How have you guys become expert in this field? Have you learned thru seminars or on your own?

I worked for a girl in my office who was big in REOs. I helped her with BPOs and she would throw me a bone and I would market some REOs under her supervision. BPOs are simply prospecting for REOs.

I left that office and then it was Baptism by fire.

Zoila, you pretty much have to work with an experienced REO agent to learn the ropes, then jump into it.

After 15 years in the business, it finally popped for us. I saw the writing on the wall, and started going after them 3 1/2 years ago, and it's been a pretty steady flow ever since.

It's not impossible to break into the REO business right now, but it is definitely a lot tougher to get your foot in the door at this stage of the game.

Jollyman:

I have to say there is much more to BPOs than prospecting for REOs (that is why I charge as much as I do, it is NOT a lost leader for REOs in my business).

Consider the times it involves the purchasing of a portfolio of properties and the invester wants to know the value of what he is buying, the number of times it is for an equity lending product such as a loan or line of credit, then there are the ones that want to know if they have enough equity to cancel mortgage insurance, throw in a few valuations for divorce or estate settlements. Well you get the picture.

As for how to become an expert in this field I will say that seminars and other classroom type settings may be interesting and give you some opportunity to network with others on the subject. However, like brain surgery, you won't get there without the experience. If you are fortunate enough to work with another agent doing this business, or have a broker that can train you for the business, that will be a big help. As in many other businesses the school of hard knocks will be your best teacher.

Mr. Foreclosure

A good source of info to read monthly is www.dsnews.com The magazine subsription is rather cheap for the info.

Not a ton of new info for the well experienced reo agent but great info for the newbie.

Before this year I had handled one REO that we then decided not to list back in 2003 or something, but nothing else. I never teamed with an experienced REO agent. But now I have 6 reo listings. So far they have been pretty straight forward. It's just learning how the company works that have assigned them to me. After the first one I know what to expect and how to explain what to expect to other agents. I don't think you necessarily need to team up with an experienced REO Broker. I didn't. I'm still not sure why the company that I have these listings with assigned them to me. I just asked them for more bpos and they sent me listings instead. This site has helped me out alot reading posts and learning sort of what to expect. Reading peoples problems and other peoples suggestions and answers really help. That's all I really needed. Getting your property preservation people figured out before you are even assigned something really helps. Maybe some of you more experienced reo brokers should write a REO for dummies book.

Mr. Foreclosure:

I aggree there are many other instances where a BPO is not for an REO. I guess my mentality is that if the reports with my name on it gets exposed to the bank often enough some asset mgr will recognize it and throw me a bone. Maybe some suit in mergers and acquisitions goes to lunch with an asset mgr and passes my name along. Who knows.

I do know, however, that I did not start getting REOs until I did about a million BPOs. I don't really consider it a loss leader either - more like a referal. It is a tank full of gas or a new pair of shoes while the real money is in closings. Those BPOs help pay some bills so I still cash the checks. JMO.

BPO's keep you sharp on what is going on in your area. I don't enjoy doing them as much as I used to as I now have a bunch of REO listings. It is nice to get a new assignment and know what it is worth because I have done a few BPOs in that area over the last month or so.

This forum is exellent for learning the ropes. Hang out and read and learn from others. We have all had our first REO listing.

Thanks, I appreciate all your help. I wish I could team up w/someone but it's hard. I have had to learn all on my own, I did find someone that has given me tips & has helped me but she is always very busy. I will keep an eye out for seminars, as a start.

This site is probably the best source of information you could ever find. Ask a lot of questions and read twice as much as you ask.

The best Real Estate source of information, not just theory but practice and experience that no school or book teaches you. keep asking and you will receive.

Good Luck!

BPO's are a way to separate yourself from the rest who are wondering what to do with their career. I love'em