I was wondering if anyone had any insight on ways to benefit from doing BPOs? Like having knowledge of the status of these properties, or something like that!
Supposedly you get your name in front of AMs, leading to REO listings.
The knowledge about potential new properties hitting the market is nice, but many agents just do it for the money. The time involved is no longer worth it for me on most BPOs.
Scuse prease, what is BPO? Sank you bery much! :-)
Definition: BPO is an acronym used extensively for a "Broker Price Opinion." Different from CMA's, or Comparative Market Analysis, BPO's are different.
A lender, bank or loss mitigation company my have homeowners with delinquent mortgage payments. In the period before foreclosure, the lender will pay a real estate broker or agent to complete a BPO on the property. Usually the lender has their own form and criteria for how the valuation will be verified or A particular company may have a format.
AM = Asset Manager
Oh ok. Thanks!
All I want is a chance and an opportunity to show what I can do. I know that I'm a good agent and I know that help the banks and AM unload their inventory. How can I get my foot in the door without spending a lot a money to get a chance to do one BPO? There is so much information out there and I don't know what is my 1st step. Everyone is selling a list or providing a class or certification for hundreds of dollars. There has to be a better way. I know that the banks have their favorites, but there is so much inventory that a hand full of agents can't handle it all. Any help that you can provide me would be most appreciative.
Kevin, there are forums that cater strictly to agents, and there will be sections that talk about BPOs, and more importantly the companies to avoid.