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!
Originally posted by @Alex Stepanov :
It's not about finding the cheapest guy on the block, it is more about the quality and timeliness of their work.
Quality - most if not all BPO providers provide ****** 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?
I try and use local realtors but I have also used REO Nationwide https://www.reonationwide.com and corporate valuation services http://www.provalu.com
I have pros and cons with both. But again I take the BPO and also do my own research as well.
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.
You could also try RealQuest, they operate nationwide as well.
I use Green River Capital - they are national with office based out of Salt Lake City, UT
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?