Dear Brandon,
First I'd like to thank you for all your hard work on our files. Due to the current pressure from the government to provide loan modifications and loan workouts, our REO volume has been lower than expected and we have experienced this trend throughout the entire United States. However we are projecting a strong 4th quarter and 2010. Based on your current standing with USRES, you are absolutely eligible to receive any REO assignment that presents itself within your coverage area.
We appreciate your understanding during these times, please don't hesitate to follow up with vendor management for any questions you might have.
Best Regards,
Amanda Honore
Vendor Specialist
25520 Commercentre Dr.
Lake Forest, CA 92630
949.598.9920 x1325
vendor.management@usres.com
www.usres.com
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BPO's for free? I have never heard of agents doing BPO's for free. I know they don't pay much, generally $40-$70, but free?
Would think that doing something for free is a complete waste of time -- wow.
Yes, I'll give a free bpo anytime. . . as a matter fact, I'll do an instant free BPO
$200,000
Thanks,
I would agree with Vicky, usually BPO's pay about $40-70.
Vickie just wondering if you had a chance to check out USRES to see what I was talking about in the posting.
Bob and Carolin- I was trying to gain the REO listing but I would now have to agree with you it looks like it is/was a waste of time.
Joseph- I understand all areas get a fee amount depending on how rural the area is, I have seen my area have fees from 45-100.
I have completed free BPO's for USRES for years and have had a couple of listings(In all probably 40 or so bpo's). The first was $299,000 and sold quickly the other was only $60,000, but it to sold quickly. I felt like the listings were worth the free BPO's.
I got a listing from them this week. It is my fifth listing from them. I have done about 70 bpos for them.
I had an"REO Referral Specialist" from USRES call me and offer a pre-foreclosure to me when it turned into an REO. It turns out it was a high-end home that was on the market for sell for over $700,000. They asked me to sign up for Res.net and pay the required $250.00/year fee.
Here is a copy and pasted version of what they offered me,
"I am happy to offer you the listing for address 107XX Bay Meadows Ln Burlington WA 98233. As I know workloads as well as exact distances do vary, if this is not something that you are interested in please let me know as soon as possible. I do not show that you are currently registered with RESNET. Because we work exclusively using this web based program you will need to register there to successfully represent this listing. Resnet is a web-based platform we use and subscribe to that offers many services for acquiring, organizing and marketing REO properties for 250 dollars per year. Because it is a platform that not only we but several banks and other asset management companies use, it is a way for you to be exposed to a wide range of other REO opportunities as well as be able to track and have advertised your own REO listings. We encourage you to take advantage of all of the services offered on RESNET as it should prove to be an extremely useful tool for its price. Once you email me confirming that this listing is something you are interested in please go to http://www.res.net/.
When I signed up for USRES over three years ago they gave me the choice of being paid to do BPO's for them and NOT be eligible for REO's or do FREE BPO's and be eligible for REO's on properties I did free BPO's on....when and if they might turn into REO's. I chose to get paid for BPO's and in the end they still came to me.....
Warmly,
Nicole Ocean
Certified Real Estate Instructor/BPO Trainer
Cori- just wonder after doing say 40 bpos which could range I am sure you would agree from 45-90 dollars at least as they do ask for interior did USRES charge a referral fee for getting a listing from them? You said you have been doing them for years.
1800-3600 in fees for BPO's that you had not collected. The time spent running to get the pictures and to do the reports on these I am sure was a lot of time but if you received 2 listings that sold that is good. Hope you had received a good commission % on the listing.
Matt- That is great to hear you received that many listings and that they stayed within the amount of free BPOS that they say you should have to do to get a listing. I know that is not always the case so you should count yourself lucky. Best of luck and thanks for reading my post on ActiveRain.
Nicole-Thank you for the comment.
That is a great listing sounds like my office however is located more than 15 miles to comparable listings in that price range.
I have completed Bpos for USRES that were on the coast hard to complete ocean fronts with odd years built and square footage Bpos.
I had talked with a USRES rep and have been told that it would be rare for me to get an REO listing that would be 15 miles away from me with the clients they work with that do assign listings.
I was trying to do these Bpos to get the REO listing but was told upfront I would not be in the running for these that they are asking me to do free bpos for.
Most of the bpos I had completed for USRES were already listed at an uncomfortable rate 9/10 were already listed.
Free BPOs? Not me...