Well, after almost 2 years of BPO's, I just got my first REO listing! I was told that it is a Fannie Mae property, and that to take it, I would have to invest in their forms software. Is anyone familiar with this? At first she said it cost $249, then I thought she said $349. This is through a large BPO/REO company, so I don't think it is a scam. Any Input? Thanks!

Congratulations and Good Luck.

Nope; never heard of that. did hear that Old Republic wants you to pay $250 to join their new site. just did my last Old Republic job and will not write any of their Home Warranties any more. It is very little, but it is all I can do.
Wish we all could band together and force some hands; but that ain't real estate.
You have to pay to play; if you sell the home you will get your money back and they know that; so make sure it is real and pay. I would suggest you use a credit card and D/K it if it is not.
That is about all you can do.

No one has been asked to buy Fannie Mae forms? Anyone?

I have the CMS Multiforms for Fannie Mae but it was required to work with them directly not through some intermediate company.

The AM did say that they have recently gotten new Fannie Mae business. Maybe the requirement to buy the forms is something new?

What did you pay for the forms? Thanks!

I just got some more info. It is the Fannie Mae BPO form that I have to buy. It is on Multiform.com for $249. Has anyone had to buy this?

Sounds to me that a $249 investment will pay off. Just pay it.

You guys got a deal. I paid $500 for the Multi-Form Software from a company called CMS they told me was required to list Fannie Maes. Bought the software and after almost a year - I finally received a listing. I'll make about $500 on it.

I'm not sure if CMS will sell just the BPO part of the package at a lower price or not. $249 would be a big discount from the price for the full package that I paid $504 for.

They do sell it for 250 on multiform.com as said before. It is the single family bpo product only.

123,

If you are working directly with Fannie Mae, you do have to purchase Fannie Mae (Multi-form) software.

I just got a Fannie Mae listing from Old Republic, and they told me that I do not need Muli-form, as this listing is being worked through RESNET (which is a paid membership site). I am already on RESNET, so I do not need to purchase anything else.

Yes, it is an investment to purchase Multi-forms or to join RESNET, but you have to make the decision whether or not to roll the dice.

I have a question about cms multiform. My REO is being worked through ROETrans, but I am also registered with RESNET. Can I circumvent having to buy the software and just use my connection with RESNET?

Romilda,

That depends on the vendor. (See my post directly above yours.) If the vendor says they want Multi-Form used for the BPO, you will have to buy it.

Liz

Thank you Liz. I think I am going to make the investment. I thought it was interesting when I signed with the asset company they said I wouldn't get any listings if I didn't purchase the software first. Needless to say I didn't purchase the software. Oops!