REO Companies

Nina, Thanks for your post. I wasn't even aware that there are co's you can sign up with to do BPOs. Can you give me the name of 1 or 2? I am teaming up with another agent in the office to go after short sales which are proliferating. We are going to register with njlispendens.com (we're based in northern NJ) and approach owners to let them know of the benefits of a short sale over foreclosure. But we would certainly be interested in signing up with the co's you mention for BPO requests.

Hi Andy; Thank you for your reply. Below is an email address that has the list of companies you can register with to be "on the list" of agents to contact to do BPO's. So far I have registered with Clear Capital and Lighthouse. One of the agents in our office is registered with Premier and he is now doing quite a few BPO's and has listed many of them.

I have not received a request to do a BPO from either of the companies. I spoke with a Prudential agent who is also with Clear Capital. She says that the paperwork is significant and they pay around $50-$150 per BPO depending on when they need it and how much work they want from you. I hope this helps.

http://www.whatiknowaboutforeclosure.com/bpo-broker-price-opinion-resources

There are other companies that work with the morgage servicers. One is Titanium Solutions, Inc. (www.titaniuminc.com).
Titanium sends out RE Agents to the homeowner to discuss how the payments can be brought current and collect information to upload to the servicer via Tjtanium's website. Of the options discussed with the homeowner is a "Short Sale". If you get a listing through Titanium you pay their real estate division a referral fee on the listing side as you would any referral.
The pay isn't great, just about covers the gas but the hope is that you get a listing. I've been working with them for about a month and have one listing ($1.165M) and leads on a couple of more that will have to go for maybe another month.

Paul

Hi Paul;

Thank you very much for the information. I registered with Titanium and was surprised to receive a phone call from them within 15 minutes of registering.

They have accepted my application and I hope to begin the training soon. Thank you again. Good luck with your listing!!

Nina

Anyone work with LandAmerica?
They have a strange way of assigning BPOs. They broadcast it to all of the agents that cover the area and the first to reply get the BPO. However, by the time that happens they are gone. If you log onto the website you can see the BPOs as they are posted and grab them before the broadcast. Great for someone who can sit in front of a computer with the browser open an keep hittin the refresh button. Not so good for those of us who are spending a lot of time with clients, prospects out of the office!

Paul

LandAmerica and ClearCapital both use broadcast emails. The first to reply gets the deal. Both of these companies pay well. ClearCapital pays the first of each month, while LandAmerica pays more frequently. I use a blackberry and due to the push technology, I am usually the first to reply. I try to accept interior bpos which pay the most. Titanium pays extremely slow. Less compitition for orders on Friday. BPOs are an easy way to make an extra $1000-2000 per month. The key to volume is to always be on time. This builds your score.

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Two companies that have been keeping me busy are, http://www.rrreview.com and First American http://www.farvv.com. With First American there is some online training to complete which can only help. Also with First American after performing 15 BPOs you can request direct orders. These are not broadcast to multiple agents, They are assigned to only 1.

Wayne

thanks for the info from all of you I am in NC and have been looking and looking and looking for all the info I can get for BPOs...

"BPO requests"

I'm close to completing the ePRO course and am delighted to have found this discussion about finding BPOs and doing short sales. Thanks so much for sharing.