Ok so I'm in the midst of starting my own brokerage firm and so I want to really get aggresive with the REO companies for BPO and Listings.
So I'm looking at a sample HUD contract and I'm feeling confident about applying because I meet the requirements. I'm happy as can be until there it is..URRRRRRRRRRRR..PUMP THE BRAKES!!... I need 3 business references...
I have sold plenty of homes as a BUYER'S agent but 0 listings and have done 0 BPO's..
We all had to start somewhere so REO PRO's...Who did you use?
Replies
HUD is very difficult to get in with we are currently on a waiting list and are very qualified as we have been doing REO for several years and doing VA properties for BAC as well. Id sign up with every BPO company possible and see if it leads anywhere but like many others will tell you not many banks are hiring right now. Best of luck!
We literally fell into Countrywide and did a good job. Loads of AMs that were willing to write testimonials and allow us to use them as referrals. Doing BPOs is a good place to start I suppose, but most of our clients seem to be more concerned that we are willing to roll up our sleeves (literally at times) to do the dirty work that is often considered above and beyond that of a 'normal' agent.
I don't know that I would be chasing REO from ground zero at this stage of the game, but best of luck.
Ditto.
The issue is knowing how to put an accurate valuation on properties is the most important skill you need---so lay the groundwork and do your homework first, shortcuts won't cut it.
Doing sub-par BPO's would only result in long marketing times(if overpriced) and less net-to-seller(if underpriced) so put the client's needs first, and make sure you do a ton of BPO's and learn as much as possible.
Try Clear Capital, Altisource, Single Source, for paid BPO's.
I hate to be negative, but you are about 6 months to 1 year before you can have a good shot at HUD. first there is a link on this site with all the BPO and REO companies that you should sign up with. First you should sign up and start doing work for them, then ask them if you can use them as a reference, if you have a good report card they will help you.
Best of luck.