then last week I got an email that said Freddie was going to start using Equator and if I wanted to get listing I needed to take a web training course put on my Equator. The course was free so I signed up for it. It' tomorrow and I will let you know how it went.
  • Rose Mencia October 2, 2010 at 1:52am
    Ive been an aproved reo vendor and pd the the site fees..... last yr about 8 months ago---- and nothing ...not even a thanks...... I feel that they, like everyone else.... have little to nothing to give out------ it appears that "non-existing" moratorium in very "alive".....
    • Vitaliy Mikshanskiy > Rose Mencia October 2, 2010 at 2:37pm
      I've stopped accepting orders after learning that reo departments has nothing to do with bpo dep. In my experience, agents are losing money by performing ORD orders. Most of them are short sales and loan mods.
      • Roddie Antonijevic > Vitaliy Mikshanskiy October 2, 2010 at 8:43pm
        They have Fannie Mae, 5/3, nation star, Bank of America, and Chase as clients that I know of. The problem is they are designated only in few states for REOS. I have done hundreds of Bpos in Illinois and no listings either. I know they do a lot of REOs in Texas. My broker used to have tons of Reos with them when they had Illinois as state. I hope that they get my area again one day.
  • Justin Lee Thayer October 1, 2010 at 6:24pm
    I was approved for REO work for a year and did and did not see a thing except exterior BPOs for $30 and int for 45. I did them all hundereds in hope of getting reo work from them. Then a year later they want me to pay $400. No way. they have a scam going here. Every once and a while they will call me because they cant fill a BPO request. I charge them $80. I recently did some research and found out that 7 people in my area paid the $400. I dont even think they really do REO! I have never heard of one person getting real reos just the cheapest bpos in the us. Has anyone actually seen an Old republic REO? Or an agent who gets REO work from them anywhere? I dont do thier $30 bpos but there are plenty of people who do as i get a request almopst every other day and They oly call me if theyhave a country bpo they cant fill. I stick them with the $80 every time. They try and weasle me out of it but i say no and the usually call me back and say ok.
    Justin Thayer
  • Sam Shueh February 17, 2010 at 9:15pm
    They got Chase as new customer. One coordinator kept calling me asked me to go out of the way to greet them....
    • Jimmy D Moore, Lic RE Broker > Sam Shueh February 18, 2010 at 12:05am
      Sam, what do you mean by "greet them"? and who is "them"?
      • Sam Shueh > Jimmy D Moore, Lic RE Broker February 18, 2010 at 4:46pm
        slang-kiss OR 's new customer.......
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