UNDERSTANDING the BANK OF AMERICA BPO (Broker Price Opinion)

Bank of America provides guides and materials to help its REO agents navigate the REO process according to Bank of America standards. These standards apply to ALL Bank of America REO properties, including outsourced properties.

In the REO APPLICATION tab above, we have uploaded a PDF “Understanding the BAC BPO” education guide.

After reading the guide, you should understand the following:

  1. What BPOs Are Used For
  2. Why BPOs Are Important
  3. Different Types of BPOs
  4. The BPO Form

NOTE: The guide ends with “Please do not leave the comment section blank!” A very important section of a BPO. Watch the video below for details…

To access the REO APPLICATION FORMS you will need your poncie.com Network password. Do not have one? Enter your email in the “Subscribe Here” box (top right) and request a password. It’s free for Real Estate Brokers/Agents and always will be.

NOTE: Please allow up to 24 hours for a REO Application Network PASSWORD via email. Be patient

[youtube]http://www.youtube.com/watch?v=uBRm94ckZSw&hd=1[/youtube]

Follow us on Facebook for REO updates, new listings, coming soon listings, REO tips and more…


Quantcast


7 comments for “UNDERSTANDING the BANK OF AMERICA BPO (Broker Price Opinion)

  1. Elizabeth Sandoval
    March 15, 2012 at 10:29 pm

    I like the video,great misic and very interest.

  2. Ralph Valentine
    March 14, 2012 at 12:16 pm

    I’m new to this site, not sure what is acceptable to write. So please bare with me. I’m a general contractor in the Atlanta area doing REO & mols services, how do I hook up with the REO agent for B of A in Atlanta?

    Posted by Ralph Valentine
    Manager at Zimmer preservation
    Austell, Georgia

  3. March 14, 2012 at 11:00 am

    Love your video… And the ways of good! By the way it’s Thundercats!

    Posted by Anne Marie Ashley

  4. Kellie
    March 14, 2012 at 10:50 am

    Hello Poncie, I have a question for you. I have a client that owns a rental property in Florida. They are in the process of short selling the property and received a full price all cash offer. Bank of America wants them to sign a ten year promissory note for a certain amount of money. He is 70 years old and she is 65 years old. Do you think they should say “no”? Also, is it legal for the bank to ask them to do this? I really appreciate your advise on this. Thanks.

    • March 14, 2012 at 10:51 am

      Hello Kellie,

      Recently several of our agents have found success working with Bank of America on having short sale language changed in their contracts, as it relates to Deficiency Liability.

      My broker has produced a step-by-step tutorial on how to work with Bank of America on this matter. Download the attached PDF to learn more. If you have any questions, please consult your manager.

      NOTE: This does not guarantee revision of the contract. But, this has proven to be effective in several instances with Bank of America. Also, you must correspond through Equator, and send all correspondences to the Asset Manager, Closing Officer and Negotiator. ~Poncie

      • Kellie
        March 14, 2012 at 12:14 pm

        Thank you. You are a good person to help with these situations.

  5. Mike Ramirez
    March 14, 2012 at 9:59 am

    Thunder cats – HOOOOOOOOO!!!!!

Leave a Reply

Your email address will not be published. Required fields are marked *