Agent2Agent in California>Question Details

Tina,  in 92708

Broker Price Opinion, any suggestions?

Asked by Tina, 92708 Thu Mar 13, 2008

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Use our coaching! We can get you into the systems and show you how to stay at the top of the list to keep the BPOs coming.

Google BPO lists to find free lists of companies to sign up with, but using our coaching will show you what to do, and not to do, when signing up. Some companies only let you sign up once so make it count.

Experience is good, but our training is better, and most BPO companies agree. They will take a BPO trained agent over an experienced agent with no BPO training every day of the week. The reason is that only certain things are adjusted for, and if you have MLS access you have the same access as a more experienced agent.

Please note that if you want to get into BPOs for the money, in the long run listing and selling is much more profitable. BPOs are a great way to learn your market area fast.

Contact us if we can help in any way!
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1 vote Thank Flag Link Wed Sep 15, 2010

Are you asking to sign up to do these or are you asking as an agent on how to handle BPO agents when they contact you about completing a BPO on your short sale listing?

Please clarify. In the meantime, here are two free lists and one of my blogs about BPOs.

Here are two free list with over 100 companies:
0 votes Thank Flag Link Sat Sep 18, 2010
As most of the CMAs and Appraisal reports consumers and lenders had before, BPO become another formal advice provided by many of the professional persons. Nobody wants to see the result as the same as that the lenders had with the appraisal reports or that the buyers had with the CMAs
0 votes Thank Flag Link Sat Mar 14, 2009
We typically end up having 3 bpo's because the variance is in excess of 20% - one from our agent and two independent fee bpo's. All we want to know is fair market value. I was an REO sales agent for 30 years prior to becoming an REO sales manager for a mortgage company so I am very familar with both ends of the process. Everyone is really quick to blame us for "overpricing" but the truth is in the field Realtors are supposed to be our eyes and ears and performing a good bpo and conveying the necessary information is an art and unfortunately the majority of the bpo's I see are filled with a lot of BS - so it takes us 3 opinions of value to make a pricing determination which is a stab in the dark based on the information that is in front of us. Our losses on REO's are huge - we are just trying to recoup some of the money that was lent and spent and not repaid.
0 votes Thank Flag Link Sat Mar 14, 2009
Extra income - could lead to REO listings - Not for everyone - Could be boring especially if you're doing lots of them. But I like it - I closed a couple million in reos last year cause of them.
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0 votes Thank Flag Link Fri Mar 13, 2009
Tina, I am not sure what you'd like to know about BPOs. Are you interested in doing them or do you want input about the issues surrounding BPOs? If you want to do them, there are lots of companies that are still looking for vendors. The trouble with BPOs is exactly what the first two answers talked about. It does not take a lot of experience to get assignments, but if someone does a BPO who has little experience or ulterior motives, then the BPO may very well be more harm than good as the lenders rely on them for their short sale negotiations. I have a short sale right now and the negotiator for the lender would not even submit the full price offer because they had a BPO that suggested a $45,000 higher value. When you do BPOs, you really have consider whether you'd be able to sell the property at the value that you suggest to the lender.
0 votes Thank Flag Link Fri Mar 14, 2008
Ute Ferdig -…, Real Estate Pro in New Castle, DE
Michael I agree with you. The only thing though is that some agents will list non BPO's at a higher price in order to get the listing too. In my 15 years of doing BPO's and REO's I sometimes saw the Bank getting another BPO's from someone else to make sure that the price that was given by the first agent is accurate. Bottom line is if someone wants to do BPO's the more accurate the price, the better the chance to get the listing as well as more BPO's.
0 votes Thank Flag Link Fri Mar 14, 2008
BPO's are a way to get with a lender and eventually get their REO business. However, they are the scourge of our industry today. Along comes an agent, got knows of their experience level, and they do a quick drive-by and throw a price at the Lender, usually higher because they're trying to GET that lenders business, and then the lender comes back to me and say you guys are paying too little!! And trys to jack up the price! So if you start doing them be kind!!
0 votes Thank Flag Link Thu Mar 13, 2008
What do you want to know about BPOs?
0 votes Thank Flag Link Thu Mar 13, 2008
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