Are you earning enough money to justify staying in real estate? You have to consider the business and employment alternatives. If you can earn more in another field, why stay in real estate?

Those questions could/should be asked every morning by every person in any line of endeavor. Of course, everyone should also derive some form of Psychic Income from whatever they do . . . . but not all do, which is sad. Unfortunately, many don't even know what that is.

Some day, Real Estate Agents will all Go out on Strike demanding more money . . . . surely that will get their attention.

Does this really fit into the bpo/reo section? I don't think so.

Really wish I could play basketball in the NBA so i could earn 80 million dollars a year like Lebron and Kobe.

I asked this in the REO section because fees paid to REO agents/brokers have been dwindling for quite a while, and among other things BPO forms have become more detailed, clients asking for more and more, but offering less pay. In other words, have experienced REO agents/brokers seen a decline in profitability, and if so, why not get out and do something else?

Someday...yes...today no...everyone seems to forget...there is a Midwest that need to go thru the rinse cycle...

I agree with your comment on the REO's. I backed away from these puppies when they dropped the commission to 1% for my side. And, of course, they'd make the comment, "We'll give you volume". Not me....each listing has a liability tagged to it...just not worth the effort. I make a ton of more money selling them.

As for BPO's......That's a fielders choice. I had one company that was sending me 50 to 75 BOA orders each week at $25 a pop. I kept sending them back. I was made aware of the Rep's attitude in this forum. I think he said, "If you can't do the hard ones with the easy ones, I have no use for you". I didn't email him squat. I just kept sending them back. Now, for the good news...All I receive fron them now are $50 Wells Fargo orders. That volume has been picking up weekly. Apparently, they must like my work, as I was never fired for the rejected BOA's. About a month ago, I had the opportunity to talk to one of their QC people. He was filling in for the rep and attempting to get nine orders placed. Of course, I gave him my $50 fee. Once we got over that hurdle, we discussed his QC job. He complained in the lack of quality he found when reviewing orders. I said. "At $25 a pop, what do you expect?"

As stated earlier, it's the agents choice. Granted, they're asking for more and paying less. I just choose not to work for less.

That's why you farm out the drone work. My time is worth more, but there are countless others begging for the money. As for REO's, I won't touch them. In my market, where the common REO sells for under 50k, the risks far outweigh the reward unless you have the HUD or Fannie contract. One failed reimbursement payment could eat all of your earnings.

With all due respect to everyone on this board, it doesn't take much of a brain to do this stuff. It's gravy money and will likely be replaced by some form of technology in the near future. The entire RE system is antiquated. Hopefully NAR finds itself 8 feet down in a 6 foot hole within the decade.

Totally agree with this viewpoint of it all! I stay for the fun . . . I love managing & selling REOs. Like doing BPOs too. They seem to be my "niche", my "thing".

Do I make enough money? Oh, heck, no! But it's that psychic profit that makes it worth it -- so I'll stay awhile yet.

edited to add: Here, the market is slow, heading toward stagnation . . . but we haven't begun to hit bottom yet.

Do I make enough money? Oh, heck, no! But it's that psychic profit that makes it worth it -- so I'll stay awhile yet.


Better yet, start "Barb's Psychic Friends Network." then you'll make some serious money.

My wife and I Love REO. We work together (I used to leave at 4am and get home at 10pm as an engineer) and get to work at home a lot of the time. There are 2 ways to be rich, have more or want less. Our time together is priceless.

We are also able to employ 2 people and give work to several companies. We consider RE in general and REO in particular as a blessing.

Best wishes to all.

Grampa - I agree. I do love REO but lately, like any realationship - I am somewhat disenchanted. I had three contract terminations last week, my listings, that after 30 to 45 days under contract, fell apart due to financing. Its getting tougher to keep them together, I keep having to re-do things and it would seem that I have my fair share of "new" asset managers. But, that being said, give me a day in my jammies, in front of the computer, and I am happy not to have to be going into an office from 8-5. I am not making a killing doing it, but the freedom is worth the pay cut.

I suspect this major dropoff in BPOs is due to a heavier use of cheaper AVMs. My plan B is in motion.

Freedom is worth more then money!
grexley ,no machine will ever replace human!

What rights does the buyer have of an REO who wants to cancel a contract due to title issues the buyers title discovers?

My buyer wants to hold on and wait and bank os asking to terminate and return escrow.

I have been through this before and the bank later relisted and sold it to someone else

Can a buyer refuse to sign and cancel ?

Read the addendum. Most say the seller can cancel for any reason what so ever. We have seen them take months to fix a title issue. Good Luck