Who do you use for BPOs?

Question

Hello everyone!

We currently use LRes for all our BPO needs and would like to find a better alternative, so naturally BP was the first place we turned to for help. Would you mind sharing who is your favorite BPO provider/source?

I must qualify the question a bit I guess - calling local realtors and offering them a check etc. is not an option, we are looking for a single vendor with nationwide (or at least, regional) network. It's not about finding the cheapest guy on the block, it is more about the quality and timeliness of their work.

Thanks in advance!

Patrick Desjardins · Answer

Quality - most if not all BPO providers provide shitty quality values. I'm looking at a note for sale where they list a BPO value even though an appraiser friend pulled comps and there hasn't been a comp there in 3 years. That BPO value literally has no weight. I recommend only using BPOs to give you a starting point. My goal is to find a value within about 10% of real sales price.

Timeliness - Never had a problem with timeliness using that provider. Have you tried writing in the note that it's time sensitive and you need it in 2 business days?

Alex Stepanov · Answer

Thank you gentlemen!

Lots of great referrals, now I'm working my phone contacting them.

@Patrick Desjardins - good to hear from you, and yes BPO is usually just a starting point and often times with a bunch of flaws but going into a deal without BPO is worse, and we had a couple of late deliveries with Lres so I am looking for "Plan B". The last BPO I had from them was done on time, only they never told me that it's complete so I had no idea...

@Dave Van Horn - thank you for the referral. RealQuest is a suite of services if I understand it right?

Darren Eady · Answer

I use Green River Capital - they are national with office based out of Salt Lake City, UT

Dave Van Horn · Answer

@Alex Stepanov

You could also try RealQuest, they operate nationwide as well.

Bob E. · Answer

We always used Valuation Vision but they have changed their name and I don't recall what the new name is. They were timely (less than a week) and nation wide. They also had a very easy to read format.

Who do you use for BPOs?

Who do you use for BPOs?

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