#bpo real estate
How to Do a BPO
A BPO, or Broker’s Price Opinion, is performed by a real estate agent or appraiser to help banks determine the estimated current market value of a property. They are a necessary tool when determining if a property should go into preliminary foreclosure or foreclosure. You must be a licensed real estate agent to perform BPOs.
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Join the National Association of BPO Professionals, NABPOP. Go to Nabpop.org and click on the Become a Member Now link on the left-hand side of the Home page. Select your desired membership (annual or monthly) and click on that link to sign up for the Association. NABPOP is a liaison between real estate agents and companies looking for BPO reports.
Keep an eye on your email for job referrals from companies using NABPOP. Accept any job you receive immediately because BPO jobs are primarily first come, first serve.
Pull the tax map records for the BPO property in question. Review the property tax records thoroughly to determine what the county has assessed the property value at.
Access your MLS, or Multiple Listing Service account and view three comparable properties in the same neighborhood as the BPO property. These properties must have the same estimated square footage, the same amount of bedrooms and bathrooms, and so on. You are looking for homes identical to the home you are assessing.
Drive to the property in question and take photos. Some BPO assignments are drive-by (exterior) only. These photos can be taken from your car; make sure to take a photo of the front of the house emphasizing on the house number.
If the BPO requests interior photos, the home should have a lock box for easy entry.
Access your account with the BPO company and upload the photos, comparable information and any other information concerning the property. Click Submit.