Can anyone tell me their story on how they obtained their first REO assignment.. I have been a full-time
BPO agent for the past 4 years and never ever acquired a REO listing in all of the thousand of BPO
work.. I did. I really worked night and day over a thousands of BPO's in three counties in the state of California.. I now have been so depressed in my business and feel as if I wasted four years of my
Real Estate career.. I am so behind in finances now with my life and wanted nothing more than to
experience the REO listing side of the business.. I wish I had names of asset managers to contact directly.. or had the insight as to how other agents became a REO agent in their careers?
Replies
Look at it as you made money when fair market real estate tanked for those years. REO is drying up as FannieMae and others are selling NPLs in bulk to investors and the market continues to improve in most markets. Market yourself and sell fair market RE.
BPOs no longer lead to listings unless you are working with an investment group that buys notes. Most of them will ask you to do one or more drivebys and if they bid and win, after they try to do a loan mod or short sale, you will be the listing agent when they finally foreclose. The whole process can take a year or more in Ohio.
My first REO listing came from OCWEN because I was a member of the NRBA and had been purposely doing only BPOs back in the early 2000s. I don't think that works anymore either.
Don't get depressed. Do retail real estate.
Hello Cece,
Thank you for your response.. I will start to market myself as to Retail Real Estate. A week ago I walked 276 homes... wanted to hit 300 homes.. just was out for 4 hours and was tired. Next week I will be back out there again.
I appreciate your information.
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