BPOs are they worth it?

[tomgoral]

Adding a property in the MLS system and waiting for a contract to be faxed in or e-mail doesn't take a genius. The success in real estate, I would say relies on luck of who you know and timing. I have done roughly 98 Bpo's now and only had 7 or 8 return phone calls on miscellaneous, small typo's.

I dunno where you are from but in Chicago that is not the case.

My trainee was able to gain access to a REO company, and he is paid $850 each transaction, not a %.

Another agent, I was doing a bpo for has 70 or so REO listings.. Same thing, $1000 each listing.

I really don't mean to bash anything you say, just is a little different in Chicago.

[maryd]

I say no...unless you have a personal contact at the bank, you could be wasting alot of time

[tomgoral]

Mard, I have one short sale that I have been negotiating with the bank for over 1 year, 3 months now. It was Taylor Bean and Whitaker, which the government shut down because they were doing nothing to help people with refinancing, loan modifications, short sales, nothing! My file was passed onto a secondary bank which nothing happened there, now we do not even know who is servicing the loan!

At the foreclosure court hearing, I had my client show up with the Buyer, which has a 80k down payment tell the judge that the buyers really want to buy the house!

Long story short, the defending attorney had no idea who was servicing the loan, nor the judge, nor us, nobody knows!

The judge ruled that the courts will not sign off on the foreclosure until we know who is servicing out loan.

Believe that?!?!?!?

Two months have passed and we do not know who is servicing my clients loan.

How come the banks don't ever lose our promissory notes for out mortgages?

[tomgoral]

Mard, I have one short sale that I have been negotiating with the bank for over 1 year, 3 months now. It was Taylor Bean and Whitaker, which the government shut down because they were doing nothing to help people with refinancing, loan modifications, short sales, nothing! My file was passed onto a secondary bank which nothing happened there, now we do not even know who is servicing the loan!

At the foreclosure court hearing, I had my client show up with the Buyer, which has a 80k down payment tell the judge that the buyers really want to buy the house!

Long story short, the defending attorney had no idea who was servicing the loan, nor the judge, nor us, nobody knows!

The judge ruled that the courts will not sign off on the foreclosure until we know who is servicing our loan.

Believe that?!?!?!?!

Two months have passed and we do not know who is servicing my clients loan.

How come the banks don't ever lose our promissory notes for out mortgages?

[maryd]

please see my previous post. BPO's are alot of work with no guarantee of future business. Also, in Arizona, the listing agent on a REO has to put up the monies for utilities, repairs, etc

[Joelrunner]

If you're doing it for the money, I can think of a lot better ways to use your time. However, if it gets your foot in the door for listings (and you want to be an REO listing agent), it seems like a great.

In most cases, it's going to take a LOT of BPO's before they'll give you any listings.

[class133133]

Has anyone completed orders for evaluation solution? if so what about the payment time? I have completed 60,still no paayment 46 days later.

[rmorton]

I do about 2 a week but I also get the REO Listing. Now in NC brokers cannot do BPOs for a fee unless they have a listing agreement with the company giving the bpo and a reasonable chance of getting the listing.

[rmorton]

I have done over 60 BPOs for them and I get paid every month. Call the accounting dept and make sure they have your W-4 on file and you email address. The department that issues ythe bpo has no idea of whats going on in the accounting dept. When I first started I had to call them and I got my checks in a matters of days.

[JohnWoodward]

I stopped doing these once my website started to produce. I still get requests. I especially love the ones that came out 2 days before Christmas or New Years with due dates on Christmas and New Years day. Can we really be that desperate to put up with that?