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
- Asset Valuation & Marketing (AVM)
- Clear Capital
- DispoSolutions
- eMortgage Logic, LLC
- InsideValuation
- Lres
- Meridian Asset Services
- Old Republic Default Mgmt
- Proteck Valuation Services
- 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.
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!
Would like to see your videos on doing BPO’s. I am in Utah
I need Bpo done in NY. ASAP. can you help. Thanks.
I can help
I would like to become a “poncie buddy.”
Thanks,
JP
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
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
You are doing a great work, Please, send me the all BPO Companies. Thanks
I need a list of bpo companies.
What state are you by chance?
Hello, Puerto Rico is within the coverage area of the 10 companies featured on this list ?.
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.
I want to receive more information on how to do bpo”s and how to be a reo listing agent,
Thanks,
Could you please send me the free list of BPO’s that service the Illinois area.
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.
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!!!
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.
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
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.
Poncie, thank you for the info.
Keep up the good work, and God bless you.
Yes you are a TrutedLatino.
Bruce, United Executives
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
Hello Akweita, yes, download the BPO list and start applying. Same goes for REOs. After you apply, be sure to follow up. See this video: http://poncie.com/2012/06/13/reo-application-how-to-get-a-response/
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!”
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.
Hi Kelly, click on REO APPLICATIONS, then click on BPO, enter your network PASSWORD and BAM! There it is 🙂 Here a short cut link: http://poncie.com/reo-applications/bpo-broker-price-opinion-list/