BPO or Bust???

By
Real Estate Sales Representative with Key Concepts

I have been doing BPOs for 1.5 years now and I have not had much luck getting REOs from them. Only a handful of listings and a mountain of BPOs. My BPO and CMA scores are very high too, but what is the trick?

I have done sooooooooo many BPOs that I could teach a class on them in my sleep. So I was told by my friend Jen one night when I was snoring during a camping trip. She told me to stop snoring and I told her ""to fax my snoring to the MLS and that I would file my snoring with the BPOs before deadline and don't worry."" I woke up and she asked me, "what does MLS and "VPOs" stand for?'

 

I tell this story because BPOs can take over your life. I have had to do 6 BPOs in one day. We are talking 15 or so hours. So I guess my biggest question is...

 

Where are the REOs???? Does anybody know? Is anybody willing to share? Are there some companies that offer more REO then others. Which ones have you had luck with? Any recommendations?

 

Shortly after this blog I was interviewed by the Denver Post. The recommendation was given to them by a client of mine. Thought that i would share it.

   http://www.denverpost.com/business/ci_8737773

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Ambassador
611,351
Courtney Cooper
206-850-8841
All Seattle Homes for Sale: CooperJacobs.com
Kelli - If you have doing BPOs for the right companies for several years, honestly you should have had some REOs by now.  YOu might want to go back to the drawing board on which companies you ar edoing them for - some companies only offer BPOs...
March 04, 2008 12:16 AM
Rainmaker
110,409
Nancy Brenner
Roswell Georgia Real Estate Agent
Referral Associates of Georgia, Inc.

Just because you're signed up with a company to do BPOs does not mean you're signed up to take their listings.  You have to tell them that you want their listings.  You have to prospect them just like you'd have to prospect for other listings.

Call them.  Find out who's in charge.  Let them know you can sell their homes!  Good Luck.

March 04, 2008 12:34 AM
Rainmaker
27,544
Susan Gaffney
RE/MAX Premier Realty

Count me in..as far as trying to find how to become an agent who lists REOs.  A mortgage broker recently told me you must have previous REO experience and have previously worked with a loan officer from the particular bank exclusively or have closed a large amount over a period of time.  If you meet those prerequisites, he said, you can apply through that loan officer's branch.  That branch is required to be within the location of the agent's territory/area. (What I want to know is how to get the REO experience in the first place.) 

 

 

March 04, 2008 12:35 AM
Rainer
60,698
Dorene Shirley
Silicon Valley Real Estate
The Mortgage & Property Connection
Kelli - sounds like you've received some good advice.  I did BPO's for 2 years and never got a thing.  I gave it up.  Took too long...
March 04, 2008 01:48 AM
Rainer
3,204
Colorado Short Sale
Key Concepts, LLC

Concidering that you do so many BPOs you will get more REOs I am sure of it.  Good luck!

September 01, 2008 04:13 PM
Anonymous
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Rainer
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kjhomefinder Denver

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Denver Short Sales - Colorado Foreclosures