I am a fairly active REO agent in my area. I complete approx. 15 BPOs a week and list 1-2 properties a month. The foreclosure activity in my area is just starting to pick up.
I normally don't complete free BPOs. I was approached by a well respected asset management company (the initals are GD)to do a free BPO, and "if it goes REO I will be the listing agent". This is stated on the order paperwork. I consider this a contractual obligation on the part of the asset management company, keep in mind that the listing possibility was their form of compensation. Also consider that I have completed at least 50 paid BPOs for this company.
While doing a follow up on this order, it appears it has gone REO and listed with a different agent. I am considering bringing a suit against the asset management company (after the property closes escrow) for a breach of contract. The property is listed for $400,000. As you can tell I am a little pissed off, and I won't let it go. Any experience or advice from some of the other more experienced agents would be appreciated. A small claims suit would most likely be the route I take, as its faster, and I can collect a max. of $7500.

Are you sure GD is managing the property? The property could have gone to another asset management company.

I agree with Margaritaville. There is a chance that GD did not get the property. Why don't you just call and ask them?

i agree with them.. you really need to have all the facts in front of you before you make a decision about how to handle this..

Also, are you sure that it stated that you WILL get the listing or their is a chance that you CAN get the listing, I do work for this company also and was never asked to do free BPOs but I get a few paid BPOs per month and maybe 1 listing a month. I would just shoot someone an email just to get clarification.

I pulled up a couple of my older assignments w/GD. On none of the initial paperwork could I find, "if I do the BPO, I'll be the LA" statement.

My experience with GD has always been, same with the other outsourcers for AMC, is that there is a CHANCE to get the listing on a freebie, but no guarantee. Regardless, of what paperwork is filled out before hand, the Agent info page, the ref agreement, the BPO, etc.

I say just eat it.

With another company, (USRES) I did about 25 freebies and received no listings. The "dangling of the listing carrot" is what caused me to make the decision to do the freebies. I was new and optimistic and wanted my first and second listings so I was willing to "be desperate". Now, that I have two clients that give me listings, I don't do freebies for any company in anticipation of "possibly" getting a listing. I think you bit the carrot and now you don't like what they did -- which is what they always do in this Los Angeles market - give the listing to someone else. I have heard of some agents having success "doing freebies" and getting listings but none of those agents are in Los Angeles like you and I.

Also those companies are getting paid for the bpos too, so why should I work for them for free? I wouldn't work for free if I were a car mechanic, administrative assistant or any other professional, so why did I accept this "crap" from an asset management company? Because I was desperate and "hoping".

I do free bpos on properties that I have the listing already - end of story.

I had the same experience last May with the same company. Interior freebie BPO with the "possibility of a listing" when it is REO. They gave me a lockbox and key code to use to gain access.
When I arrived at the property, there was a numeric (not alpha) lockbox and the coded key I had would not work, so I emailed this to GD. They sent me an email back to call the Listing Agent.

I refused to complete this based on their false promise and refused their work for a few months. When they do call because no one will complete the work, I ask for a fee that is 50% more than what they offer. As I pointed out to their people, I'll work for free when they show up and work for free.

Unfortunateley, there are a lot of newbies trying to do REO now and they are dumb enough to accept the lies they are told by these companies.

I have done BPO's for GD for about 8 years and never have done a free one and always have 2 or 3 REO listings with them. they also pay on trashouts, util, within 30 days of submitting invoices. My contacts have always been nice and easy to work with.

Papa Lou, as soon as I called USRES and asked "hey, where's that listing after 12 free BPO's?" - they gave me one. Worth a shot!

They are the one and only company I would do a free BPO for. In my experience if they dont give you that listing they will give you one soon after.

Here's an update.
I just got off the phone with GD. I spoke with the AM in charge of these AMQ orders. Before I begin, I want to clarify that my BPO order specifically stated that if it goes REO, I will be the listing agent.

I spoke with the AM, and asked him the status of this property. He stated that they are not currently managing it, and it probaly hasn't gone REO yet. I informed him that it has gone REO, I am looking at the trustees deed and furthermore it was just listed by another agent. He seemed baffled, as these properties are supposed to go back to GD for management and sale. He is calling his contact at AMQ to get to the bottom of this. I will update you guys after I speak with GD, hopefully this afternoon.

I've got a couple of AMC listings but I think the AM's have their very favorite agents and it's hard to break in.

Last time I did a 2nd opinion BPO (property was lockboxed but not listed yet) the finder told me if I came in with a better number, the listing would be mine. My market value was (honestly) at $315,000 - next thing I know it's listed for $280,000 by the area REO king.

Go figure.

is GD goodman dean?