BPO – Broker Price Opinion Demand

The housing industry relies on about 10 million broker price opinions (BPOs) each year, according to Franklin E. Rodebaugh, principal broker and president of American Wholesale Properties, Inc.

“BPOs are not going to go away,” Rodebaugh said during a panel discussion on BPOs at the Five Star Default Servicing Conference and Expo this last month.
“The industry is extremely reliant on BPOs,” said Brad Froelich of RES.NET, also a speaker on the panel. “If you think you’ve seen a lot of changes in the last 10 years, be prepared. You’re going to see a lot more,” he added.

According to Krista Franks, DSNews, Amanda Cashion from eMortgage Logic and Shirley Mastenbrook of Fannie Mae both agreed that being an expert in the area is the first essentiality for a quality BPO. If an agent is not an expert in an area, it is far better to decline the assignment than to turn in a subpar BPO, they said.

A BPO is a REO agent’s resume. Banks want you to provide the highest quality available. If you do not know how to complete an accurate BPO how will you handle an REO property? You should be locally licensed real estate professionals that knows your local market trends. You should be able follow the Freddie Mac and Fannie Mae valuations guidelines.

Stay tuned for our up coming video that will show you how to apply and perform quality BPO.

TrustedLatino

6 comments for “BPO – Broker Price Opinion Demand

  1. February 29, 2012 at 3:24 pm

    Ok great… thanks Poncie!!

  2. February 29, 2012 at 2:56 pm

    P.S. I’ve seen BPO training courses out there for about $250. Is this the way to go?

  3. February 29, 2012 at 2:53 pm

    Hi Poncie,

    Love your website and am so grateful for all the valuable information you provide! And your videos are awesome too! I’d like to start doing BPOs so that I can earn my stripes to start getting REO listings. You are BPO Certified. How does one earn that certification? Is it after completing a certain number of BPOs? Or is there a course out there that you can recommend? Is earning this certification the best way to start getting BPO assignments?

    Thank you!
    Laelea

    • February 29, 2012 at 2:56 pm

      Hello Laelea, no, no certification necessary. Click on REO Applications above, then click on BPOs. There is a free list of BPO companies you can sign up to. For more information, watch these other videos then sign up. Click here: http://poncie.com/videos/videos-poncie-com/

  4. November 18, 2011 at 6:46 am

    It a great solution. Fannie Mae has only approved agent who are unknown to my community, new agents with no experience. I have been in the business 17 years and I have REO Experience and I cannot break in with Fannie Mae or Freddie Mac.

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