do you want to know how to make $100 a day doing BPOs stick with me what's up
helping real estate agents real estate brokers grow
their businesses and ultimately achieve financial freedom so what is a BPO a BPO
stands for brokers price opinion it's exactly how it sounds it's an opinion of
a real estate professional real estate agent or real estate broker on their
opinion a value of a property so who needs BPOs and how to get paid so banks
usually hire real estate agents real estate brokers to do two different types
of BPOs one is for a pre foreclosure meaning when a borrower stops paying or
defaults on a mortgage a lot of times they'll try to get an idea of value so a
quick way and a cheaper way for banks to do this is through hiring a real estate
agent or a real estate broker to do an evaluation of the property the second is
short sales now when a listing agent lists the property for a short sale
they'll submit a short sale package to the package including an offer to
purchase that property when the bank receives it they're going to order a BPO
and times will even order an appraisal now do not get confused with a BPO and
an appraisal an appraisal is performed by a licensed appraiser now we cannot
call a BPO or even a CMA a comparative market analysis an appraisal it's two
different things you're gonna sign up with BPO companies as well as asset
management companies there's going to be a link below when you get the BPO
assignment a couple things are going to happen you're gonna either accept it or
reject it if you accept it that's yours and you're gonna move forward with the
process if you reject it no big deal it moves on to another agent also in that
email they're going to state the actual price that they're gonna pay for that
BPO brokerage price opinion now when you accept that assignment it's going to be
a process you're gonna have to go out to the property and they're gonna have
their specific requirements for pictures of the property interior and exterior
they're also going to want a picture of the street going both ways they're going
to want a picture the address whether it's on a mailbox or
on the side of the house and they're gonna want a specific amount of pictures
so that they can actually see the condition of the property I don't want
to follow their instructions very carefully and the reason is if you miss
anything where you don't have enough pictures they're gonna tell you to go
back to that property so you want to use your time wisely go to the property one
time take the appropriate amount of pictures follow their instructions to a
tee now that you left the property you have everything that you need you're
going to go back to your office and you're gonna fill out the report usually
online you're gonna have to upload all those pictures that you took the
interior exterior pictures you're usually gonna have to write about the
condition of the property you're gonna have to provide three active in most
cases and three sold comparables now this is where it gets a little tricky
because these guys that work for these companies the asset management companies
or BPO companies they're seasoned so they really do know what to look for
they're going to do their own desktop analysis see if there's any other better
comparables that you're not thinking of now some of these companies will
actually rate you as well so you want to make sure that you have high rating you
don't have them telling you to go back to a property or kicking the BPO back to
you and saying find another active comp or finding another sold comp because at
the end of the day you're rated in this system and you want to keep your ratings
high so you get more BPO's out of it on average of BPO can take anywhere from a
half hour to 45 minutes depending on the property type and where a lot of times
if the property type is you know maybe larger acreage or even commercial real
estate they will actually gonna pay more for more difficult properties to give
valuations on as well quick tip do not take a BPO assignment the area is too
far or the property type is just something you really don't deal in like
for example commercial real estate a lot of times you're going to need access to
loopnet on the premium access to get the sold comps for commercial real
estate now once you put all this information together you're gonna have
to come up with your own valuation or even a price range of valuation for the
bank so they can make a determination whether they're going to move forward
with a short sale on the offer price that they have
or they're gonna negotiate with that buyer on that short sale there's a lot
of BPO's are still coming our way I'm still signed up with a handful of them
and still get these emails that come in on a regular basis another tip is
there's opportunity to actually get foreclosure listings if these asset
management companies or BPO companies actually assign foreclosure listings and
you're gonna want to find out and read through their websites and so forth
again links below so you can check out some of them but you're gonna want to
find out if they do assign foreclosure listings now if they do and you've been
working your butt off and doing a really good job of BPOs you're gonna want to
get on the phone and call these people also we have another video on how to
list foreclosure property you're gonna want to check that out too and that's it
guys as simple as that go to the link below you can even Google BPO companies
asset management companies you're gonna be able to find many more links to a lot
of other companies where you can sign up I would suggest if you're gonna take
this on full rain to go ahead and sign up with as many as possible get into the
system if you're not getting the assignments to you in a timely manner
pick up the phone and start making calls tell these people that you're hungry for
it that you can on a dime go out and do these BPO assignments for them right
away the links are below so check out the article on this as well so my
question to you guys is what's your experience with dealing with BPO is
whether you were listing a property for a short sale and maybe a BPO agent came
in and gave you a shit valuation or have you done BPO's yourself and how did that