Getting REO listings and BPO orders

For the last few week I have been racking my brain trying to figure out how agents get hooked up with banks to get foreclosure listings and orders to perform inspections and BPO's. For those who may not know what REO or BPO mean, REO stands for Real Estate Owned which means that the bank or lender owns the property. BPO stands for Broker Price Opinion, these are orderd when a bank or lender needs to know the current market value of a property with its present condition taken into consideration. BPO's are only supposed to be done by Real Estate Brokers but more and more Real Estate Sales people are performing them. Typically a bank or lender will not give you any REO listings unless you have performed a few BPO's for them with efficiency and good results. In a lot of cases especially in pre-foreclosure properties some companies will NOT pay you for doing a BPO. You have to prove yourself worthy, then and only then will they give you the REO listings. So there is kind of a catch 22 because if as a Real Estate salesperson I cant do BPO's then how am I going to get REO listings. In our current market BPO's can easily provide a steady stream of income since you get paid about $50 to do one. If you do 5 or 6 a week that goes along way for a Realtor in todays market. After due dillegence, I finally found out that banks and lenders use Asset Management companies to hire agents to do BPO's and list REO properties. Armed with that knowledge and Google, I went to the web to learn more. I came across several sites that want you to pay to be added to their database. I personally dont like to pay for anything and if I can get something for nothing I feel real good at the end of the day. I found a great blog on http://www.activerain.com/ which is a great website for anyone who is involved in Real Estate. One of the posts had a list of about 75 asset management companies and links to their agent or appraiser registry page. I will share that with you at the end of my post. For two days I went through and registered with almost every company on that list. Out of all the asset management companies only 4 required me to pay. Out of the 4 that ask for my credit card information only 1 is worth the $50 yearly membership fee. I say that because they handle the top 5 banks assests but me being the businessman that I am, I will wait until I make some money from one of the other asset management companies and use that to pay the $50 fee. As I am typing this post I just got and email and this is what it says:

Congratulations! Your ClearCapital.com Vendor Account has been approved and activated! Clear Capital is now able to email BPO and PropertyInspection Solicitations to you!

I dont know how long it will take to get business from them but it sure gives a struggling agent hope. I hope this post helps other agents also, it is going to require persitance and patience but I have a feeling it will be well worth it in the long run. If this helps your business please post some comments to let me know how things are going for you in your area, good luck and God bless.


The following is the list of Asset Management Companies.

http://www.accredhome.com//
Assetlink
http://www.assetlinklp.com//
Atlas
http://www.atlasreo.com/index.html
Aurora
http://activerain.com/blogsview/115347/www.res.net
AVM
http://www.assetval.com/
Badisso
http://badisso.com/
Bankers Assest Management
http://www.bankersassetmanagement.com/
Bank of America
http://reointelligence.com/uploads/bank_of_america.pdf
Bayview
http://www.bayviewfinancial.com/
Brighton Real Estate
http://activerain.com/blogsview/115347/www.brightonreo.com
CalReo
http://activerain.com/blogsview/115347/www.calreo.com
(CMS) Carrington
http://activerain.com/blogsview/115347/www.carringtonms.com
Chrisley
http://www.chrisleyam.com/
Citi Financial
https://oms.citiresidentiallend.com/oms/jsp/login.jsp
Countrywide
http://my.countrywide.com/BizPartners.aspx
Electronic Mortgage Corp. (EMC)
https://www.emcmortgagecorp.com/EMCMORTGAGE//
Equity Pointe
http://www.equitypointe.com/
ETC REO
http://www.etcreo.com/
Executive
http://www.executiveam.com/general/registration.cfm?ContentItemID=Registration
Fannie Mae
https://www.efanniemae.com/is/npdcvendors/index.jsp
Fidelity (LPS)
http://www.fidelityasap.com/registration.aspx
First American
http://www.firstamreo.com/application.asp
First Preston
http://www.firstpreston.com/re_broker_registration.asp
AHMSI (First Option)
https://ahmsi3.com/servicing/home.asp
406 Partners
http://activerain.com/blogsview/115347/www.406partners.com
GMAC
REOTRANS.COM
Green River Capital
http://www.riocentral.com/prospectivebroker.aspx
Group Financial
http://www.grpcapital.com/contact/index.html
Goodman Dean
http://www.goodmandean.com/
HSBC
http://www.reotrans.com/
Home Eq
http://www.homeq.com/reo/reoProperties.do
Integrated Asset Services IAS
http://www.iasreo.com/workwithus.aspx
Indymac
http://reo.indymacbank.com/reo.ext/presentation/BrokerApplication.aspx
Land America
http://www.lendersreo.com/application.aspx
Lighthouse Real Estate Solutions
https://extranet.lrescorp.com/vreg/index.cfm
Litton Loan Servicing
https://www.littonreo.com/litton/DesktopDefault.aspx
Loan Servicing Solutions (LSS)
14
Keystone
https://www.keystonebest.com/agent_login/agent_login.asp
MDWEBB
http://www.mdwebbinc.com/contactUs.aspx
Nationstar Mortgage
https://www.nationstarmtg.com/Realtors/RealtorApplication_Step1.aspx
Metro Pacific REO
http://www.depotpoint.com/news/?p=126
National City
http://www.nationalcitymortgage.com/
Nations Reo
http://www.nationsreo.com/brokers.cfm
National Default NDS
http://www.defaultservicingllc.com/become_broker3.htm
New Vista
http://www.newvistareo.com/app.php
NPR Capital
http://www.nprcapital.com/
NREOB
http://www.nreob.com/Public/Registration/Broker/RegistrationAgreement.aspx
Ocwen
http://www.ocwenbusiness.com/bs_loanservicing_res_bi.cfm
Old Republic
http://www.oldrepublicdefault.com/Default.aspx
Olympus
http://www.olympusasset.com/agent/agentdata.php
Owen REO
http://owenreollc.com/index.asp
Phoenix
http://www.assetonemg.com/Website/coprofile.htm
Premiere Asset Services (PAS)
http://www.pasreo.com/
PMH Financial
http://www.pmhfinancial.com/Registration.htm
PNC
http://www.realtyservices.pnc.com/
Premiere REO
http://www.premierebpo.com/premweb/Home/ContactUs.aspx
Real Estate Disposition Corp. (REDC)
http://www.redcgroup.com/index.html
Reo Experts
http://www.reoexperts.net/
REO World
http://www.reoworld.com/
REO Financial Asset Services
http://www.reofas.com/
Single Source Property Solutions
https://www.reotrans.com/index.cfm?
SNSC
http://www.snsc.com/ReoPropertiesBroker.aspx
Sun Trust
http://suntrust.res.net/
Tactical REO
https://www.disposolutions.com/clientlogins/dst/default.aspx
US Bank
http://www.usbank.com/
USRES
http://www.usres.com/vendors/real-estate-brokers/
Wachovia
http://reo.wachovia.com/wbreosubscription.aspx
Washington Mutual
http://www.wamuproperties.com/
Wilshire
https://www.wcc.ml.com/Homes.aspx