November 11, 2007
REAL ESTATE: What is the Best Site to Go to for Real Estate Agents to Get BPOs?
LinkTheWorld asked:
In Tampa, Florida if that helps.
In Tampa, Florida if that helps.
Also do you have any tips on getting the listings from the banks?
Or any advise about doing BPO's?
Thanks
BPO from where I am means Brokers Price Opinion and that is where an agent will go take pics of the property and put in all the details that is later used for the MLS listing.
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Comments on REAL ESTATE: What is the Best Site to Go to for Real Estate Agents to Get BPOs?
Real estate terminology varies in different parts of the country. Could you explain the term BPO?
I’m not aware that a REALTOR would use an indie to gather details for an MLS listing. Most REALTORS would do a CMA (comparable market analysis) for a client, but not for MLS listing.
I am familiar with the term BPO for companies like Freddie Mac, Fannie Mae and other companies who want a real estate professional’s opinion of value of a property.
It may be that the property is a foreclosure, or they may be buying the loan and want evaluation of value, or the owner may want to do a re-fi. In these cases the lender may not want to pay for a full blown appraisal just yet.
Offers to do BPOs generally pay a small amount – I’m used to seeing $40 – $60 @.
You will have to register with each company individually on their web sites. Look for click throughs for vendors or suppliers.
Most companies/lenders that have foreclosures will require that a potential listing agent have experience and a proven record. Many will only want a broker to register – whether the broker is owner of a brokerage or a broker associate with a brokerage.