Thread: foreclosure question

She was probably doing a BPO (Broker Price Opinion) for the bank and several times these agents do end up getting the listing.

I also know some agents that take this opportunity of doing a BPO a step forward - as often nowadays they have to perform a BPO of a house in preforeclosure (and the house is still occupied), they have a chance to talk to the owner and see if they would consider doing a short sale instead of letting the house go in foreclosure. If this is the case, they contact one of their investors that buy short sales and get them in touch with the owner.

Of course there is no representation of these agents of the prospective seller or investors (conflict of interest) - they only put the 2 parties in contact and then they take it from there.

Networking with one of these agents that do BPOs can be very beneficial for an investor looking for properties.

BPO also ensure confidence in your investment and pricing decisions.

You can sign up with companies that hire for BPOs, by looking them up on google, or getting a list, I have a list we give away. You will need to do a lot of them to get noticed. I have not gotten any REO listings from doing them, just the money for the BPO which is usually $50. You will either need to know the right person or get lucky after signing up for all of the REO companies.

Ryan

need to be extremely careful when you go for a foreclosure deal

Breaking into the REO list side business is not easy. Certainly it can be done, and doing BPO's can help.

However, in my humble opinion, as a new agent, I would focus on learning the business by working with first time home buyers, real estate investors, retail listings, short sale listings.

The market is really strong here in Minnesota for buyers and sellers that have priced their listings to sell. The REO listers generally are the more seasoned agents.

Also, it is good to understand the pros and cons of listing REO (costs involved, etc)

I wish you the best and am sure you will do great with your real estate agent venture. Cheers!

The BPO mostly appears to be an advantage over the other agents as well. With them mostly getting the listings, they will definitely have more pricing options when selling properties.

Broker Price Opinion, is a tool used by lenders and mortgage companies to value properties in situations where they believe the expense and delay of an appraisal is not necessary.

Being new you may not have the money to "front" the repairs etc that some uf us have to depending on which lender we are working with.
Also you do not want to get yourself into trouble/debt paying for a bunch of sites. If your going to pay to be listed on a foreclosure site to get into
BPO's or listings you should stick with the major ones like equator or reoprep. Also those both handle short sales as well.
I would probably suggest contacting your sphere of influence first though because someone there may be in a position to give you some business.

I had a friend who was a former BPO. Well, they always, or most of the time, has the advantage over the other agents when it comes to foreclosed properties. They get of the listing ahead and get to clients ahead of time as well.