I've gotten a couple of bpo orders from them today to work for $0 and then you are supposed to be put into an "approved agent database for selection" and then be eligible for REO assignments. Any feedback would be very welcome.
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WOW!!!!! Let me know where I can sign up because I love working for free.
They are legitimate but not very up front with what the climate is for listings. The thing is that you or they never know when a property is going to be available to list in your area. You also do not generally know what the valuation is for.
I accepted some of these recent USRES BPOs. The properties are not in foreclosure or heading to sheriff sale. The properties are generally in good condition in low value neighborhoods.
The lender of record is Bayview. Bayview has usually ordered CMAs and BPOs through Walnut Ridge on a paying basis. They may be looking to sell servicing rights or making refi decisions. You just never know. I'm mainly doing them because Bayview has been a client and assigned listings to me that I had never done even a driveby on.
I usually don't do them because in the past 5 years, the only listings I got were practically condemned and usually withdrawn. Note that they count the withdrawn listings as listings they assigned.
I don't know any other company that does this. I usually get a listing assignment first.
CECE... Bayview is listing here in Florida through Res.net.
My understanding is that some of these are pre-foreclosure valuations. Basically, the bank is hoping to find out if they're worth chasing prior to filing with the courts.
I know USRES works with Bayview, Fifth-Third and a bunch of smaller companies. My broker has worked with USRES for about 5 years and has received roughly 40 listings (over that 5 year period) from USRES directly, Bayview and some other small lenders. His most recent listing came in about 2 months ago... so the activity is there.
I've done a few valuations just to get in to the rotation (yes, with my broker's blessings), but I won't keep doing them if I don't see something or if my broker still gets all the listings.
I've had another company that did this. I haven't received any listings to this date. Who can we trust? What companies are legit? Can anyone answer this? After all, we are all in different cities, so we aren't competition.
Just completed the REOmac convention in Dallas.
AltiSource
Carrington
Pemco
USREO Partners
NAWRB
RealtyTrac
RIOGenisis
Black Knight
REO Services
Equator
To get invited to be on many of the lists, you need to attend the conventions.
The last convention I went to I was disappointed It took several days of my time and $3500 for travel and over priced room. I was hustled by every little satellite business in the convention hall. I was there to make contacts which didn't happen. Now I am so busy I do not have time to chase that kind of business. I am not interested in joining anything that wants me to pay, I am only interested in sites where I can earn a living. It took a while for me to reach this point. I hope you all have better luck with internet programs than I did
Here's the next dumb question. How can I find out when and where the conventions are?
Thank you. I'll look those up.
US REO Partners Charter Membership fees include an initial fee of $1,000 for brokers and $2,500 for attorneys or title companies. Monthly dues are only $175.00 (payable by credit card). Not in this lifetime!
AltiSource has a national brokerage they do not give out listings.
Carrington does not have a real estate sign up platform
Pemco - Our LLB positions have been filled, however you can register for future openings if any. We will contact you if anything comes up,,,Good Luck,,has been that way since 2008
NAWRB - Yeah right
RealtyTrac - can anyone speak english when you call??? NO
RIOGenisis - never heard of it,,,Software platform,,sign up $999 then 99.95 per mo.. I dont think so. If you want more REO listings send me $97 i'll show you how to get them,,LOL... JK!
Black Knight aka Servicelink - Legit,, but could not find anywhere for broker to sign up to become listing broker??/ Huh!
Cool,,when I googled REO Services the following page was in the first 10 lines--- follow it:
https://plus.google.com/+JohnGiddens/posts/4DikGpDnu1p
Equator - dont get me started!! Waste of precious money and time...SMH!
Happy Selling!!!
this was pun,,poking fun at the business that we are in,,we would all go crazy if we could not have a little fun,,seriously...Good luck to all of us out there,,we are overworked and unappreciated..stay strong people.
Fyi - Altisource does assign listings. Low maintenance Hubzu.com online auctions. Low commissions but nothing to do except putting it in the MLS. I have had 4 in the last 6 months.
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