Bank Bpo Short Sale - How to Evaluate Bank BPO Department Lists
Bank Bpo Short Sale
What is a BPO Bank Department?
Many real estate agents want to start listing foreclosures for banks but they are unaware of all of the steps required to begin. For example, unless you have a personal contact at a bank, it's virtually impossible to just call a bank and start listing their REO properties. Bank Bpo Short Sale
Before you begin listing foreclosures, you need to start to process BPOs for banks. Most banks and asset management companies offer their REO listings only to agents that they know and trust. Agents gain that trust by doing a great job on BPO assignments that the bank has previously given them.
These banks and asset managers assign their BPOs to agents through their BPO department. Almost every lending institution or management company has a segment of their organization responsible for requesting and analyzing preliminary values of homes going into foreclosure.
When the bank's BPO department knows a home is going to be foreclosed on, they find an agent in that area to complete a Broker Price Opinion (BPO) on the home. This BPO gives them an estimated price that the home will sell for in the current market and allows the bank to make financial decisions regarding that home.
How to Evaluate a BPO Bank Department List
So once an agent knows how banks assign REOs and BPOs, the next step is to get on the bank's list of approved BPO agents. Here is where many agents give up. Getting approved as a BPO agent requires two very important things: 1.) a good BPO bank department list and 2.) Hard work. I can't help you with the hard work, but I can help you evaluate the many BPO Bank Department lists that are available.
Bank Bpo Short SaleWith the downturn in the real estate market, many agents have started looking into how to process BPOs for banks to supplement their income. This has spurred a number of providers to offer lists of different BPO bank departments. These lists general cost between $99 and $175 each. Some of these lists are great. Others are worthless. Here are the keys to evaluating the different lists without having to buy them first:
Do They Offer a Guarantee: The good lists offer a money back guarantee. If you're not satisfied, they allow you to get your money back. If a list doesn't offer a guarantee DO NOT BUY IT. Every quality list we've found gives buyers at least a 60 day money back guarantee.
Number of Banks on the List: When you're considering a BPO bank department list, make sure it has over 80 banks and asset managers. With a little work, you could find 20-30 banks for free using an online search engine, there is no need to pay for such a small list. The best lists we've found have over 1,000 contacts.
Price: While most lists cost around $100, we've seen some companies trying to charge over $500 for their list. Don't pay it. You can get the same information for much less.
Quality of the BPO Bank Department List: While many lists have the website and main phone number for the bank or asset manager, the best lists contain direct phone numbers to the BPO department in each bank. In addition, the larger lists have individuals' names and personal emails. Those names can be invaluable as you start to build your BPO business.
Once you chose the right list, you're on your way to the constant stream of income being a BPO agent can provide.
You can do it. You just need hard work and a great BPO Department list!
Bank Bpo Short SaleBank Bpo Short Sale - How to Evaluate Bank BPO Department Lists
By: Real Estate Expert
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