Hello to all,

I’m a real estate agent here in the N.Y.C area. I’m very interested in obtaining REO listing from banks but have know idea how to get started. I’m familiar with a few websites such as REO Network but I do know they prefer agents with some experience. I been agent now for 2 years, and had my appraisal license for 2 years prior to my sales but did not renew it. I really want to become a REO agent and would appreciate any info to get my foot into this industry. I don’t think anyone on this board is in the N.Y.C area so I wouldn’t be any competition to anyone on this great board, so please feel safe sending me some really great tips. If you prefer to email me please do.

Best regards,

Are you doing BPOs? That is the first step in getting REO properties. Do LOTS and LOTS of BPOs. That will get your name out to the asset managers.

Do a a lot of reading on past posts here - I mean days of reading. You will find companies to sign up with.
Good luck and best wishes

Makin’ Money,
Thank you for your response, I really appreciate it. I guess my first start is to sign up with as many bpo companies or asset mangers as possible in the N.YC area. If anyone else can provide any pointers to help me start off or websites who provide bpo request. It would be much appreciated. In the mean time I will do an intensive such on google. If come across any info that may help agent online community, I will surely post it.

Thanks,

You can find dozens of BPO sites here by reading the subject headings. That's how I started. A simple Google search using terms such as BPO, REO, asset management, etc. will yield about a hundred companies.

If you need a list of BPO companies, do a sear for "Real Deal" and "Real REO Deal", you'll find a link to his website... give him a call and ask him for his list, he'll help ya... I think some folks have sent him $1 for postage.

He helped me get going.

me too!

Thats funny....

What the hippy meant to say was "That's funny... he helped me too."

Right hippy?

I emailed him and got a pretty poor response. I would not recommend contacting that person.

You must not have sent him your dollar first.

I work in NYC so you have got to do your leg work.

Don't forget postage went this week! Throw in another quarter.

Real Deal actually set up a meet and greet for me with one of his best clients. And it was in his area! I ended up taking all the business and you know what he said about it?

"Good for you!"

But seriously, send the dollar first. This isn't a charity.

FOMCROTFLMAO!! Bwaaahhhhaaaaa!! Roooaaarring laughter!

Gary,
Celebrate your Birthday with a chuckle and a grin, knowing all of the private laughter you have caused...
What a guy!!!
Shy

PS trully ...do have a great Birthday...

To all,

Fist I would like to thank you all for helping me on my quest to become an REO agent. All of you tips thus far have been very helpful. Ggwwtter Can you tell me the name of the individual and NYONE can you elaborate more on putting in leg work?
This weekend I plan on to spending most of my time signing up on different BPO companies. Again thank you all for your help.

Best regards,

His name is Art and I think his company is "can you say sold". I'll let you figure out his website address (never overlook the obvious). It's just a starter page, but it has his contact info.

THE REAL REO DEAL GUY-TTIED A SEARCH BUT COULD NOT FIGURE OUT WHICH SITE YOU ARE TALKING ABOUT. ANYONE HAVE A WEB ADDRESS OR AN E-MAIL?

THANKS,

STEPH G.

Oh Stephanie. You hurt me when you say you can't figure out the website name.

Is this really what the world is coming to? You can't make this stuff up. I think this thread is appropriately named. I'm off to take a tylenol.

I am sorry but what is REO? i feel silly asking this

yes ggwwttre, the Real REO deal has helped me in many ways. i meant "thats funny" in a helpful, supportive way!

REO = Real Equity Option... it's a pretty good program that mixes the real estate and the stock market. Let's a buyer in default that has equity borrow against the house and put it in his margin call account... then the company that set it up helps him trade some of the hottest stocks on NASDAQ and roll the profits into his loan and save his house.

The Real Estate agent gets paid a minimal fee for setting the owner up in the program, but the real money is in the listings. See, often enough they don't make enough money in the stock market to cover the fees and interest for the program and they're forced to sell the home... and if you've been helping them through the process you're in a good position to get the listing.

With listings as hard to move as they are right now, the secret to this market is volume. More listings means a better chance one of them will sell.

Stephanie,

You are getting ribbed. Asking your competitors for BPO companies and contact information isn't going to be met with open arms. You may get the names of people who will rip you a new one if you contact them asking for BPO companies and/or companies who don't pay. There are a number of companies you can find just by reading the subject headings of previous posts. You can find the specific website addresses via Google.

Good luck

Seasaw... I bet you were the hall monitor in 3rd grade, weren't ya.

As always Gary gives me my morning chuckle.....

No, I was never a hall monitor. I guess I don't see the humor in steering people down a path that gets them chewed out or where they perform BPOs for companies with a history of not paying.

Mercy, I've missed you guys. Life is too hard when we can't get on Agents Online and have a little chuckle at some new agent's expense...forgive us, but we just can't help ourselves.

Stephanie, you have just been initiated...welcome aboard...you took it like a trooper. Re-read this thread and you will see where the feedback started to go south. And remember that few will give you client names on here. But they are on here if you search for them.

I have to leave now and go find the Kleenex box. I'm laughing so hard that tears are running down my face.

Gary, your phone is ringing...it's Central City.

Darlene

P.S. Seasaw gets a gold star for reminding us that we should not deliberately steer people to non-paying companies. But the other stuff...now that was just funny.

Hi all,

This is the list I was able to gather over the weekend of bpo and reo companies. I will start calling and signing up tomorrow morning, hopefully things will work out. Which one’s are the best to start out with, please let me know.

Thanks

reoplace.com
http://www.nrba.com/
http://www.remend.com/
http://www.reonetwork.com/
disposolution.com
greenlinkbpo.com
namg.com
reodirectory.com
brokerpriceopinion.com
Premiere Real Estate
http://www.homeq.com/reo/
bpo.com
Countrywide
OCWEN
LandAmerica
Pro-teck
HBSC
Clear Capital
NationwideBPOs.com
RealTrans.com
http://www.reosolutions.net
http://www.camreo.com

Do a search for those companies and you'll find out which ones we think are good to work with and which ones we don't.

ONE MORE THING YOU MUST HAVE DEEP POCKETS TO START UP. RIGHT NOW I AM WAITING ON ABOUT 2000 REIMBERSMENT. AND A PAINTER WHO WAS KIND ENOUGH TO BILL THE COMPANY AND NOT ME WAS TO BE PAID 2 WEEKS AGO. AND HAS NOT YET. IS ON THE PHONE TO ME TWICE A DAY. THAT MAY BE ANOTHER 2800. I AM LOOKING AT A HOME THAT MAY GET A CARPET. HOWEVER EVERYTHING SAID AND DONE .. I LOVE IT..

[quote=KGM]ONE MORE THING YOU MUST HAVE DEEP POCKETS TO START UP. RIGHT NOW I AM WAITING ON ABOUT 2000 REIMBERSMENT.


I had a trash out that was $7000 alone. I have over $45000 out waiting on reimbursement. I remember when I first started out. It was very difficult working with only 4 or 5 properties because you have to do quantity for this to work out. If you do one listing here and there and there are some expenses it could not be worthwhile.

Are you sure that was him?

Yea, I do know how to email.

When contacting BPO and REO companies should I should i tell them i have experience or not?

You should tell them the truth.

Mr.2D,

What part of NYC are you in? Just sizing up my competiton.....

The posting of this list is exactly why I don't give out any websites any longer.

Someone writes in..."I'm from Timbuktoo so I'm not your competition, please help me". Someone gives them one or two links, someone else gives them another couple, we point them in the right direction and then they put it all together and post it. So now the agent down the street from me who doesn't know how "search" works now just got all the info he wanted in 30 seconds of reading this forum.

...Sigh.....

part of the fun of this whole experience is the... HUNT... Let them search... how will they ever navigate thru the maze if you give them the cheese at the start

Mr.2D,

Some of the more reputable BPO companies to work with are:

1) Clear Capital
http://www.clearcapital.com

2) Countrywide
http://www.cwfieldservices.com

3) Main Street Valuations
http://www.mainstreetval.com/login

4) Pro-teck
http://www.pro-teck.com

5) eMortgage Logic
http://www.emortgagelogic.com

6) Ocwen
http://www.ora-rmsi.com/webtop/default.asp

Of course, keep in mind that some companies may do more business in some state than others.

Good Luck.

Thanks Your#1Agent

Thanks guys! Now I've got enough companies to sell a list on ebay!

Seriously, what are you people thinking? This is a public forum, where one doesn't have to be a member to view postings, and even if registered, people aren't required to put in their location. All of the above companies are already listed on this board, why re-post in a list? Tell me, are you going to post your SOI & client lists next? Or, would that be an unthinkable thing to do? OH! that's the problem, perhaps you weren't thinking to begin with.

Mr.2D,

You are welcome. Just remember to keep sharing and never feel threatened by another agent who wants to break into the BPO/REO business. In my opinion, there is enough for everyone.

I agree! If someone is too lazy to read through the posts on this board and come up with their own list of companies (good & bad), I don't feel a need to help them. Do a little leg work on your own and then I am happy to help with any questions that I can answer. I get PMs all the time and I am always willing to help people, but I'm not giving out a list. That is ridiculous. Maybe it's time for a new forum somewhere else where people actually ask questions and help each other. Not one where new people pop up every other day with a "GIMME A LIST" post.

You're my #1 agent. On my s*@t list!

I agree with my 2 Ohio friends.

Ben,

The standards here obviously must not be very high for you to be designated "Moderator" of this forum. Also, because I am a professional, I will not dignify your comment with a similar one. I only wish some of your clients and customers would come here and see your true colors but then again, maybe you don't have any.

there's enough for everyone...im still a newbie and that's hilarious! is that why certain site's orders are gone in 15 seconds? i spent literally months doing research, scouring posts, and many late nights using a little known search engine called "google". i should have just skipped it and asked for a list. dangit! as far as not being threatened by competition, i wish more people felt that way...better for me!

...but on a serious side note, thanks for all the help so far!

Yes! Please continue giving away your business. And my business. And all the other agents' business that've been doing this for years. I'll be sure to send you a thank you note from my parents' after I've moved back home cuz RE ain't paying my bills anymore.

I don't work this niche for kicks. I do it cuz I'm good at it, know what I'm doing, know my markets, and can make some cash. And I totally resent that, with no redards to anyone else on this board, information that I (and others I'm sure) have worked hard for over the years being blazooned across the web in a neat & tidy list, and becomes available to any schmuck who wants it.

Atleast my clients can find me. If you notice I don't post anonymously. People appreciate it, adds credibility.

I know how you feel Katie. The only thing that comforts me is if they are too lazy to find a list for themselves, they'll be too lazy to do the work. In this field those who put in the hours and work succeed. That's why we're successful.

I'm so glad to hear that the state of Georgia is swimming in BPO business. Perhaps we should all invest in contact lists for Agents in Georgia and start soliciting them directly to sell our BPO lists. Let's help everyone in Georgia get into the REO & BPO business!

Here's a link to a great source of agents in Georgia. http://www.ibsteam.net/wsnlinks/Real_Estate_USA/Georgia

What a great way to make more income. Everyone should take a moment to thank Your#1 Agent for being so generous with his valuable information about the large amount of BPO business in his area! We CAN all benefit!

#1 Agent and 2D...

I've seen moderators delete these lists before. Why not this one? It's now plastered all over yahoo and google.

I'd do it, but since I'm not the moderator in this section I don't have the ability. You have to PM them.

This whole thing is unprofessional, unconscionable and just plain wrong.

Just because this is an open forum does not mean that it is okay to post every company on it. The follow through on this is that every tom, dick and harry can and/or will lie (asking if they should lie about one's experience so they can start doing REO's and BPO's) is unethical AND unprofessional...but I bet there are many on here who don't see that. Kind of like lying on a resume that you went to Harvard when you went to Nowhere State University. I wonder how some of the companies posted would like to know that their information is put on a public forum and that people will lie to get on with these companies to start doing BPO's.

Of course there is enough business for everyone...but that is not the point. The point is to make sure that the people who are applying for these jobs are well qualified and have the experience to do the job well and in a professtional manner.

I wanted to put my name on Reonetwork,too, before I had my first REO listing...but I waited for a year and I don't know how many listings. Guess I should have lied about that, too. I guess I have more of a deep respect for the ethics in this business than some. I didn't feel I should lie to get business and I still don't.

What do you mean "there is enough for everybody"?? In my city there are nearly 4000 agents and not many of them are doing much business. More agents mean less $$ for me in my retail real estate and REO/BPO business. It also means that when agents think it is "easy", they make it hard for me by being inexperienced and not doing things according to the law and professional business practices. I say don't give out any more info than you have to. You may think you are being helpful but now one of my competitors in my area can come onto this forum and easily get info to sign up and take orders away from me. This forum really should be about sharing info about specific companies and their procedures. This means maybe when someone is having a problem filling out a particular form or needs a contact info we should share what we know. Contact info and other sensitve info should be shared by a private message or email. I guess some people just like to be a "hero" by giving out all the info. I just don't get it!!

I see you guys are still griping. For the record, the BPO/REO business is NOT an exclusive club. NONE of you here decides who enters and who don't! You DON'T set the standards for acceptance, the BPO companies do and if BPO is your only source of income, then you choose to limit yourself because the last time I checked, being a real estate professional also included listing and selling houses, among other things.

Also, the longer you keep griping, the longer this post will stay at the top of this forum and the more attention it will get.

WOW... now I understand why some have bailed on this forum

1800+ views and counting.. #1Agent, think of how many of the "anonymous" new agents have viewed your list and will be grabbing your orders now

"WOW... now I understand why some have bailed on this forum"

Bingo.

Bad news is, being a member somewhere else doesn't stop these kinds of threads...it only provides a secure place to talk openly about your companies and experiences. These posts come along every once in a while with lists available to the public- and I have seen them removed from here. Not sure why this one is hanging on so long.

-Andrea

REO Agent,

It is okay if a new agent gets some of my BPO business. BPO is not the only real estate service I provide to supplement my income. Besides, I don't have time to live in fear that another agent is going to take away my business. Living in fear is senseless and unproductive use of my time.

On a final note, the next time another agent comes here to ask for help, let this be a lesson to all the agents who acted like immature adolescents, that it is NEVER professional or humane to ridicule and make fun of someone asking for help. If you choose not to share your information, then politely say so. It is that simple!

there are 41 users currently viewing the bpo forum, up from the usual 14-22. strange...

Somebody get me a baseball bat...

No... hold me back...

No... let me at him...

How many houses you list and sell in the past six months?

Adolecents... set the standards...

Who died and made you king?

Jackass.

Uh oh. Someone didn't learn his lesson. Lol!

you seem to be the only understanding agent on here; I thought this was a forum to help out other real estate professionals but every one is mad about the list. I got 80% of those companies from google and other websites not from this forum. I figured since I'm new why not contribute to forum since some people helped me. I guess next time I'll send the info in PM instead.

Good choice. While you're at it please make sure to PM it to all of the agents in your area.

GGWWTTRE,

I see you are off your medication again. I hope the mailman deliver that BPO check soon, so you can refill your prescription.

The problem is, you are also giving away other peoples BPO business.

Unbe#*@kingleiveable! What in the Hell is going on?!! Why are some people so stupid?!

Your#1 agent is only 1 agent from Georgia. Consider the other agents on this board from Georgia that's working hard for our information...

Do you remember the kids in high school who would always try to buy their friends? You know the ones who did other's homework?

They weren't helping as much as they thought they were.

i couldn't agree more..

Help is one thing, and there is quite a bit of it available on this site. But giving out & POSTING (a lot of) clients' names on an open forum, like Frat boys handing out beers at a kegger, is another.

BTW, still waiting for ya'll to post your SOIs. Or is that just not going to happen?

I am still in shock that someone would be so dumb as to post their BPO client list out there for all to see. Obviously, those who do this have no idea they're running a business and not a social services office for goodness sakes. If they want to donate part or most of their income to a newbie who is too lazy to do the legwork all of us have spent years doing, be my guest. But, please, do not make it easy for someone to put their hands in my pocket.

Do you dopes think that the President of McDonald's called up the President of Burger King and said, "Hey, I've got this great receipe for French fries. I'm going to share it with you. Let's do lunch." Or maybe Pfizer is in the process of sharing it's patents with Hoffman LaRoche. I don't know. Is this a new trend, all of this "oh I'm such a good person so take part of my business???

Maybe I should just leave my office door open tonight and put all of my client lists on my desk and all of you guys in New Jersey can just come on into my office, turn on the copier, and make your own copies.

Those who want to give up their client list should have their own separate section called "BPOs for Dummies - Take My Money" and the rest of us should have a section on the forum call "BPO Professionals Only -- Morons Need Not Enter."

And, just for the record, I've made some good friends on this forum and we have shared some clients. But we use good judgement which, obviously, some on this forum don't have.

I've never seen more dopes in one place I swear.

That's a mighty nice offer of you New Jersey, but sounds like a lot of work. Will you copy them and mail them to me? I'd really appreciate it. Also could you call them and let them know to be expecting a call from me? lol.

You got it with the homework thing Ben. The problem here is the homework is advanced calculus and the genius offering the help is a freshman.

HEY GIG EM.... Time to can this thread.

P.S. Agent #1 I'm out in the field all day today, I hope to get by my PO Box before they lock up. I have no doubt there's at least one check in there... there usually is, if not there will be tommorow.

Mayor: "Do you know who I am?"
Dirty Harry: "Yeah, you're a legend in your own mind."

The thing is, Mr. 2D, that you are not being very nice to just jump on here and post the client names. I say that because of the following reasons:

...sorry, I hit the submit key in error, so give me a few minutes to post my reasons and resubmit my post...

New Jersey Realtor...you just about cracked me up. I like the way you think.

New Jersey Realtor... you hit the nail square on the head

Robert E. Lee's right hand man was probably from NYC.

Let me start over... and excuse any typos because I have lost my glasses. First of all, I forgot who posted the original list on this particular thread, but whatever...I will start by saying I apologize to Mr. 2d for saying he was not nice...he was probably thinking he was being nice by posting the list and got jumped a little early in the game...which started the whole snowball thread that we have ever so often. Obviously this issue is a very sensitive point with those who contribute on here on a regular basis, and they can't be blamed for being a little sensitive.

The point that has already been made on here is that professionals in other occupations do not say, "Anyone want a list of clients...?" before they even know what is going on in the forum, meeting, or other arena of their peers. It's called professional courtesy. If they want to help...in fact, any agent wanting to help...they can take someone aside (in this forum, we use the PM feature) and say, "Since you are new, I might could help you out a little with some names or sources for names of clients". That is how it is done in other business segments, if in fact anyone would share a client name. Using the PM feature on here will not get someone any notariaty for being a good guy but it will help the new agent, who will have a chance to ask questions of the more experienced agent.

Obviously, as I and others have posted many times, the names are on here...so we are not denying new agents any names...we can only be accused of not making it so easy on them. Five minutes reading the forum topic names will net a new agent a very big list. If we were trying to withhold names, why would we ever post the names on here to begin with. In addition to the names, new agents can find all kinds of info about BPO's...how to fill out the forms....when to expect payment (since all have different payment schedules)...how to convert BPO's to REO's... and which clients give listings (probably the most important bit of info that can be found on here)...and tons of other topics. So the posting of a list is not that beneficial to new agents...it just leads some to stop reading the forum and jump in before they have all the info to make the transition easier.

I believe the agents who have spent hours, days, weeks on here helping other by giving them survival hints that will save them from losing a client once they get one, are good guys. I know how much Ben and others on here who have recently posted have contributed to new agents...information that is much more important that a list of new names...information that will help the new agent build his or her business...but only if the agent reads it. So making the list available is not helping the new agent...all they need is five minutes and they can build their own list from the posts on this forum.

While appearing to be a good deed, a list serves no purpose when we have such a good search system and since new agents need a lot more than just names. We all know that on here because we were all new agents once. Since new agents have access to all this great info that they do not have to pay for...why not read it first and start out in a much better position...and avoid all those clarification requests from clients who will wonder if they made a mistake taking on a new agent.

Obviously, anyone who jumps on here with only a couple of weeks into their membership and starts trying to be all things to all people will be met with a little hostility...especially if the posts make the rest of us appear as though we are selfish...again, not aimed at Mr. 2D or anyone in particular. If a new member takes the time to read past posts, he will see that most of us are definitely not selfish and have tried to help in whatever way we could...even though sometimes we do lose our tempers once in a while.

So, Mr. 2D, hopefully, you can contribute a lot more to this forum than just a list...we are a smart group of agents on here and you should fit right in. List or no list, we all do have in common the fact that we have work to do right now. So anything you can contribute to help me do my work better or faster...I would love to hear it.

As for Ben, I can't tell you how much he has tried to help agents on here...Ben is one of the least selfish posters on here if anyone takes the time to read...and he has been doing that since he first became a member. As that goes, the other posters in this thread have an excellent record, also. If anyone will follow their threads for a while, it will be obvious.

I can't believe any new agent would even need a list. Those that grab the list, sign up, and don't bother to learn are just diluting the work for the rest of us, as has been pointed out already, and by the rest of us, I am including those new agents who did do their homework before putting themselves out there as pros. Those new agents will eventually begin getting listings, and end up being on this forum as major contributors. They will try to convince new agents that a quick list does not mean a quick buck. Agents unwilling to get a little knowledge before jumping in are just diluting the work for the rest of us, newcomers included, and will not last long...few clients want agents to get their experience at the expense of their clients. Just read the many posts of agents who asked for a list, took the heat, then came back and said "Thank you for making me read the posts."

As mentioned earlier, I have lost my glasses and my backups are in the car, so this is not my most articulate work, and definitely rambles more than it sould. Since I can't edit without glasses, I'm going to leave it as is. I'm just praying my glasses are in the floorboard of my car. I'm off to find them now. Sorry this post was so long.

^^^^^^^BRAVO!!^^^^^^

Wow. I'm blushing.

Beautifully written.

Oh Darlene you are my hero.

Do you want my complete client list? Oh, sorry, no can do. I'm already over-nighting it to Ben.

If that's the kind of post you write WITHOUT glasses, I can't wait to see what you can do WITH glasses.

Lovely, lovely post.

AMEN!
Dalene B,
no one could say it better

Darlene, you have given me faith in this site again.... Well done!

how about you give me all your info and Ill sign up for you? Then when you get orders Ill complete them and make sure they send you a check..

In the spirit of cooperation and good will, Mr. 2D will delete the list. Hopefully, he will stay with this forum and contribute. Thanks, Mr. 2D, for listening to us.

Darlene

any realtors in here from michigan that do foreclosures

wow, way to ruin a thread.

Don't be so hard... This thread was ruined days ago. We've just ignored the good sense to let it die.....

Oh, my gosh. I can't believe this thread keeps coming back, or has not been deleted. Well, I have been holding myself from responding and keeping this thread alive, but since it has a mind of it's own I guess I will give my 2 cents. I am tired of agents who have been on these forms for a short time and ask for help for free. First if you are going to be a member of anything it is important that you read the rules and regulations of that group. Many new agents do not even bother and end up posting the same ... same... thing. Also there was another agent called #1 Agent something.. that posted this "It is okay if a new agent gets some of my BPO business. BPO is not the only real estate service I provide to supplement my income. Besides, I don't have time to live in fear that another agent is going to take away my business. Living in fear is senseless and unproductive use of my time.

On a final note, the next time another agent comes here to ask for help, let this be a lesson to all the agents who acted like immature adolescents, that it is NEVER professional or humane to ridicule and make fun of someone asking for help. If you choose not to share your information, then politely say so. It is that simple! " While it is true that it is not professional to ridicule or make fun of someone. It is also not very professional to post a list of various companies when that group is telling you not too. Who do you think you are to go against what the group wants in order to teach that group a so called lesson. Is this the case of someone biting the hand that feeds them? I do not know. All I know is that to many agents new and even some experienced are asking for too much. They expect everyone to help them with their business and if not say that those people are mean or rude. This is no different then other business. Either way I hope the moderators will finally delete this thread. I am surprised they have not already done so. Tell you what. Why don't all of us Agents PM the mod's of this forum and ask them to delete this thread. Isn't this the way a forum should work? Come on let our voice be heard. I am going to PM for deletion of this thread right now.

professional! professional what?

professional dunce.. Ive worked 13 years to establish a business of contacts and youre willing to give out info like its tic tacs to anyone that comes along...

genious!

PARealtor-I think you misunderstood DelCidsRealty's post. He/she was merely quoting a misguided agent and didn't quite finish his thought.

This is exactly why this thread needs to die....

I 2nd the motion and I'm PM'ing the moderators now.