Thread: Does anyone here do BPO/ REOS?

Does anyone here do BPO/ REOS (Bank Owned Properties)?

Yes.

BPO (brokers price opinion) and REO (real estate owned) are two completely different subjects, though they're related.

I just launched a distressed real estate firm in So.Cal - our primary focus is on the brokerage and acquisition of distressed debt secured by real estate or in some cases, REO's.

Do you have any questions?

All day, everyday...

^^^

Originally Posted by dirago

Yes.

BPO (brokers price opinion) and REO (real estate owned) are two completely different subjects, though they're related.

I just launched a distressed real estate firm in So.Cal - our primary focus is on the brokerage and acquisition of distressed debt secured by real estate or in some cases, REO's.

Do you have any questions?

Hi. I want to get into real estate because my friend in sacramento specializes in REO's. I know that you have to do quality BPO's in order to get the Reo's. The faster you do the BPO's and accurately the more the bank is willing to give REO's I know that you have to the Cash for keys sometimes, re-key the house, do trash-outs.

I'm 25 and I'm hoping to start doing REO's, but I need some experience in Real Estate. My friend is doing very good in the sacramento area and has taught me a few things about REO's.

It says on your profile that you're from Santa Clara. I just passed my exam and took all the required classes. I am currently applying for my license. Do you know where I can intern or work for to learn more about real estate.

Originally Posted by dhnguyen888

Hi. I want to get into real estate because my friend in sacramento specializes in REO's. I know that you have to do quality BPO's in order to get the Reo's. The faster you do the BPO's and accurately the more the bank is willing to give REO's I know that you have to the Cash for keys sometimes, re-key the house, do trash-outs.

I'm 25 and I'm hoping to start doing REO's, but I need some experience in Real Estate. My friend is doing very good in the sacramento area and has taught me a few things about REO's.

It says on your profile that you're from Santa Clara. I just passed my exam and took all the required classes. I am currently applying for my license. Do you know where I can intern or work for to learn more about real estate.

I have to change my profile, I've lived in Los Angeles for a year now.

Regarding your inquiry (and I'm sure the other real estate guys here will chime in)

You are right about having to give something (BPO) to the bank in order to get something (REO listing) in return. Experience matters but from the perspective of a bank's special asset department, they just care whether you can perform ie: sell their asset quickly.

Another facet of this business which can not be overlooked is the ability to communicate with lenders and special asset officers in their language. If you call up and simply ask "can I get your list of REO's?" - you'll be shot down. Learn the lingo, but more importantly learn how it's applied.

So as not to appear on the bandwagon like so many others in this market, I would suggest branding yourself as a distressed asset specialist or working for someone who does just that. Your liscense application will take a few months assuming you've not taken the exam yet so begin by researching firms in your area who broker or buy distressed real estate.

Once you have your sales person's license, you must hang it under a broker's license which will then allow you to take listings from bank's and sell their REO's.

I wouldn't focus solely on the disposition of REO properties (and this is my suggestion for anyone who cares to read about distressed real estate) - learn Notes. Bank Notes, secured by real estate, performing and non performing. Investors have been buying them for ages but never at the discounts we're seeing today. I'll leave the explanation to be found in your research because it's relatively monotonous.

Lastly; age doesn't matter. Don't tell people in the business your age. I'm 23 but I look 30 and I dismiss any comment about my age because unfortunately, youth is often associated with inexperience and banker's want experience - simple. To some degree, fake it till' you make it. It's been one month since I resigned from a boutique commercial brokerage firm to run my own company with 2 partners (who are much older) but our success is based on relationships and performance.

By the way, I highly suggest getting into this - very lucrative business if done right, more so if you're the one buying instead of brokering (hence my transition).

Originally Posted by dirago

I have to change my profile, I've lived in Los Angeles for a year now.

Regarding your inquiry (and I'm sure the other real estate guys here will chime in)

You are right about having to give something (BPO) to the bank in order to get something (REO listing) in return. Experience matters but from the perspective of a bank's special asset department, they just care whether you can perform ie: sell their asset quickly.

Another facet of this business which can not be overlooked is the ability to communicate with lenders and special asset officers in their language. If you call up and simply ask "can I get your list of REO's?" - you'll be shot down. Learn the lingo, but more importantly learn how it's applied.

So as not to appear on the bandwagon like so many others in this market, I would suggest branding yourself as a distressed asset specialist or working for someone who does just that. Your liscense application will take a few months assuming you've not taken the exam yet so begin by researching firms in your area who broker or buy distressed real estate.

Once you have your sales person's license, you must hang it under a broker's license which will then allow you to take listings from bank's and sell their REO's.

I wouldn't focus solely on the disposition of REO properties (and this is my suggestion for anyone who cares to read about distressed real estate) - learn Notes. Bank Notes, secured by real estate, performing and non performing. Investors have been buying them for ages but never at the discounts we're seeing today. I'll leave the explanation to be found in your research because it's relatively monotonous.

Lastly; age doesn't matter. Don't tell people in the business your age. I'm 23 but I look 30 and I dismiss any comment about my age because unfortunately, youth is often associated with inexperience and banker's want experience - simple. To some degree, fake it till' you make it. It's been one month since I resigned from a boutique commercial brokerage firm to run my own company with 2 partners (who are much older) but our success is based on relationships and performance.

By the way, I highly suggest getting into this - very lucrative business if done right, more so if you're the one buying instead of brokering (hence my transition).

Thanks for your input. I have seen people in my friend's office who received REO's in a short amount of time with little experience. My friend list about 20 homes a month.