WHAT IS A BPO?

This mornings question is: "WHAT IS A BPO?"

A BPO is a brokers price opinion. It is used by agents to assess what  the current value of a house is. It can be competed for a home owner or a bank.

The banks hire agents to complete BPO's for them in lieu of appraisals which are more costly to them and are completed in a shorter amount of time. The banks will often complete a bpo when someone goes into default, again before a property is auctioned and then again after it is auctioned.

It lets the banks know what the value is as well as serves as notice to the bank if the house is occupied, vacant, secured, unsecured or damaged.

If you are an agent, and want to comeplete BPO's, make sure your state allows agents to complete BPO's, a few do not... Then sign up with local banks and asset management companies.

Blog Written by:
Scott Godzyk

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September 16 2010 - Manchester
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Answers (5)

I dont think anyone asked what a BPO is  - so no need to do a blog blast ...I think if everyone did that this forum would suffer...
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September 16 2010
Profile picture for hpvanc
I thought this was a Discussion Forum? 

Isn't a blog more like an article, to put information out there.  I think and the post states that it is a blog.  There really isn't anything to discuss here unless you disagree with the definition.  Maybe some agents have experience contracting with the banks to do BPO's but wouldn't that be a discussion for Pro to Pro?
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September 16 2010
I do a lot of BPOs for assset managers, and I've been seeing an increase in their tendency to order them even before thre is an offer on a short sale, as well as periodic 'update' BPOs on properties in foreclosure. 

It behooves them to do this, since they are only good for 90 days.
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September 16 2010
In certain regions it really matters when the BPO was done to consider it reliable ...
sometimes a house sits for a very long time and the BPO does not get updated.   Arizona as an example has so many properties that just don't move quickly.
Sincerely,
Celia
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September 16 2010
This above answer is spot on!
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September 16 2010
 
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