BPO-----(Broker Price Opinion)?????? (agent, Realtor, PMI, listing)

[missnew2nc]

Have you ever done a BPO? I have been asked to do a BPO for a short sale that I am doing.

Any suggesstions or filling out this form?

Have you ever had a BPO returned to you for clarity?

[MikiJayne]

I've done a couple, all it is is a CMA on a different form. Be sure that a BROKER signs it though, they don't mean for any agent to do it.

[missnew2nc]

Under what circumstances did you have to BPO?

[Captain Bill]

The BPO is not normally done by the listing agent of a short sale. If you are the listing agent, they are probably asking you to submit a CMA with the offer.

A BPO is always done by a third party, who is not a party to the transaction.

After they have received an offer they will usually order an interior BPO by a realtor that is on their list to do BPO's.

I have a certification as a BPV broker price valuator, and am on the list of a couple of companies that provide BPO's for the lenders. They are all on the special forms that these companies provide and have to be done in very specific ways.

[MikiJayne]

I have done them for people who need to prove their home's value to their bank to get rid of their PMI.

[Janecj]

Yes, I've done them a few years ago for the same reasons that both MikiJayne and Captain Bill said. I find that it takes a lot of time to do these and the pay for it isn't very good along with sometimes it takes 6 months to get paid for your services. I quit doing them for those reasons.

[palmcoasting]

I've done a couple. The first 3 were easy, simple, online. The last one was for Ocwen for a short sale that I was doing. They called it a CMA but trust me, it was their BPO form and was VERY extensive. Much more so than the others I had done.
I had one returned for clarification because the sales were too old....I was given permission to go a further distance from the property than originally allowed.

[jdhall1]

I've done one for a call in that was going through a divorce. It was pretty easy to do, and I got the listing when it was time when they had to sell.

[missnew2nc]

Originally Posted by palmcoasting

I've done a couple. The first 3 were easy, simple, online. The last one was for Ocwen for a short sale that I was doing. They called it a CMA but trust me, it was their BPO form and was VERY extensive. Much more so than the others I had done.
I had one returned for clarification because the sales were too old....I was given permission to go a further distance from the property than originally allowed.

Ocwen asked me to do my OWN BPO. It does sound like a conflict of interest, but I was told that it would speed up the process if i did it myself.

Curious: After you submitted the BPO to Ocwen how much longer did you have to wait for an answer? All of my paperwork for my short sale is complete except the BPO.

[palmcoasting]

Originally Posted by missnew2nc

Ocwen asked me to do my OWN BPO. It does sound like a conflict of interest, but I was told that it would speed up the process if i did it myself.

Curious: After you submitted the BPO to Ocwen how much longer did you have to wait for an answer? All of my paperwork for my short sale is complete except the BPO.

Two days and the answer I got was they had changed their policy the same day they sent me the request for the bpo that they called a CMA, but it was a very difficult form and was definately a BPO. And the change in their policy was that they weren't doing short sales any more on firsts, so, it didn't go through.