subject: Blow Away Broker Price Opinions [print this page] Do you have a real estate background? Do you have a real estate background?
Broker Price Opinion as a way to make a paycheck?
Really? That's your answer to the current market?
If you're a real estate agent, you have company. I'm a licensed broker too. I know what the past coupla years have been like. I've led a team of buyer agents that has been scratching just to make it. Sales have been way down, and getting it closed has been darn near impossible. The whole time I've been watching the active agents roster fall, thinking there would be a point where you could make a good living again. The point was that even a tiny buyer pool could sustain a tiny broker pool. Everyone is saying this market was unforeseeable. That's not true if we're honest with ourselves. We knew that third quarter late pays for 2006 were a record breaker.
Like everyone else, I thought broker price opinions were a great option to ride out the storm. They are not what you think, though --
The first problem is the big lie. No, you won't get listings from banks for doing bpo's for them.
Secondly, your bottomline after costs and time in is way lower than you think.
3. Even with the number of foreclosures now and coming up, you can't make a living with this.
As a realtor, your skills are not exactly an excellent resumee stuffer. The good news is that I do have a real option for you. An option that makes really big money. A lucky discovery has a led to a money making system that is perfect for realtors and can make you crazy income.The money comes from foreclosures, of all places. And the amounts and the story behind these monies will shock you. Allow me to explain by telling you how we discovered this.
All this started in '05 when an investor and I were deed flipping like mad. My investor and I bought a deed from an owner just before foreclosure. We were going to later sell the deed to an investor at the foreclosure sale. For the first time ever, no one bought the deed. There was only a first mortgage against the house. The property was going to sell for quite a bit more at the auction. The point was to sell the deed to one of the bidders. That bidder would then be able to redeem the deed for just what was being foreclosed upon and own the property. The bidder would save quite a bit because the home was bid above the total of the deed cost and the payoff of the mortgage. No one wanted to buy the deed. We could've simply redeemed the deed and owed the home for the deed owed.. We had too many irons in the fire. We let the deal go and then opened up the file to see what happened in these situations.
What we found blew our minds. The property had sold for way over the debt. The surplus funds were sent by the foreclosure attorney to the county courthouse book keeper. After some inquiries, we found out that this was the norm. Further inquiries revealed that, as the deed holders, we were entitled to the funds.
We had paid $3,000 for a deed and now could collect $50,000 for our trouble. WHUT!
Of course, this changed everything. We went back to the court house to see if we could get a list of other overages that had been deposited. After an incredible amount of dead ends, we got our hands on the list. And it was a really big list.
And we found the loophole that would allow us to make way more than a mere finder makes.
