What is a real estate BPO? (broker price opinion)

This may not apply to most of you but if you’re a real estate professional and you occasionally complete broker price opinions you might want to check out our new free program for creating real estate BPO’s. Wondering what is a real estate BPO? In short a Broker Price Opinion is exactly that, an opinion of value performed by a real estate professional. It is not the same as an appraisal, appraisals hold much more weight but BPO’s are often provided when someone is unwilling to pay for an appraisal. Banks often use BPO’s in conjunction with an appraisal to determine value for anything from a real estate short sale or determining fair market value of a REO (foreclosure listing).

If you have ever performed a real estate BPO you might want to check out the program we created that will make it much easier for you to create a BPO. You can register and log here, Real Estate Broker Price Opinion Program

The program allows you to create BPO, save them online, enter all the details and export and save them as a PDF. It’s very straight forward with a few improvements over what a typical BPO form provides. I would still consider this in BETA testing but it’s just about all done. We will continue to update and improve the program as necessary. You can also submit any requests for changes buy using the Contact Support link.

Here are a few screenshots from the program.

Sample below of BPO cover page

 

What is a real estate BPO? Free Program For Creating Real Estate BPO's

Page 2 example of a completed BPO form exported as a PDF

What is a real estate BPO? Free Program For Creating Real Estate BPO's

Filed Under : What is a real estate BPO? Source

When considering a real estate professional to perform a BPO, make sure they are licensed and have experience handling broker price opinions. Anyways can complete a BPO form but it takes a lot of experience to do it correctly.

List of REO Departments

List of REO (Real Estate Owned) Companies

List of REO (Real Estate Owned) Companies

Last Updated Jan 2018

Updated List of REO Departments, looking for a list of REO departments? Also known as Real Estate Owned. If you’re looking for a list of contacts to get REO listings or BPO assignments here is a great list to start with.

REO List (Real Estate Owned) Companies & Departments (See list below)

MY REO experience dates back many years. I am fortunate to have many REO contacts at various institutions throughout the country. This list is designed for real estate agents looking to get REO listings. None of these REO departments deal directly with buyers, they will typically refer you to a local agent handling the property.

ATTENTION! We receive A LOT of phone calls about how to get into the REO business. It’s difficult and tough to break in. I don’t have any problem sharing some of my experience and helping others but please use THIS SECTION of the REO forum to post your questions. I should be able to respond within 24 hours. Thank you very much!

Looking for a BPO form? HERE is a FREE BPO Form for you to download and use.


A WORD OF CAUTION – Be careful of paying up front fees to companies promising to give you REO & BPO assignments. It’s likely a waste of money!


REO List (Real Estate Owned) Companies & Departments in no particular order.

REO Trans DEAD website
http://www.REOTrans.com – Website now forward to www.Equator.com

Equator
https://www.equator.com – I use to pay for the zip codes but if you’re not in an area with REO’s you’re likely wasting your money. OLD COMMENTS – Consider paying the additional fee to add your zip codes and improve your profile, you will get assignments from this company. Don’t be afraid to take the rural zip codes, less desirable areas because that is where you will find more REO business and REO company’s having a more difficult time finding quality REO agents.

Goodman Dean
http://www.Goodmandean.com – Have received several requests, it’s free to sign up.

REO Network – Directory to advertise your REO services
http://www.REOnetwork.com Worth signing up for the free account, not sure if I would pay for the additional features. Don’t have a lot of experience with them.

Atlas REO – CLOSED 2017
http://www.AtlasREO.com  You can sign up on the website. They seem to have Fannie Mae assets all over the country and always seem to be looking for quality agents.

Fannie Mae
https://www.fanniemae.com/singlefamily/reo-vendors

Elam REO – WEBSITE IS DEAD
http://www.elamreo.com

HUD
https://www.hud.gov/program_offices/housing/sfh/reo

Keystone
https://www.keystonebest.com

REO World
http://www.reoworld.com – CLOSED 12-31-2013

REO Solutions
https://www.reosolutions.net

Mellon Bank
https://www.bnymellon.com REO department is not listed on website any more. No other updates.

Financial Asset Services
http://www.fasinc.com

Integrated Assets – DEAD website
http://www.iasreo.com

Default Servicing – DEAD website
http://www.defaultservicingllc.com

Wells Fargo – Great but really difficult to get approved
https://reo.wellsfargo.com/

Hope this helps and please post if you have any additional questions!

Thx 😀
——–

RE: REO List (Real Estate Owned) Companies & Departments

Hey Carlos, great site!
Thanks for the REO lists..this is what i want to be doing, BPO’s leading to REO’s..
so are you saying just send in a request to these companies and wait for a reply?What should i expect
to be paid? Any more info is appreciated…

————

I would complete the online applications, some REO outsources, departments will have you email your submission package in. I would try to follow up with everyone once a week. Anything you can do to get your foot in the door will help.

As far as the BPO’s, we have been paid $0 on some BPO’s. Most will pay $50-75 and a few have paid as much as $125-150. You wont make a living doing BPO’s but it’s great experience and you may be able to get a REO assignment or two.

The thing I would stay away from is the companies offering a lot of song and dance for a fee to buy their REO program. I don’t think it is necessary to pay a fee. There are plenty of forum’s / real estate agents out there like this one that will offer some decent advice for free.

I have to tell you, the best relationships that Carlos has for getting REO property go back 15-20+ years. He also worked on the other side as a asset manager and VP of credit / loss mitigation. Those are the key relationships.

Please let us know if you have any additional questions, we will be happy to help.

————
SunTrust REO
SunTrust Mortgage, Inc website claims that all REO is listed with local real estate agents. Below is a link to their REO practices.
http://www.suntrustmortgage.com/reo.asp

First Niagra Bank REO
The First Niagra website states that REO listings are not currently available but they do list contact information.
http://www.fnfg.com/personal_banking/

Key Bank REO
No Key Bank REO information is available at this time.

HUD REO
http://www.hud.gov/homes/index.cfm

HomeSales.gov also offers properties offered for sale by the government.

Regions Bank Properties
http://realestate.regions.com/servlet/O … Search.jsp

SBA Properties
http://app1.sba.gov/pfsales/dsp_search.html

Hope this helps!

Carlos Aguilar

List of REO (Real Estate Owned) Companies & Departments

My Landlord is in Foreclosure

Question we received a few days ago. Posted from an email received,

My Landlord is in Foreclosure. I’m in Riverside, renting from a landlord that has not paid the mortgage nor the homeowners association fees and facing foreclosure, already in the first stages. My landlord told me this only after I learned of it from the homeowners association requesting I pay my share of rent to them not my landlord, who says she had not let me know for my own sake-because I could get the cash for key deal (I’m sure she mainly wanted rent paid to her as long as possible )

On phoning my housing worker in Indio I was told housing will not help or give advice on such things. HOWEVER, just yesterday, I found – On the Riverside Housing site-that as of two weeks ago a new law for those on housing, renting a home that is going into foreclosure gives – 90 days to move out after the foreclosure is completed. I’ve been looking for a new rental but not yet found one I want, and will need that time. The PROBLEM is although in DEC. my landlord told me within two months if they were going to land back on their feet. Last week, she said I would need to find a new place as the condo is going back to the bank. I have no idea when the foreclosure will take place or if it is in process right now. I need to know but do not know a date to use as a start point in counting off those 90 days. I do not know what the bank will do. How they will treat me. My landlord has not been forthcoming with info on any of this & I’m worried about not being told things I need to know. I don’t care about the cash for key deal half as much as I do about finding a new rental home.

I’ve been on edge since December. Do you have any answers or some advice or know where I can get some answers in full –please fill me in as soon as possible via e-mail or you can phone me. xxx-xxx-xxxx. I would really like to know what my options are when my landlord is in foreclosure.

Much thanks to you ahead of time and after,

——-

Response,

Thank you for the email. The situation you’re dealing with is very familiar and happening to thousands of people in California. This is also a situation that has no clear cut answers but I will give you the most common answers to the various questions that tenants have when the property they are living in is lost to a foreclosure.

A few days after the Trustee Sale (Foreclosure) occurs you will have someone knocking on your door inquiring about your status; who you are, names of occupants, etc. This person represents the lender that now owns the property you are occupying. If you are not home they will post a notice on your door asking you to contact them. This notice may be harsh and sound like an eviction notice but it is not, it is an initial attempt to impress upon you the seriousness of the situation and to make you aware that the property is now owned by a bank/lender and the purpose is to gather initial information. The new owner needs to know who you are and what your intentions are. For the most part they will want the property to be vacant as quickly as possible, exception is Fannie Mae who does have an option to some tenants to rent the property. Almost all other lenders are not willing to rent the property and they will assign the property to an eviction attorney to begin the eviction process.

Depending on how fast the eviction attorney begins the case you may get a 90 day notice to vacate in a week and maybe 2-3 weeks. New changes to tenant laws requires the new owner to give the tenant a 90 days’ notice to vacate and the legal proceeding to evict can’t begin until that time period has expired.

Cash for keys is an offer from the new owner, bank/lender, to induce you to move out and waive the 90 day period, the sooner you move out the more money the bank/lender is willing to offer you to help with your relocation costs. Typically if you will move out in say the first 30 days the bank/lender may be willing to pay you a fee of $3-4,000. If you move out within 60 days this amount is reduced substantially and if you move out in the last 90 days you probably will not be offered much money. Every bank is different. The purpose of offering you a relocation amount is to offset the cost to the bank/lender of having ownership along with the liability and expense of paying legal fees to have you evicted. Most bank/lenders will want to have the property vacant as quickly as possible so they can put on market and sell the property in a short a time as possible.

The reality is also that some tenants feel cheated but keep in mind that you may be in a situation where you haven’t paid rent in several months and if you take the full 90 days to move out then hopefully you will have saved a lot of money in rent that you did not pay. This should go a long way towards helping you with the cost of relocating.

One of your questions is about finding out the date of foreclosure; if you were to go to the local county recorder’s office and do a search for the address of the property you will be able to find the Notice of Default and the Notice of Sale. The Notice of Sale is the last document recorded which will give you a date when the property is scheduled to be sold in a Trustee Sale.

It sounds like you are a section 8 tenant so the best recommendation I can offer is for you to contact your case worker and let them know that you will be needing to move. Solicit their help in finding a replacement home and start looking. If you get lucky you may be able to find a replacement rental that will coincide with you being able to move quickly when the offer comes for Cash for Keys and that will allow you to deal with the inevitable task of moving while getting the most cash from the new owner of your rental.

Hope this helps if you still have questions please don’t hesitate to send me an email

Thank you,

Fannie Mae REO Associate Caught Soliciting Kickbacks

Fannie Mae logoAn Irvine based Fannie Mae REO associate was indicted on federal bribery charges late last month. Armando Granillo, 44, used to work out of the government mortgage giant’s office in Irvine, California as an REO specialist. Apparently Mr. Granillo also specialized in offering brokers listings access to Fannie Mae’s extensive portfolio of foreclosed homes for a 20% kickback off sales commissions.

Granillo approached a broker in Tucson Arizona with such an offer – unfortunately for him the Tucson realtor reported Granillo to the authorities. An elaborate sting operation was set up where Granillo flew down to Phoenix to meet the broker and receive an $11,200 payment. The entire transaction was caught on tape and Granillo was promptly arrested by federal authorities.

Audio obtained by authorities from the sting operation Granillo states that kickbacks are “a part of the business.” Granillo is currently out on bail. He faces 20 years in prison if found guilty on 3 charges of wire fraud.

BriberyAs a REO specialist for Fannie Mae, Granillo’s job was to review and approve (or deny) listing offers from real estate brokers who wanted a piece of the Fannie Mae foreclosure action. Instead of doing his job, Granillo used his position of power to solicit bribes from these brokers.

The big question that needs to be asked here is if this is an isolated case, or if it points to something rotten at the core of Fannie Mae. It’s no secret that the keys to the 24 Billion of foreclosed properties owned by Freddie Mac and Fannie Mae are in the hands of mid-level office workers like Granillo. How many of them are expected to remain totally honest gatekeepers of billions of dollars of assets and not give in to temptation?

Potential Foreclosure Deals for First Time Investors

“Get Rich Buying Real Estate Foreclosures” is an all-too-familiar headline seen these days by home buyers and first time investors that want to take opportunity of today’s foreclosure market. But despite what all these eye-catching get-rich-quick headlines tell you, it’s not that easy. As an Investopedia article truthfully points out, “Investing in foreclosures is a strategy that requires a level of sophistication and diligence that is far beyond what most people realize.

One of the biggest risks of buying foreclosures at auction is the fact that you don’t know what you’re buying. Sure, you can drive by the house and get a sense of how well the owners have kept the property, but you can’t tour the home nor request a proper inspection prior to your purchase.

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Your only option may be HomePath financing

I was reminded earlier today of some of the great benefits HomePath financing offers in certain situations.

In San Diego County and many other parts of the country HomePath financing may be your only option to purchase a home specifically if it is a condo. We have many condominiums in San Diego that are not financeable because of low owner occupancy levels and defunct HOA’s.

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REO Fixer for sale in San Diego

Another REO fixer for sale in San Diego. This is a Fannie Mae HomePath listing for sale, check out the video for more information and remember to go to our foreclosure section to view all bank owned homes for sale in San Diego County. Hope everyone is having a great day! Also, if you need a little perspective. Take a minute to read this article. It makes you realize that sometimes we ALL need to slow down and put things in perspective.

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