HOW TO DO BPOs (Broker Price Opinions) Step by Step [VIDEO]


These video’s will teach you everything you need to know about how to complete a BPO for a bank. Simple and easy! BPO is an acronym for Broker’s Price Opinion. BPOs are considered to be an Agent’s REO resume. We will teach you how to do Quality BPOs so that you can have a Quality REO resume. Watch & Learn. Free for Realtor and always will be. Note: Background contest have already been won. Visit the respected pages for details.

TOP 10 RESPECTABLE BPO COMPANIES PROVIDED BY NETWORK AGENTS

  1. Asset Valuation & Marketing (AVM)
  2. Clear Capital
  3. DispoSolutions
  4. eMortgage Logic, LLC
  5. InsideValuation
  6. Lres
  7. Meridian Asset Services
  8. Old Republic Default Mgmt
  9. Proteck Valuation Services
  10. Residential RealEstate Review, Inc (RRReview)

Contractor Repair COST Estimator – Click Here

Photo Addendum (blank) – Click Here

Tracker BPO (excel) – Click Here

What is the difference between leasehold** and fee simple*? (See below for definition)

 





*FEE SIMPLE: Fee simple ownership is probably the most familiar form of ownership to buyers of residential real estate. Depending on where you are from, you may not know of any other way to own real estate. Fee simple is sometimes called fee simple absolute because it is the most complete form of ownership. A fee simple buyer is given title (ownership) of the property, which includes the land and any improvements to the land in perpetuity. Aside from a few exceptions, no one can legally take that real estate from an owner with fee simple title. The fee simple owner has the right to possess, use the land and dispose of the land as he wishes–sell it, give it away, trade it for other things, lease it to others, or pass it to others upon death.

**LEASEHOLD: A leasehold interest is created when a fee simple land-owner (Lessor) enters into an agreement or contract called a ground lease with a person or entity (Lessee). A Lessee gives compensation to the Lessor for the rights of use and enjoyment of the land much as one buys fee simple rights; however, the leasehold interest differs from the fee simple interest in several important respects. First, the buyer of leasehold real estate does not own the land; they only have a right to use the land for a pre-determined amount of time. Second, if leasehold real estate is transfered to a new owner, use of the land is limited to the remaining years covered by the original lease. At the end of the pre-determined period, the land reverts back to the Lessor, and is called reversion. Depending on the provisions of any surrender clause in the lease, the buildings and other improvements on the land may also revert to the lessor. Finally, the use, maintenance, and alteration of the leased premises are subject to any restrictions contained in the lease.

31 comments for “HOW TO DO BPOs (Broker Price Opinions) Step by Step [VIDEO]

  1. February 26, 2017 at 4:17 pm

    Do you mind if I quote a few of your articles as long as I provide
    credit and sources back to your website? My blog is in the
    exact same niche as yours and my visitors would certainly benefit from some of the information you present here.
    Please let me know if this alright with you. Many thanks!

  2. Carla Marquardt
    January 9, 2017 at 8:37 pm

    Would like to see your videos on doing BPO’s. I am in Utah

  3. Kelly
    January 3, 2017 at 12:02 pm

    I need Bpo done in NY. ASAP. can you help. Thanks.

    • Heather
      January 25, 2017 at 7:08 pm

      I can help

  4. James Parrott
    November 2, 2016 at 12:57 pm

    I would like to become a “poncie buddy.”

    Thanks,

    JP

  5. Rachel
    September 6, 2016 at 2:31 pm

    Hi,
    enjoyed your website.
    Where to locate link to video of “how to do a bpo”?

    i do see links to several different BPO portals, but do not see link to “how to do bpo”.
    thank you,

    Rachel S

  6. LARRY
    March 2, 2016 at 9:04 am

    I am very new to the BPO world, I have never done one, I am newly licensed and my designated broker thinks this is a good way to get started in the biz. Can you please give me some advice , guidance, anything that will show me how to write a BPO resume so I can sign up with these companies

  7. February 23, 2016 at 2:08 pm

    You are doing a great work, Please, send me the all BPO Companies. Thanks

  8. January 13, 2016 at 6:14 am

    I need a list of bpo companies.

    • jent
      February 8, 2016 at 2:16 pm

      What state are you by chance?

  9. Keyla
    January 9, 2016 at 6:55 am

    Hello, Puerto Rico is within the coverage area of ​​the 10 companies featured on this list ?.

  10. susan paige
    December 23, 2015 at 11:10 am

    I am so happy to have found your site. I did bpo’s while in Maine with a license back 6 years ago . I now have my license in Fl and will be filling out applications again. I look forward to more of your videos and news. Thank you for being her for us.

  11. Ivette Rivera
    November 8, 2014 at 3:05 pm

    I want to receive more information on how to do bpo”s and how to be a reo listing agent,

    Thanks,

    • John Jamison
      July 7, 2015 at 6:45 pm

      Could you please send me the free list of BPO’s that service the Illinois area.

  12. Darlene Untermeyer
    September 17, 2014 at 2:21 pm

    I wish that I had know about your site before I purchased some of the “reo” gimmicks if you will. I have been performing bpo’s for several years and would like to see which companies that you have on your list that I have not done work for.

  13. July 8, 2014 at 4:58 pm

    Great video series Poncie… will you be doing one on if the seller type (owner-occ, reo, hud, builder, etc.) makes a difference? And what about making “net adjustments” are they neccessary? Looking forward to your next vid!!!

  14. August 21, 2012 at 9:43 am

    Poncie, Any idea who got the contract to do BPOs for BoA/CW? I just stopped receiving about 60 BPOs a month from CC that were from BoA homes…I’m guessing they lost the account.

  15. Toskanelia Palmer
    August 6, 2012 at 5:41 pm

    Hello Poncie!

    I’ve watched your videos over and over again. They are very helpful. I love them. I’m getting an error message while doing a BPO for Main Street Valuations: I was wondering if you could explain what I’ve done wrong in completing the BPO. Im super frustrated. I don’t know what I’ve done wrong. I’m new at this.

    As Is Value should be within the Neighborhood Value Low and Neighborhood Value High
    Competing REO or Corp Owned Listings’ are less than the comparables marked as REO
    Two sold comps should have the same view as the subject.
    I’m so lost here. I recently signed up and have completed 7 for this company already. They have been sending me consistent work. I don’t want to disappoint them.

    Any suggestions of what I’ve done wrong? I’m going to go back to the video.

    Toskanelia Palmer-Realtor/Broker(176059)
    Imanage Realty Group
    4007 N. Broadway, Suite 215
    Chicago, Illinois 60613
    Member Chicago Association of REALTORS® (C.A.R.)
    National Association of Realtors
    OFFICE-P: 312-285-7772
    Fax: 866-935-7106
    Email: imanagepalmer@gmail.com
    Office ID: #84894
    NRDS: #360586144
    License #475.121088

    • August 6, 2012 at 5:41 pm

      Hello Toskanelia,

      The first error is because you are pricing your BPO outside the Neighborhood values. On the Market Section, you entered the low and high prices for the area. Your BPO needs to fall in between these numbers. For example: There are 45 homes for sale within 1 mile from your subject (all listings – no just comps) and the lowest home for sale is $69,000 and the highest is $456,000. Your BPO cannot be priced at $68,900. You can correct that error by changing the neighborhood values.

      Number 2 – is the same as number 1. Change you neighborhood numbers.

      Number 3 – All your views should be equal. VIEWS: Neighborhood. Don’t use comps with lakes, park, etc… views. Get it. They should all be, “neighborhood” views.

  16. Bruce Balmir
    July 8, 2012 at 7:27 am

    Poncie, thank you for the info.
    Keep up the good work, and God bless you.
    Yes you are a TrutedLatino.
    Bruce, United Executives

  17. Akweita Emanuel
    June 28, 2012 at 10:09 am

    Hi Poncie

    Your step by step BPO videos are very helpful. Thank you:) I just recently got my real estate license and I wanted to do BPOs. How do I get started? Do I still follow the same process for REOs?

    Advice appreciated
    Thanks
    Akweita

  18. June 11, 2012 at 11:51 am

    Sir:

    First of all I want to say-thank you! I say that because though i’m a 15 yr. veteran agent. BPO’s have never been my forte. Though my x has done 5000 or more I feared them and had only done 1/2 dozen or so. Then I watched your tutorial videos and it all made sense and gave me a system-thank you!

    I just subscribed to your blog early this morning. I look forward to learning and networking more with you .

    Sincerely,

    LaMar Pittmon
    KEY REALTY
    Quality Service Certified
    Realtor
    http://www.lamarpittmon.com
    “No one will ever treat you better!”

  19. June 8, 2012 at 3:16 pm

    Hi Poncie,

    I took your class on Wednesday and you mentioned a tool called “contractor repair cost estimator” and that we could download it from your website. However, I am not able to find it. Could you direct me?

    Thank you,
    Kelly Taylor

    BTW, I really enjoyed the class. I thought you gave us some really good advice and inside secrets.

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