LQQKING For A Sample Draft Of A BPO---Anyone???
ALL:
This is my FIRST POST pls be gentle if I did not post it in the right place or manner...I apologize.
Anyway here's my problem & request:
I am an RE Agent soon to be license d to begin becoming a Broker.
I want to specialize in REOs ...
Does anyone out there have a copy they could send me?
Or maybe HOW it should look or be formated??
Thanks,
DonnieG
ask your broker of record... he or she will show you the format that is used in your office.
I suggest that if you want to specialize in REO's (which should shortly become a booming business) than move your license to a Company which is very active in REO and learn from the professionals. Doing BPO's is just a minor function of REO specialist.
Dear Donnie,
Soon to be Real Estate Salesperson and then, on to Brokerhood!. Glory and Fame.
I am a Real Estate Broker and I specialize in what you want to do. I follow the path of Recorded Notices of Default. I am the one who knocks on the door a day or two after they have had the happy notice that their world has started to fall apart. I am the one that they peer at thru a door open about two inches.
Of course it is very interesting, while the rest of your fellow salespersons are dialing telephones, sending out postcards and begging for floor time. Happy if they get a 2% voice contact. You will be knocking on doors, each of which is affixed to a house which is in foreclosure. Thats a 100% www.client.contact every time the door opens.
The person who owns that house has to do something. Either refinance, if possible, or sell and recapture some of the equity that is still remaining. Of course you could carry a book of matches and offer the ultimate solution, but there is no profit in that, either to the property owner or yourself, especialy as you are all dressed up ready for escrow, and could hardly be classified as fire proof much less retardant.
There you are, your first day of work and you have clients like crazy. No little sessions of coffee in the office, no lectures on Real Estate Procedures, No booring speeches from sales persons so old they wear yellow gloves and spats, you are out working with the people!
Your mission, to help the homeowners. You really have an edge if you can do it and you can if you will only ring the bell and start talking.
"Hi there Mrs. Go Splat, I am here because the Lender has put you in foreclosure. You could loose the house. However, I am very experienced in preventing that from happening. Where can we go to sit down and discuss what is best for you?" etc. etc. etc.
So Knock away, and this is important, be ready to solve any problem your client throws at you. Belief me they will.
Oh yes do not forget to duck. Some of the problems are pretty heavy......
Cheers Lucius
Hi there Donnie G,
I absolutely agree with Lufos. Knock on their doors - you will be so far ahead of the pack. It might seem strange to you at first to knock on the doors, but it will not take too long to get comfortable talking to the homeowners.
The best way to get info on Notices of Default is to see if there is a foreclosure service in your area that sells a list. Sometimes the staff at the Court where the cases are filed will know who sells a list (maybe if they are feeling helpful). The researchers for the info are there doing the research most days. Maybe you can ask someone doing research if they sell a foreclosure list or know someone who does.
Best yet, attend a foreclosure sale. The people bidding at the sale will know, but * Please * don't ask them while they are bidding - wait until after the sales are over.
It is well worth buying the foreclosure list, it will save you time. Also, if you want to work REOs, you will know how to find them from the list.
Best of luck to you.
LUFOS -
You are a hoot!
C-
You are correct sir, Lufos is a hoot.
Just one of his sales speeches would inspire me to get out of the office.
If DonnieG is using the correct terminology, he wants to specialize in REO's. REO, stands for Real Estate Owned.
The preforeclosure period is over, the foreclosure sale has past, and we are now where DonnieG wants to be- in REO. That's lender owned turf..
Who's that knocking on the Bank's door offering help?? Oh, it's Lufos. Hi Lufos, just in time,can you help me?