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Sunday, 9 October 2011

How to do a "BPO" for a bank-owned property?




This is for actual estate agents to get in with banks and loan companies doing BPO
(Broker Cost Opinion)on their foreclosures. You get paid $100 usually but the actual benefit is that you get in with a definite bank and get their listings! Which is hard to do.

Go view property, check all appliances, a/c, heater, sinks, toilets, showers, doors, note all damages, repairs needed.


Take images of front of house, both sides of house, street views each way in front of house, each room, a/c unit breaker box, yard, garage, entry, & any & all damages, repairs needed.


Get comparable prices in neighborhood from local MLS. based on sq footage, year built, amenities, # of bdrms/baths. Get three sold comparables within the last three months, & three active comparables.
Forward all this to loan company. Be positive & request a BPO Referral Agreement. The listing is better than the $100 bucks

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