I just completed one of their free BPO's on a 2 year old property currently on the market for $650,000. The order is via Wachovia/usres. My question is this- The home is currently on the market with another area agent, and has been for 210 days. I am told I will have the listing, but am wondering if the agent currently listing the home may have dibs on the listing as well? I haven't been involved with one that was already on the market yet. Anyone have any experience with this?

I have never NOT been given a listing under these circumstances. Once the foreclosure happens if the other agent is not an REO person/specialist then the property is typically withdrawn off the market by the first broker and listed with a REO agent. Here, it happens quite a bit.

I done about 3 or 4 freebies for usres, didn't get any listings. I asked to be changed to paid bpo agent without listing consideration and I haven't from them in three months. I think they use the bait saying you may get the listing, but they don't give them out. They want you to keep doing free bpo's.

USRES has a lot of REO. I sell over 30 REOs a year for them. I do about 10-12 free BPO per listing and my average listing is about $250,000. They take a 1% referal of my end so I end up with about $5000 per closing -600 for the free BPOs or $4,400. So I make on average about $132,000 per year from USRES. I would do the free BPOs. I'm not giving $132,000 to some other agent in my area so that I can make $50 bucks doing a few bpos. Don't be stupid. But thats just me.

I get about 80% of the listings when I do their free BPO's. It is definately worth it in my area, but if I had done 10 or 20 and not gotten a listing I guess I may have re-thought doing those. I just had never had to deal with a property already on the market with an agent. The list agent is not experinced with REO properties as far as I can tell, so hopefully this one falls into the 80% not the 20% that I dont get.

I am listing one (not usres) that was on market with a different agent who also handles REO. She is really upset that she isn't getting the listing- even called AM (she's worked with them before) and told them they're making a mistake by listing with someone else. AM says he told her that if she couldn't get it sold in nearly 6 months on the open market, how could they expect her to get it sold for them? So that may be an aspect of it. I would imagine you'll get it.

Brokers, what area of the country are you in? I've done a few with nothing yet.

Thanks

zephyr

I'm glad to hear that the AM did not cave in and give it to her and that he put her in her place.

I've had that happen as well, but sometimes if the agent is a really big originator of loans with that lender and complains to the right person, they get the listing. But in most cases, does not.

Most of the instances where I have gotten the listing, the property was already an REO and listed with another REO agent, but I represented the PMI company, and they exercised there option to repurchase the property. Then I have to notify the other REO agent, but they understand and are professional about it.

I'm glad he didn't cave in either- it's a nice property! BUT, her office is one of the biggest in that town and I doubt that they will be eager to coop on it... Oh well, I try to establish and maintain good relationships with the other agencies around- especially those who aren't on our MLS... Last REO out of my town, I faxed through to each office (not on the mls) a cooperation agreement along with a flyer on the property so they would know it's available. Now when I call them about anything, they know me and talk like we're old buddies. Most have been helpful providing comps for BPOs and appraisals, and I think that's the way it's supposed to be.
I've not had one pulled from me yet, but I know it happens. I think, when it does, I will just follow up and see that it's not because I've screwed-up. If it is, then I'll need to know so I get it right next time. Hey, I'm learning!

I certainly agree when the average listing is $250,000 property--but the financial return is much different when the average listing is half or one-third or less! $600 worth of free BPOs plus 1% of listing commission leaves very little compensation for the agent.

Using a $90,000 property, for instance, the listing side of the commission (3% - 1% referral=2%) would be $1,800. In a worse case scenario, the agency split is 50%, leaving the agent with $900 commission. So the agent actually nets $900 - the $600 worth of BPO work, leaving $300 as compensation for all of the work on the REO itself--arranging for utilities, doing all of the ongoing paperwork, maintaining the property, presenting the contract itself, personal marketing efforts, etc.

All in all, that's a pretty BAD deal in markets where the average property does NOT sell in the quarter million range!

I have never been able to register on their site. Has anyone else had that problem?

Ditto, average repo here is probably $60k-$80k, barely, but only if guaranteed, 10-12 bpos per listing for. I wouldn't mind if I knew at 10 bpos i'd get a listing but i'm at i think 12 with no listing so i stopped.

Let me hopefully be a definitive voice for agents considering working with US Real Estate. I have had years and years of experience with this company in the Northwest US and I can tell you without any type of distortion about my time. Of all the companies I have worked for in the REO industry for 20 years, they are by far one of the dishonest and non-loyal companies that are out there. I put in years of free work for them while they were still PASI and into US RES for many years after. Yes, you may get listings if you do free BPO\'s but their is a very good analogy. If you play the slots in Vegas and keep pouring in money, you may one day win the jackpot. In the meantime while you are playing the slots hoping to win the big one, you get a small win here and there which cuts yours losses. However, the more you play, the higher your losses. Now some who are on a winning streak with more listings than BPO\'s will tell you how great they are. They haven\'t lost yet! However, I will tell you from vast experience that those free BPO\'s you are doing for free listings will one day be bartered for by US Real Estate. What do I mean? Listings are power in the REO industry and every day, new people join the fold. If you don\'t keep pace with them, they will throw you out like a cheap rag. If they have 10 new orders in your area and you don\'t do them all in an active area for free, you are out the door! Now if you keep playing their game and stay in line, you will still be in contention for the listings. But Guess What? The heads of US Res are bartering with the listings. If they have another agent that they can get something out of in your area or an another agent is recommended by a title company they are working with who is good friends with the agent, your prosperous career at US Res will be over. Unfortunately, it will not be a quick, merciful death! It will be a slow, painful death in which you are still required to do their free BPO\'s for them while they throw you a listing like the $19,900 Fifty-five and older community condo in which you will make $700. I will tell you that I have spoke to agents all over the country who have the same experience with them and refuse any work. They are by far the most expensive account I ever had and I had to learn the hard way spending thousands of free hours of my time while making back a small percentage of it. Think about it. Even if you get listings, by the time you do, you may break even. They have lost their biggest accounts for their behavior and one of my asset manager friends on an account they used to have said they were extremely disreputable. You can take everything I say with a grain of salt but I will tell you that it will be a painful experience. Also, so you know, every BPO you do for free is billed to US Real Estate\'s clients at $125 to $200 per report. I hope no one is shocked by that. They are not giving away any free work to their client in the hopes of getting accounts so agents should demand the same. They are one of the last companies in the REO field doing business in this manner and every one of us should demand that they are the last. They have slick explanations for their practice but none of them are acceptable. Every agent who does good work should be required to get at least $50 per report out of their $125- 200! Even the lowest level asset companies pay for their reports. And the once you are tired of all the free reports and you have done hundreds of BPO’s for free and you bring up money, Guess What? You are taken off their list permanently and never called again. We are all suckers at one time including myself but I hope I can save a few of you from this carnival game that US Real Estate plays. Let’s go out and substitute on great new account that pays for the same work and support companies that support us!

I never signed up with this company, because of the mix reviews, but I heard that they have two programs, paid bpos and non paid bpos for listings. However, I don't think its worth the hassle. I will definately stay away. Thanks JF

I just got a listing assigned to me, on a property that I had done a free USRES BPO on months ago. The listing did NOT come through USRES, but another AM whom I've worked with before.
These are my thoughts on USRES:
It is not in their best interests to be loyal to good agents. Each listing that is assigned requires you to register with resnet, at a cost of $225 a year, in order to place offers (which, by the way, is probably illegal). So, if they have a great agent who has a listing and pays them $225 and another property comes up in that area where they may have several agents doing freebies for them, they make more money assigning it to a different agent who then has to pay the fee. No loyalty for a job well-done. but it's only business...
On another forum, something was mentioned about USRES, and one member took it on herself to email the whole topic to USRES, including names and emails of the posters. Someone at USRES responded to her, and she posted that response, which named some of the agents and gave specifics about the work each agent had done for them. My feeling is, besides how unprofessional that EX-member was, USRES was even more so by responding with confidential information about agents' work history, payment, etc, to another agent. WE are bound to keep so much information confidential, so I don't think it's okay at all for an AM to give out that info. At the very least, it shows unprofessionalism and a marked lack of respect for their agents.
unless I find out something drastic has changed with them, I will no longer do any work for their company.

We stopped doing the free bpos, too after completing a bunch and never seeing a listing. Maybe there are areas where they have a lot of listings, but it's not our area. I would suggest that if you're considering working for them that you call the company and ask what the average bpo to listing ratio is in your area or go online and see how many current listings they have close by to get a feel.

You can go to www.usres.com and logon as a buyer to see all of their listings. Ohio and Texas look like good states to work for USRES. My state only had one listing and it's not even in a location I would service!

I'm finally done doing FREE BPOs. USRES has ripped me off for the last time.

They get you to do many free BPOs until you give up... then another agent jumps in your place.

No Thanks... I'm finished with that. USRES is a ripoff.

P.S. After doing over 100 free BPOs for them, I am convinced that any positive post about their company is planted by USRES reps.

USRES.... Don't do it. They'll get the message and start paying like the reputable companies.

Stu ? 100?? Boy.. "Hope springs eternal in the heart of the entrepreneur!" My condolences. After I applied and found out about their $225 charge with NO fee... I told them to forget it. Then a few months later I get an email from a nice young lady, asking me in a nice, folksy manner if I'd like to do a BPO for them. I had applied to so many companies, I forgot who the bad ones were, and replied that, Sure, be happy to! When I went to their website and saw that they were Res.Net, I quickly emailed her and told her that no way would I pay THEM $225 to do a FREE bpo.
Even with OCWEN, where they wanted us to pay RealTrans (or somebody like that) $3 for using their website to submit our $50 BPO's, I told them to forget it, too. But they told me to just adjust the BPO fee to $53 then. OK.. sounded easy enough. Now, however, it seems like I never even got charged the $3 for their submitting service. Nice? huh? Well, not exactly, now I feel like I probably left some MORE money on the table when I just asked for $3 more. Sheeesh.. Working for some of these companies is like trying to buy a used car! You never know if you got the best deal possible.
Oh well.

With Ocwen, I always ask for at least $10 more and a day or so longer and get it 100% of the time.

You get 3% list side from them? They cut me down to 2% and I said "Thanks for nothing, no more free BPOs for you guys".

I've done some (3) freebies for usres. After reading this thread,I think I'm done with them. And I'm pretty sure if I tell them that I will only do paid BPOs, I won't hear from them again.