BPO Broker's Price Opinion

Hello

Today I received a call from a person stating that I am the contact that the bank provided them with, so that he can obtain a BPO. First, I am not sure how I became a reference for the property; Second, I just learned what a BPO is due to the inquiry. 
I never put anything up (marketing-wise) for the property he has inquired about, but am interested in helping out. I have a couple of questions:
1) How can I attempt to show him the property he is interested in, if it is not my listing. (If it is on the MLS, does that mean I can show it?)
2) Will my time and effort be compensated for this type of work; if so, what is an average charge for this service?
3) I understand making a BPO report is expected, does anyone have a certain set of guidelines they follow to ensure completion of this project. 
  • December 03 2012 - Sunnyside
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Answers (3)

Hi Josie,

A Brokers Price Opinion is just that, your opinion of what the listing and sale price might be for a subject property. Lenders will ask realtors for this type of information if there is a posibility for a short sale of foreclosure. It is basicly a Comparative Market Analysis on a BPO form. Use should make the notation on the BPO that you have not seen or inspected the property.

Yes, you should be compensated for this service. I've seen the service for $50 to $75. You may wish to waive this compensation if you might obtain a listing from it.

You might want to ask the caller if they represent a lender and ask how they obtained your contact information.
  • December 03 2012
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Profile picture for The LaPeer Team
Who is doing the BPO? Another Realtor? If so, this is probably a mistake. Usually, the listing agent is the point of contact not a randomly chosen agent. If it was a mistake, you will not be compensated for your efforts.

I suggest that you do a little more checking so that you don't waste your time.

**Point of contact is the person responsible for the listing. This is who the negotiator, appraiser, BPO agent, etc. talk to.
  • December 03 2012
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Profile picture for Rita Walker
If you are the point of contact, then you are the Listing Agent on the property.
It sounds as if you received the call in error. Call the Asset Management company that contacted you and explain the situation.
  • December 03 2012
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