REOs and BPOs

Message 9 of 280

REO and BPOs
I live in Minneapolis, MN and became a Realtor this summer.. my focus is REOs... I am seeking advice on connecting with Bank Asset Managers.

I have purchased several eBooks on line and have been reading blogs on the subject. My problem is how to get in the door of these asset managing companies. I'm a professional individual and have been working for many years. I have a degree in accounting and business and have a sales background as well as good computer skills, office managing, secretarial and bookkeeping. I have sold several of my own properties over the past 25 years and had a couple of rental properties in the1990s. I have a good knowledge of home construction and so does my two assistants. However, I don't have a lot of Real Estate experience and have never done a BPO, although one of my assistant has some experience doing BPOs. My concern is applying to these Bank Asset Managers... I believe my competition will probably be seasoned Realtors or at least people who have done some BPOs. I am troubled about how to prepare an appropriate introduction letter to make them interested in a newbie without looking like a newbie and even more important what specific questions do they usually ask when they are screening and interviewing a prospective applicant to do their Broker Price Opinions. I hope to gain listings this way and if there are any particular companies, contacts or advice that you would suggest or be willing to share it would be greatly appreciated. Thanks and have a great week. Joey

posted by NorthernExposure

Never heard of a BPO before. Tell more. I'm used to cma's and I've ordered seller appraisals and the like to set prices on my projects.

I've had a long time principle broker handle my projects- someone who came highly recommended by a long time developer who had know for many years.

She was a designated broker for several small neighborhood banks. She had lived in the community for 15 years before becoming a realtor. Her husband had connections to the banks.

Guess I'm wondering if it is a matter of paying one's dues?

I know I would never hire a rookie agent. That old question how to get experience when no one will hire you to start?

posted by johnH56
about 1 month ago

A BPO is a Broker Price Opinion used to determined the value of property. The purpose is to assist Banks in determining the value of foreclosed properties when putting it on market.

posted by NorthernExposure
about 1 month ago

The banks can be difficult to hook up with. The bpo is usually a matter of getting some so you can show you've done them and get more. The dues paying is doing the bpo's. There are networks you can get involved in. Many of the banks and mortgage companies use asset management companies. Some of the biggies are Countrywide, EMC, Ocwen. There's a thing called NRBA, but they charge a substantial monthly charge. One of the things they all want to know is how much other REO business you've done. There are agents that are doing 100's a year. If you are new in the business it's going to be hard to compete. Don't let that stop you. Perhaps hook up with a seasoned agent and get in that way. Most of them need help, because they are swamped.