BPOs - Posted by jim

Posted by Jim on August 13, 2008 at 14:11:11:

Thanks. i know there are hundreds online. I wanted to know which were reliable and used regularly by seasoned note buyers.

BPOs - Posted by jim

Posted by jim on August 13, 2008 at 07:03:15:

I am thinking of purchasing a note where the property is several hundred miles away. Are there national services that will do BPOs so I can at least see what they say the property is worth. Any other suggestions?

Re: BPOs- what they are - how to use - Posted by Michael Morrongiello

Posted by Michael Morrongiello on August 13, 2008 at 19:48:58:

As Rick pointed out - there are many ways to evaluate a property out of your area.

BPO’s -broker price opinions which are NOT appraisals are one way. Remember you sometimes get a fast shuffle agent who is way off the mark when providing details about a property and the local marketplace - often times not willing to do extra research, etc.

That knife can cut both ways (sometimes they are very conservative, othertimes too liberal) in their evaluations.

BPO’s Online
REO Nationwide
REO America

Are a few of the outfits we have used and are familiar with.

To your success;
Michael Morrongiello

Re: BPOs - Posted by Rick, the Probate Guy

Posted by Rick, the Probate Guy on August 13, 2008 at 08:39:40:

Yep. Lots of them online. Expect to pay $100-175 for a drive-by, maybe a little more or less.

Alternatively, if you bought a non-performing loan and anticipate foreclosing and, ultimately, reselling the property, consider contacting a seasoned real estate broker (or two) and ask for them to prepare a BPO for you in exchange for promising to give them the listing when you get title and possesion.

The down side is that, even though you’re getting the report for free, you are getting it from someone is a would’be stake-holder interested in getting an easy commission on a cheap listing that they determined the value; or might even try to buy.