Foreclosures and BPO's

[saboy1]

With foreclosures up I would expect that lenders are going to be requesting more BPO's. Since BPO's give you the opportunity to work in neighborhoods and meet people (plus potentially getting the listing of the BPO later), it makes sense to get geared up for it.

I subscribed to several BPO companies looking for real estate agents, and a week later nothing happened. Is anyone on this forum experienced in lender requested BPO's that can offer real world advice on how the process works?

John Visser
RE/MAX Communities

[naplesrealestate]

John,

Usually, it is not the lenders themselves that request a BPO - but it is an REO that requests the BPO.

You should know that when doing a BPO you are agreeing not to disclose nor discuss the matter with anyone. So it may not be the ideal method to meet people in the neighborhood.

BPO's will fall into two major categories - drive-by and interior inspection.

The time frame for getting your first request can be rather lengthy - I would suggest a telephone call to the lender, but sure to find the right person to talk to.

Once you get on a list, you will be added to other lists.

You need to be sure to check out the company to find what they payment terms are and how good of payers they are.

I have narrowed down my list to 2 companies over the years.

[saboy1]

Thanks Glenn, would by any chance be at liberty to share which two works?
John

[HoustonHousingMarket]

I think that having a few companies that pay regularly is great but not always feasible for people just starting to do BPOs especially if you are in a market with a lot of agents and only a modest number of foreclosures. If your market fits this example you will need to sign up with many BPO firms if you want it to be something that gives you any real amount of income.

Steve Trang has put together a decent list that can help newbies out I ran into it while looking for some more firms to sign up with because we are heading into winter and things have slowed a little for me. You can check out the list here http://arizonarealestatehome.com/bpo-list/