BPO companies for Notes

6 Replies

I'm getting to the point where my current process for getting realtor opinions for AIV/ARV is painful. What is your process for getting pics of the property to assess current condition and a BPO? Do you use someone local or are there nationwide companies that can provide this?

We have used Dickie Baldwin (Baldwin Advisory Group), Accurate Group, SGPNow.com (Safeguard), DataTree, Raven Spatial, and others to get some combination of BPO/property condition report, drone imagery, desktop appraisal, AVM, etc. Most of the time the actual work still gets farmed out to someone local but we are not typically coordinating directly with that person. 

I typically Baldwin Advisory Group, Xome or Accurate Group. Sometimes I just get someone on Craiglist to take photos and then do my own comps. If the deal is especially sensitive to the property then sometimes I get multiple valuations.

I've started using Accurate Group lately for both BPO and Title.  They are nationwide and have been providing services to HELOC providers for years.  They have recently started marketing to the world of note investors.  So far I have been impressed with their coverage, prices, and responsiveness.

We use Summit Valuations and feel like there one of the best BPO companies out there. Very responsive when we challenge BPOs that haven't been done correctly and do their best to come up with the most accurate numbers.

We're starting to use another company for values that's working out even better so far. Not enough experience with them yet to recommend them.

I am at the point where I send out 3 preservation companies and run comps.

Reason why is most of these especially during covid barely get out of the car and I have had homes boarded up that they said were occupied.

BPOs are as worthless as the paper they are written on.  Values can vary wildly based on the interior condition. As Chris mentioned, I get a couple drivebys, then run my own comps and set the value based on the lowest 3-5 average in the area.  If I'm not familiar with the area, or is rural and cant find comps will get an opinion from a local realtor.