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  • I also have started to receive BPO's and hope it will turn into listings. In the meantime, they are paying for the BPO so I'm happy. Sometimes I get asked to to 'evaluations' and that means not getting paid so this is a good deal.
    • I agree that geting paid, even at "expenses" level helps. We all would rather do the BPO for free and have the listing assigned to us, but that is not always possible. Some companies play on the promise of the listing, IF they get the order to market the property. Even with a company I have previously handled listings for, I am worn thin on the "free BPOs". I did two freebies for them, and one turned into a short sale, and the other took a year before it was foreclosed and put on the market with another agent.
      • Matt I also have done the "free BPOs" for "them". I have received 2 REOs in a year, the most current sold for $39,000 @2% comission. ($550.00) This after I spent around $5000 making it ready( it all was repaid after a few weeks).
        I don't want any more of those. :)
        • Are you sure you are not referring to another company with a similar name? I have 24 years RE experience and sold REO before the big fallout. I have listed REO property for Specialized Asset Management (SAMREO) for years and there is ALWAYS a minimum commission of $2,500 to be split between listing and selling agent. So that would have been $1,250. Why did you spend money to get it ready? They have a preservation company that does that. The only thing I have ever paid for was a re-key (reimbursed quickly) and possible an emergency repair such as a window boarding (also reimbursed quickly).

  • I have been doing BPO's for them for almost a year. I love them! Hopefully something will turn into a listing, but the properties I have done have not gone through the foreclosure process yet. I think I have done about 40 for them and have been paid for every one. The valuations analysts are always helpful and apprciative of what I do.
  • SAM REO is great. It is one of the few companies I have managed a transition from BPOs to REO listings. I was referred to the REO folks and got a great listing that was pulled from the current agent. They agreed with my valuation, about $100k under the previous list price, and I managed to get multiple offers and a sale at 98% of list price. The sale price was over 2x the average price in our market --Sweet. I look forward to working with them again, but they report "limited number" of REOs in my area.

    They do require you to subscribe to RealtyTrac.com but that is a minor item. I have enjoyed subscriber use of the site, but only to a limited level.
    • Thank you for the update Matt - they sent a bpo my way earlier but I was not able to accept it before it was gone. We'll have to be sure to be on top of the next one.
  • I have done 3 BPO's for this company, 2 have closed, and I have not been paid, so I am not sure how legit they are in that repect. I know they assign listings. I did 2 of the BPO's in May and one in July.
  • They are a good company to work with, I have done several BPO's and one listing from them.
  • I have done a couple of BPO's, no REO Listings yet. They are Legit, and I have heard will be getting quite a few BPO orders in the 30 days or less with possible REO or Short Sales to follow
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