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REO BPO list

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Bobby Bucks

Thread Starter
Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
It appears many of the big boys are relying solely on BPOs to establish list prices for REO properties. It would be nice to know which ones are doing so for personal investment purposes. Whether it’s refining the parameters for an MLS hotsheet or in contacting listing agents, wouldn’t it behoove the individual investor to know which new listings have prices set by a personal assistant making $6 an hour? The big ones that come to mind are Freddy MacReo & Ocwin/Deustch. Any others? When things bottom out in the next few months it will be an ideal time to scarf up some wholesale fruit.
 

dobie

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
New Jersey
Back in the summer I thought things were going to get busy with MGIC. They were sending REO's and some short sale stuff but then it dropped to nothing. I figured they decided to go with BPOs.
 
Joined
Nov 7, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Back in the summer I thought things were going to get busy with MGIC. They were sending REO's and some short sale stuff but then it dropped to nothing. I figured they decided to go with BPOs.

I was workin with MGIC too and loving it. They were good to work for but then it all dried up....Called my contact and she said they lost several of their contracts to other companies that were doing BPOs only. She hopes they see the error of their ways and come back - me too.

I also did a some for Ocwen and that dried up too. When looking at the 'review sheet' that we get back, I noted that most of the BPOs were noted as being way out of line and 2nds were requested that were closer to my numbers (but still 10%+ higher) and were listing them at that BPO number. I think Ocwen has also gone to more BPOs and getting multiples of those instead of appraisals. Unless they are using seasoned REO realtors, they will get very burned in the long run and hopefully come back to using the appraiser.
 
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