I am addicted to BPO's

I know I usually write preachy blogs but today it is different.

I am confounded that I cannot get more BPO work to do. I notice companies like Clear Capital have their "designated agents" ( you lucky one's!!!). Another company denied me because they have another agent within a 30 mile radius in my office doing BPO's (E Mortgage Solutions).

I get most of my work through OLD REPUBLIC TITLE and I wish I had more from them . They are good to work with...their reps will call you to check in, are adept at getting you more information about a property if you need it for the report, and I just really have to say great people. Old Republic BPO's are like candy to me because I know I am doing important work that may lead to REO assignments. While it is true I amy be up at 4 am finishing up one, I always get a sense of achievement after I complete one. The BPO AUTOMATION acceptor is a great tool in facilatating my success and despite the fact my computer is less than ideal for this memory hungry app, I manage to snag a few and Old Repubilc is okay with that although they have a search limit of 720 x per day. There were a few days when it was just way too efficient! Best $500 I ever spent!

Lately it has been kind of quiet...at least in my area.

I anticipate that it will change soon however because properties appear to be coming in 1st qtr 2011. I have even heard that banks are not messing around with short sales and that if the homeowner is in trouble the free ride of 18 months will be over...short sale or else get forclosed on. Trying a loan mod 2 or 3 x is not going to work if the income is not right.

In closing I hope somehow the folks at Old Republic see this as us as partners in the process. Thanks for your supportive work and trying to understand why you get wacky comps on some of this wacky property that I have to try to evaluate. It is nice when you can compare a normal house to another, but what happens when some wisecracker homeowner decides to build a castle in an area of smaller homes or the only 4 plex single level for sale in an area that has only two story comps available... or how about the model home that was built as a single story in an area that they built very few and the other 95% of the tract is two story? So much for similarity and yet these are examples of BPO's that I have encountered. So far I have not encountered a threatening homeowner, although they sometimes wonder why is this man photographing my home? I wish the lenders would advise the homeowner of that happening. I don't like having to sneak up on someone! I sometimes feel like I am on a CIA mission...fast in...fast out!

Good night everyone! Share your exploits!

I see this was written in 2010, but everything have changes since then. Old Republic is out of their collective mind. $30 for BPO, no one is accepting them anymore and they keep on sending requests for same addresses and calling trying to assign them. They call and sound very surprised when I tell them no way I will accept anything below $50 for 48 hours drive by within 5 miles. Clear Capital has no BPOs at all, and its no fun to be their "designated agent" because they pay you $40 for the same form every one else gets $50, eML has crazy form that is impossible to fill out in today's market, Proteck's form is 3 times larger than any other company. I wonder if there are any good BPO companies left out there.

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Comments

Violetta Polyakov, Broker October 30, 2013 at 5:56am

I see this was written in 2010, but everything have changes since then. Old Republic is out of their collective mind. $30 for BPO, no one is accepting them anymore and they keep on sending requests for same addresses and calling trying to assign them. They call and sound very surprised when I tell them no way I will accept anything below $50 for 48 hours drive by within 5 miles. Clear Capital has no BPOs at all, and its no fun to be their "designated agent" because they pay you $40 for the same form every one else gets $50, eML has crazy form that is impossible to fill out in today's market, Proteck's form is 3 times larger than any other company. I wonder if there are any good BPO companies left out there.
John Accornero June 2, 2011 at 5:07am

So far I just do BPO's but am considering taking an online class to do REO's. Basically I taught myself how to do the BPO's
GerryPagano June 2, 2011 at 2:11am

Hi John

I get blast all the time from Old republic. But the fees are low..... The question i Have for you is that did you have to take a class for REO.
David Collins December 22, 2010 at 3:48pm

Well apparently I am addicted to the BPO mill "help i've started and can't quit." On one hand I am so concerned about this market I am afraid to quit and on the other hand I wonder if I quit and started putting more emphasis on listings would that be more benefical. I guess I like that steady pay check. Can anyone tell me how many BPO's they are getting per week / month with the auto accepter? Also, if you have a good working relationship with the BPO company can't you just get enough business that way? Any way I am thankful for the BPO business.
George Bellino December 21, 2010 at 5:20pm

I'm on the opposite side of the spectrum than you. I turn down about 10 bpo's a day. I just don't have the time and when I do the pay just isn't worth it anymore. I do want more REO's but to me bpo's just get in the way of getting them. Once I stopped doing bpo's night and day is when the listings started coming in. Also, by talking to some of the reo kings/queens in my area, it made me realize that I was on the right path. They all do a ton of bpo's but they actually outsource them to another agent on their payroll. That way they still get the credit for completing them while keeping them relevant.

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