BPO (Broker Price Opinion) Resources
So as a real estate agent working in the foreclosure business, a great deal of my actual work comes from completing BPO’s (Broker Price Opinions). A BPO is sort-of a mini appraisal that banks use to evaluate their options when someone gets behind on their mortgage. A BPO helps a bank get a general idea of what a property is worth on the open market and whether they should foreclose in an attempt to maximize their gain or minimize their loss on any given property. They pay anywhere from about $50 to $150 for this which represents a significant savings over the $300 to $400 they would have to pay for a full appraisal.
Many agents find themselves wanting to get into this business, but it can be very difficult to locate the proper resources and asset disposition companies that they need to sign up with in order to get BPO’s (and possible listings of REO property). Therefore, I have compiled this list.
I have not tried each and every one of these myself, so be wary. Some are good, some not so good. As with any FREE list, exercise some amount of caution and scrutiny as I provide no warranty for this list.
The companies I have used are: Lighthouse and Clear Capital. As I work with more of these, I will add or subtract links depending on whether the company seems reliable and legitimate. If you have experience with any of them (good or bad), please let me know what you know what you thought so I can keep the list up to date. Thanks.
Evaluation Solution
Clear Capital
First American
eMortgage logic
Land America
Real Trans
Countrywide
Pro Teck
REO Nationwide
Keystone Asset Management
MCB
REO Corporation
LB Market Evaluations
Finiti
Valuation Edge
AVM Asset Valuation & Marketing
Remend
Evaluate USA
BPO’s online
GO BPO
Safeguard Properties
W-M Realty Services
Five Brothers
America’s info Mart
Nationwide BPO’s
HomEq Servicing
Light House Real Estate Solutions
Residential Real Estate Review
Harbor Asset Management
Integrated Asset Services
Goodman Dean Corporate Real Estate Services
Advanced Collateral Solutions
Trans Union Real Estate Services
Trinity Valuation
Fiserv Lending Solutions
Asset Disposition Solutions
Corporate Realty Services
Premiere Real Estate Services
National Asset Management Group