When did so many brokers become REO Specialist? I just did a deal with a so called REO broker and he didn't know what Cash For Keys was. What the heck!!!! So how are all of these guys getting OUR business? Yes, our business! They really don't know what they are doing and it is hurting the business; Especially the BPO side. And they are getting the listings!!!!   Your thoughts on this?...

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  • Isn’t cash for keys pretty self explanatory?? That’s mind boggling. BPO's are the worst. whenever I get a call from someone I don’t recognize I immediately think "here comes another overpriced listing!" I have a listing now that an REO specialist did a 2nd bpo on that came in 35K over mine……… so naturally the lender decided to split the difference........still 12K over market value!!

    If I'm a specialist in anything its convincing investors to by overvalued property! lol
    • I got you beat on that one. I've had BPOs that came in more or less than $100K than the next highest or lowest of the two other valuations. As if we didn't have enough to do we have to be on the lookout for those incorrect BPOs. Needless to say those agents don't get much business and soon make it to the "list".
      • Oh wow my friend yes you do have me beat on this one! But I know that you sold the house and that's all that counts.
        • I forgot to mention the house was priced between $180K (lowest value) and $400K (highest value). We are still trying to pin down the actual value.
    • Well said Jim! i have gone through the same thing over and over again. Brokers who say that they "ARE" and they ARE NOT! I have a 1.2 mil property in which the home owner took all of the appliances out (which were top of the line) and trashed the place as well; I bought my BPO in at 850k and another agent came in at 1mil guess who they went with? Guess how many offers I've had? 0! Oh, I take that back I have had 1. 600k. So I feel your frustration. i just wish that the banks would actually look at our bpos for what they are. The experienced brokers that is...Not the scavengers who are just trying to make a buck.
  • Don't get me started on this. I deal with the "REO Experts" on a daily basis.
    • Hey Carlos,
      You should lobby Citi to open up to 'seasoned veterans' like the ones in this forum.
      It would:
      (1) lower frustration
      (2) increase morale
      (3) increase profits
      (4) etc. ( :

      (I couldn't resist)
      • Mike-Many of us have tried but have not been successful. Are you going to the NRBA conference in Denver?
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