ATTENTION Bank of America REO agents! USRES REO is servicing assets for Bank of America. If you handle Bank of America properties contact USRES (email provided) or be sure to sign up to USRES below.
USRES REO asset management division handles thousands of new referrals each month and expedites liquidation through efficiencies gained by utilizing experienced and motivated staff, class leading technology and superior customer and vendor support. USRES has always, and will continue to invest heavily in technology, staff training and preparation for shifts in the market. Their management team is composed of seasoned lending and real estate professionals with an extensive aggregate experience in all facets of REO management, real estate valuation, loss-mitigation, real estate sales, closings, and property management. Create your FREE REO profile at www.zillow.com
Whether you are a Broker/Agent, Contractor, Appraiser, Investor, etc… Join USRES Network of Service Providers.
Click on the link below to apply.
NOTE: You will need your poncie.com Network password. Do not have one? Enter your email in the “Subscribe Here” box (top right) and request a password. It’s free for Real Estate Brokers/Agents and always will be.
NOTE: Please allow up to 24 hours for a REO Application Network PASSWORD via email. Be patient
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Acording to the Bank of America Resource Center, USRES is no longer an outsourcer for Bank of America.
Posted by Myra Beams
Broker/Owner, Coastal Living Realty
Fort Pierce, Florida Area
USRES LOST the B of A account the end of November.. they pulled all their assets and USRES laid off most of their REO Division.. I had several in process w/them.. it was a nightmare
George R Gamble, Jr, GRI
REALTOR/Broker Associate
CENTURY 21 America’s Choice
West Palm Beach FL
I was an AM for USRES this info is outdated. BofA pulled their assets from usres a month ago. Just a heads up.
Matt Fiskland
i am very interested in handling bank reos
Hi Russell, subcribe to our site and start applying to REO. Click on the REO application link on the left column. NOTE: You will need your poncie.com Network password. Don’t have one? Enter your email in the “Subscribe Here” box (top right) and request a password. It’s free for Real Estate Brokers/Agents and always will be. Please allow up to 24 hours for a REO Application Network PASSWORD via email. Be patient
Another example of companies banking on real estate professionals working for free in “hope” of getting REO listings. We need to get the word out, so these predators can be stopped.
Posted by Annette Whitehead
REO Division/Distressed Property Sales Team Leader at Realty Associates Florida Properties
Thank You I will try again. Do you have any suggestions to get on the Bank of America Preferred Broker list.
I have applied to them. I am on there short sale approval list.
Joan Sambuchino Broker/Realtor
ABR, E-Pro, RECS, SCFS,CDPE
Five StarCertified in Short Sales and Foreclosure.
RE/MAX Island Realty
99 Main Street
HHI SC 29926
cell 843-422-4698
My experience with USRES is that I’ve done many Free BPO’s for them and I’m still waiting for a REO. I’ll be glad to join RES-NET again, but I’ll wait until I get a REO from USRES.
Posted by Robert Fine
Hands-On Accomplished Real Estate Practioner
Greater New York City
Awesome!!
Poncie,
I am concentrating on Walnut Creek to Pleasanton my license is currently with PMZ and I’m gaining momentum as a buyer’s agent. I would like to begin branching out to acquire REO business. Are we still initiated to REO status through multiple BPO’s, I find that really zaps the time that I need to be spending with clients. I am little out of the loop as we have only a sprinkling of short sales and REO properties. We have less than two weeks inventory here unless the buyer is above $800K it is a bit of a challenge to find a house that doesn’t have 30 offer’s on it so I would love to have another avenue for generating listings/buyers in a more affordable price range.
Thanks, Poncie
Sharon Adams
Realtor®
PMZ Real Estate
350 Main Street, Ste H-4
Pleasanton, CA 94566
Hi Sharon, my buddy in the Bay Area just sold an REO for $1.2 million. Wow, they’re out there. REO start tips: invest some time into watching these videos. They show you where to start applying: http://poncie.com/videos/videos-poncie-com/
USRES is an asset management company directly connected with res.net. They do not pay for BPO’s with the hopes that you may get a listing in the future. I have done over 30 bpo’s for them and then I stopped because it was not worth the time. I did get one listing from them, but I prefer other servicers or direct clients that pay for bpo’s.
Posted by Dennis Sanchez
NJ Events Organizer at NYC Latino Professionals Meetup
Greater New York City
USRes says on the website that you they currently have a portfolio ratio of 15 free BPOs to every listing. Have you found this to be true? That’s an awful lot of free work for each REO listing…Or do you feel it’s different if you are already a BofA agent? (I am)
I have never done a BPO for USR. I am getting BAC listing thru USR on Equator.
Nice! I’m in!
Do you already have to be an REO agent to sign up?
Patty Ortega
Real Estate Consultant
Call/Text: 209-565-3668
E-mail: pattyortega@kw.com
E-fax: 209-992-4079
House Hunt at: http://pattyortega.kwrealty.com/search/
Hi Poncie,
Is this Equator?
Posted by Robin Corsentino
Owner/Broker at Robin L. Corsentino Realty
Fort Myers, Florida
yup
Are you saying USRes is Equator?
Still waiting for my USRES REO assignments, it’s been a whole week!
Posted by Anita Holt
Realtor, SFR, REO Certified at Century 21 New Heritage
Greater Chicago
They accepted me 2 years ago, I have not heard from them since. That makes me wonder what they are doing. I have heard of their shift to Res-Net
Posted by Roger DiRuscio
Sales Broker Associate at R E Realty Experts
San Francisco
Yes that is correct you read that one right on the button and my answer is no way NO WAY NO WAY NO NO NO…. I must make a living and that will not happen if I work for free… If they are willing to work for free then tell me how they are paying the bills putting food on the table gas in the tank????
Posted by Laura Filip Broker
Broker and REO Specialist, TLF PROPERTIES INC
Sherman/Denison, Texas
Poncie,
You are one of the most unselfish people out there. Thank you for sharing your knowledge!
Maria
NAHREP Vista
Don’t get too excited…I have done BPO’s for this company…Very nice people you don’t get paid for the BPO’s and I have never rec’d any listings.. Something to think about.
Posted by Jennifer Ruspini
broker at Ruspini Realty, llc
Greater New York City
THEY REQUIRE YOU TO DO BPOS FOR FREE TO GET LISTINGS?? BUT GIVE NO GUARANTEE?
Posted by Mary LePage
Realtor at Preferred Properties
West Palm Beach, Florida
Get ready for the FREE BPO’s in Hopes of getting 1 listing for every free …
Posted by Jay Pegram
I have been dealing with short sales and am CDPE certified. What is the best way to get started in REO’s? Most of my sales are in short sales and REO properties since I specialize in Central Florida and the Orlando area. Thank you for your help.
Posted by Toni Campbell
REO and Short Sale Real Estate Specialist
Orlando, Florida Area
Best Way? If you get a chance, invest some time into watching some of these videos. They teach agents how to start applying to REOs. Click here: http://poncie.com/videos/videos-poncie-com/
Best of all, it’s free information.
You mean it is not enough to have a Professional AMP membership on Res.net?
Posted by Liz Lockhart
Owner; broker/officer at Riverbend Realty
Cape Girardeau, Missouri
Bank of America REO does not use res.net. You need to be a member of Equator. If USR issues you a BAC property, it will be via Equator, not res.net. Although, you will have task on both res.net & Equator.
OK. I’m on both.
Posted by Liz Lockhart
We do board-ups, clean-ups repairs and 203k’s in NJ if you guys need for all the listings you have:) SilvaAndAssociates@aol.com
Posted by Paulo Silva
Owner, Silva & Associates Real Property Management
Greater New York City Area
Hello Poncie,
Thanks so much for the information and service you provide to this forum.
Thanks,
Posted by Randy Teal
I am belong to several LINKEDIN chat sites, that is how I found you. Most of the discussions are “HOW TO GET REO BUSINESS”…I have been fortunate enough to have over 4 REO Bank/Asset accounts and have received several REO listings. I can tell you I have handled and experienced EVERYTHING there is to an REO asset. There is nothing I can’t do, and there is nothing that would shock me….However, to date I can tell you the REO business is nil to none…I am located in Southern California where our market is hit hard….there are plently of vacant properties, and I receive daily notifications on the most recent trustee sales…yet I have no clue who is getting this REO business. The new wave is large investment companies are buying properties straight from the Bank/Asset companies in large bulk, and therefore eliminating future REO business. Even, or should I say especially Fannie & Freddie have jumped on board. All of my REO collegues are experiencing the same situation. What is your take on future REO business? I think we all need to get back to the basics and just sell regular Real Estate.
Posted by Tami Stark
Realtor, REO Specialist at Keller Williams Rancho Cucamonga
Greater Los Angeles Area
To be considered for an REO Agent for USRES, you must agree to perform free BPOs. I performed approximately 30 freebies before I started getting listings. If you do not agree to perform free BPO’s, then you will not be considered for listings.
Posted by Dwenda Everson
I perfomred many BPO’s with the promise of a listing however this never happened. Instead I am paid for the BPO’s.
Through Res.net, I have the AMP Professional Membership. I have yet to receive a listing or other assignment. There are one or two agents that get all the REO listings in our rural area. I am beginning to think I have invested time and funds without any results. I am very qualified and have been the buyers agent on many REO properties. I do not thihnk I will renew next year…
Posted by Kelly Hiatt Thomas
REO Specialist/Listing Agent with Equator.com at Equator, LLC
Roanoke, Virginia Area
Thanks for the info
Posted by Rick Martinez ABR, CRS, GRI, CHMS, SFR, SRES, ALHS
Realtor at RE/MAX Cinco Ranch
Houston, Texas Area
Thanks for the tip
Posted by Ferris Anderson
Real estate broker & REO Listing agent
Jacksonville, Florida Area
Poncie, I have allot of Buyers looking to pick up some REOS can you help me or point me in the right direction? We need the in North and Central New Jersey…John Bancey (908)-577-8184.
I’m in California John. Network with REO agents from NJ and try to get REO companies that service NJ and market them.
Thanks for your email and newsletter update. I am still hoping to get the B of A REO listing assignment in the future. I haven’t gotten any opportunity from any outsourcer yet.
Regards,
Kenneth Young
Bay area USA Realty and Loans
SF area
I am so appreciative of your emails and newsletters!
I filled out the application for USRES on 10 APR 2012.
Do you have any idea what the time frame is for them to review
the application and make a decission?
Hi Tee, I do not know their timeframe. I only got in because I sell BAC direct. Follow them on conventions/seminars and find out who their vendor manager is.
Thanks Poncie. I am a BOA direct agent too but I never pass up the opportunity to work with any outsourcer.
Posted by Gene Johnson
REO Agent at Watson Realty Corp.
Saint Augustine, Florida
Hi Poncie
Thank you for your time and info that you give us but I have been signed up with USRES and no assets from Bank of America yet !! please advice who should I contact.
Regards
David Azimi
Hello David, if you are BAC approved, then you should contact USR. Not sure if the other way works. We are BAC approved, therefore are receiving BAC REOs thru USR.
I noticed you are NOT subscribed to our REO network. You are welcomed to join our REO network team. We are constantly sharing REO info back and forth.
Hi Poncie,
They have been using outsourcers for some time. Are you saying that they will no longer have direct assignments?
Posted by Jan Hurren
Expert Guidance in Today’s Turbulent Market!
Greater Los Angeles
Nope, not saying that. All I’m saying is that we’ve been receiving BAC REO thru USRES. Giving our REO network fellow realtors a head’s up.
Ahhh thanks… (Paranoia at work. : )
Posted by Jan Hurren
True … I have received two BoA REOs from USRES in the past couple of months. USRES is very good to work with. Very professional operation.
Posted by Ed and Terri Smith
President, RE/MAX Coastal, Destin FL