The BPO Business

When Banks decide to put a home up for foreclosure or need an evaluation of a property for other reasons, they don’t normally look for a certified appraiser to appraise the home. They are calling Real Estate Brokers to do the work and get paid for it. Using brokers is much more cost efficient for the lender in these circumstances because all that is needed is a simple assessement of the property in distress. There is some paper work involved and depends on what kind of assessment you are doing, drive-by or full interior inspection. The money being paid out is between $45-$150 per BPO Assignment. This is where opportunity strikes for a lot of agents who decide to either take this venture on part time or make it a full time career. You decide!

Who gives the orders?

Brokers recieve orders directly from lenders, the mortgage company, or a loss mitigation company. In cases where a lender is considering foreclosure, or even if they are working with the borrower to come up with help with their situation, the lender will order a BPO. This allows them to get a reliable estimate of the current value of the property, compare it to the mortgage balance, and recommend solutions. Also, There are many organizations ie. BPO companies who will pay out orders to brokers they are partnered with.

Be Careful of BPO Legality!

Recently this article on BPO Legality came to attention and should be taken into consideration for any newcomer to the industry.  It basically advises you to research your maket and find out if you can complete BPO’s for companies and get paid for it too.  Most states are fine with this and have laws and rules in place to make your job easier.  If your research permits you to take on this endevour, go for it!  It will be lucrative for you even if you do a few assignments on the side.  And once you’ve gained more inside knowledge of the business, you can create even more opportunities that will be usefull in the coming years.

How to get started?

You need to know many things before jumping into the Broker Price Opinion Industry.  Did you know that if you are a Sales Agent starting out you may have to build a nice, comprehensive BANK LIST and BPO Company List in order to start completing bpo’s?  If you want to break into The REO Bank Business you should educate yourself to the fullest and become an expert on the subject.  Free info online will only give you a general idea of what it is. But if you are serious about learning more you should buy a few courses from actual agents who are already in business.  Getting their perspective and teaching you the fundamentals of the market can be a beneficial starting point for you.

This is all covered under a BPO booklet and REO course being offered by Anthony Aires in the BPO/REO Kit. The Package includes: The BPO Handbook, The Bank List, List bank Property, List Short Sale Property, BPO Forms, Steps to Fast Success, Do’s and Dont’s. Plus SECRET WEAPON INTERNET BONUS COURSES: Craigslist Marketer Pro, You Tube Traffic, MySpace Secrets, FaceBook, Podcasting made easy, Grow your Customer list Fast, Traffic Tactics for your site with many more educational materials included.
For more details please visit The REO Kit Website