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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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