Im getting orders from many portals. This reminds me of 3 years ago when everyone was trying to do loan mods (what a joke) Anyway, orders are coming faster than I can handle them and Im having to turn some down. Ive noticed that there is a higher percentage of very hard to do properties as compared to 'the old days'. Many are not worth the time. After 3,000 BPOs Im tired of the entire thing. Yeah, kept the light bill paid but I dont have a new sailboat anchored off the coast of Greece so Im getting out.
Thing is, what is al this activity and will it last? Its because lenders had been standing back watching supreme court decisions and different government agencies that were wading into the fray to put protection measures for consumers. Joke number two. Now the lenders, who had been changing to judicial foreclosure to get around laws designed for auction foreclosure, are brave and starting to fight. They do not and NEVER DID want to loan mod. They do want full non judicial foreclosaure so they can make use of any mortgage insurance and get government backed money thrown at them to keep them healthy.
ANd now another ugly face of theirs is showing---REOS , instead of being placed in the market through real estate brokers, will be sold in bulk as securities to big money concerns. We are becoming a rental nation with huge corps as the landlords. This new flurry is mostly short sale and some full FC, at least thats what mine are with more full interiors than Ive had for a long time.
Going to last? No. Nope. It will start to decline. We also have a few million owners, especially those who actually got loan mods, going back to default but not in numbers weve bee used to. Even FARVV is cutting back and reducing fees to brokers. They see the writing on the wall. These are the beginning death throws, my friends. If you aregoing to depend on BPOS for a living, better have a backup job in plan.
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A couple of weeks back I had 70 property inspections from BPOfulfillment. All the properties were BofA owned properties. This left me wondering if they were planning on finally releasing some of their shadow inventory after the first of the year. My area is currently experiencing a shortage of available properties which also has caused market values to increase. So it would make sense for them to want to fix them up and get them on the market.
Marvin - You are soooooo right! I quit BPOs a couple of years ago because I almost went broke. Had to rebuild my RE business and now am doing well. And like you said " If you are going to depend on BPOS for a living, better have a backup job in plan."
It took me 2 years to realize that BPO's are a waste of time. I usually made about $20,000 a year doing BPO's...but spent about $6,000 in gas plus a lot of time in the car which does not pay. I do about one a week now..ones that are within 5 miles of my office and I use that money toward my 401K..which is about $3,000 a year. All companies treat us like shit, want orders done in 12 hours, reject for crazy reasons (like they know the market better than us) and I just got sick of getting calls non stop from call centers where I can not understand the person on the other side.......All but the top 3 companies will be out of business in the next few years so it does not matter....
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