I had a guy from my office ask me today about BPOs. It seems that somebody told him that I was making a fortune doing them.

He is a nice fellow, and I consider him a friend. But he is NOT getting the list that it has taken me hundreds of hours to build up, just to compete in my own backyard!

I think that he is going to go tend bar until the market improves, unless he can take the initiative the way that I have done over the past few years. It has taken a lot of work to get the reasonably decent BPO income and modest REO listing business that I have.

The marginal agents are dropping like flies. C'est la vie.

I tell ya...it never fails..

For every 4 'inquiries' on an REO by a non REO Agent, I get frisked once for contact info. Every purchase agreement I receive is followed up by the 'What bank is this' question and then the, how did you get these REO's.

I simply tell them 'I'm a whore, I shake my a$$ and put out for them.' It usually ends the conversation with a laugh :-)

I'm so tired of the shake down on every contract submission.

I tell agents who ask me how I got my REOs that I have spent years building up a relationship with the asset manager - he's my brother.