A BPO appraisal is a Brokers (Realtor) Price Opinion.
A Realtor will usually drive by a property take several exterior photos, see if the property is occupied, if the lawn is being maintained, etc and pull up three recent sales in the area and three mls listed properties similiar to the subject and determine a value based on his observations and the market data. Banks will often use this appraisal method if a customer falls behind in their payments and they are entering the pre-foreclosure stage
I took part in the teleconference last night put on by Creonline and Dwan Twyford. I felt it was insightful (insightful as you are going to get in a 1.5 hour teleconference).
I have a question for everyone that was on the teleconference. Dwan described that after you send in your short sale packet, to be persistent with the loss mititgation rep to get your short sale approval/disapproval in a few weeks. She failed to mention in her steps that a BPO appraisal would need to occur.
I’m by no means a short sale expert, but I was under the impression that short sales typically had a BPO done which added to the 30+ days it took to get a decision. I was confused last night when this wasn’t mentioned. Any thoughts?
I’ve never had a BPO take longer than a week. But it doesn’t matter. If the BPO takes longer, the short sale will happen later. In my experience “a few weeks” to get approval is on the short side. It usually takes me a month or two, sometimes longer. And that’s with keeping in contact with the Loss Mit. dept.
Don’t get too hung up on this “a few weeks” comment. Just do it as it comes.