Free List of REO & BPO Companies

I got an e-mail today which is not unlike hundreds of similar e-mails I have received over the past several years. The e-mail asked me a fair enough question, given my line of work:

Are you looking for a complete up-to-date list of direct contact information for Asset Managers across the Country, Asset Management Companies and Banks?

The list

As it happens, I’m always on the lookout for a complete and up-to-date list of asset management companies and banks.  The e-mail then kindly directed me to the following web site:

There on that web site, they’re selling the list for $199.  They also will sell you just a list of BPO companies for $79.  The good news is, if you spend the $199 you also get a separate list of direct contact information for individual asset managers, so you can spam your way into someone’s REO broker network.

I’ve never tried spamming REO asset managers, although I have heard from some people it’s a tactic that actually does work.  I was tempted to try it, but I hate spam, so far be it for me to violate my own principles just for the chance of maybe breaking into some new companies.  If anyone wants to find me, it’s not hard to do – here I am!

If however you doubt the efficacy of spamming asset managers or you are just squeamish about doing so, and you’re just looking for a registry of banks, outsourcers, and BPO companies, they’re not hard to find.  Our good friends at REOPro have a pretty good list:

Also I saw on LinkedIn that there’s another list over at “Ask an Agent” Forum:

There are probably more free REO/BPO company lists out there – I just can’t think of any at the moment, but if any come to me, I’ll add them in to this blog entry later.

Having the list is one thing; signing up is another – it’s a long, arduous process, it could take a really long time.  Fortunately there are companies that will do that for you as well: (I’ve received many a spam e-mail from them – they have a free list too if you give them your e-mail)


I have never paid anyone to register me, so I am not especially endorsing these services.  I think that registering with these companies is really important, and it is something you want done right.  You know what they say – if you want something done right, you’ve gotta do it yourself.  But maybe these companies do do it right, maybe even better than you could do it yourself – and certainly if you haven’t done it or have no time for it, it’s something you should consider.

Now, about that e-mail I received today.  I ran a quick “whois” check on, and here’s what I found:


I did a quick Google search on the name of the registrant.  It turns out, he’s an REO Broker out in the DC area.  It looks like he’s decided to make a quick buck selling his database of REO contacts.  I’m sure his asset managers really appreciate his giving out their contact info!  Am I right?

Anyhow, I’m all for sharing information, but I’m certainly not against selling it or paying for it.  But at this stage in the game, I don’t think there’s much point in paying for this information – well, not for a simple list of REO and BPO companies anyway.

So I’ll tell you what: I’ll give you my list of REO and BPO companies for free.  Just e-mail me (no phone calls, please!).  It’s an Excel spreadsheet I’ll just e-mail it right back to you.  I’ve got about 200 companies on there – banks, outsourcers, valuation companies (“BPO Mills”), and some other industry-related outfits like property preservation companies, etc.  If you’re interested, just let me know.

To your success – and mine!

Thanks REO Network!

I’d like to give a brief shout out to the REO Network and especially Windy Keefe.  Just out of the blue, they sent me a very nice fleece jacket emblazoned with the REO Network logo.  Windy included a nice hand-written card, thanking me for renewing my Premium Partner Plan with them.  It’s a very nice jacket and is helping me to keep warm which is especially important because of the nasty weather we’ve been having.


I renewed a couple of months ago – for two full years, first time I’ve ever done that (in the past I’ve signed up just six months at a time).  To me it seems clear the REO business isn’t going away for at least the next two years, and I might as well save the $400 by paying for the listing on REO Network in advance for those two years, and I get to take the tax deduction this year, which I’m sure I’ll need.



Update on Teresa Giudice / Real Housewives New Jersey

So I’m sitting back last night watching the tube, Bachelorette had just finished and Real Housewives of New Jersey (RHNJ) was just starting up. I think it was during the first commercial break when my wife exclaimed, “Oh look, Teresa is auctioning off her stuff!”

A couple-few blog posts ago I discussed how Teresa Giudice’s mansion was getting foreclosed on – which, by the way, Teresa hotly denied an episode or two back of RHNJ, during her shameless tussle with Danielle about…who can remember or care what it was about, but it was shameless for sure.


Anyhow, my wife pointed me to an article on Yahoo News I think it was saying that Teresa’s belongings are going up for auction. It’s a sordid story there too I’m afraid – they’re accused of hiding assets (a real shocker) from the bankruptcy trustee, etc. Funny how one minute they’re not getting foreclosed on, then they’re filing for bankruptcy, the next minute Teresa is getting an almost-as-gaudy-as-it-is-gigantic yellow diamond ring from her husband for their 10th anniversary

And then the news that they’re auctioning off countless kitschy items from their vast collection of rash and extravagant impulse purchases. The laundry list of goods going up for auction include, apparently, a grand piano, a suit of armor, a jet boat, antique-style pool table, and much more – visit the auction company’s web site for the catalog. The aforementioned yellow diamond ring is not on the list – too bad, I was hoping I could get a deal on it for my lady!

Interestingly enough, I am checking the public records on this and I don’t see that a notice of default has been filed on the Guidice’s house – so maybe it’s just in pre-foreclosure. For those who care, they re-financed in June of 2008, the loan is $1,720,000 and it’s financed at 7.25% for 50 years. That’s only $10,391 a month – what, and they can’t keep up the payments also on their Escalade? Sheesh.

Dig that Septic System…nice!

I know a lot of Realtors out there think that the life of an REO broker is pretty much a cakewalk. Bank calls up, gives you a nice juicy listing, you put it on the market, collect multiple offers, sell it for way over asking, and then just wait til escrow closes and you can pick up your check, after your assistant finishes up all the paperwork for you.


Am I right?

Well….sometimes it is like that, but listings like that are few and far between. Even the simplest condo can have it’s share of issues associated with it which requires a steady hand at the helm to keep buyer, seller, and lender all on board until closing. Issues like lack of FHA approval for the complex, insolvent HOA, upcoming assessments – the list goes on.

I had a little fun out in the woods this afternoon. I have a property in escrow where the buyer is asking for a price reduction, to compensate for some repairs the property needs. Never mind that the properties are usually sold as-is and it says so right in the contract – buyers often ask for something. In this case, there was a broken baffle on the septic system, and they wanted a credit for it (among other things).

Before the asset manager would consider granting a reduction based on this (and other) repair, he wanted to see pictures of the damage and get a second bid from another septic company for the repair. That’s a little tricky, because of course the bank (almost) never pays for bids, and the tank was buried in the ground. I found a company to come out and give me a bid on the tank repair – free, provided they didn’t have to dig out the tank – digging out the tank would cost.

I thought about sending my assistant out there with a shovel and asking him to dig it out, but it’s not really in his job description, and I suppose there’s a chance he could get injured. It is, however, in my job description, since my job description is “do whatever it takes to get it closed” (so long as it’s legal and ethical, of course).


So out I went with a shovel and, under the warm sun of an Aptos summer, I dug up the tank and pulled off the lids and lo, there was the damaged baffle. Now I have the pictures, just waiting on the bid. All in the glamorous, fun-filled day of an REO broker.