BPO's
Does anybody have an example of an impressive looking BPO that would serve as a template?
I have been asked by a lender for a BPO and would like to see an sample of one that contains all of the relevant information. Any insights?
Usually, a broker or brokers' agent will prepare a BPO. It's simply an opinion of value for the property in it's as-is, fair market condition and an estimate of how long it should take to sell at that price. The opinion is supported by market data.
It's not as comprehensive as a certified appraisal, but usually identifys the appropriate range of value.
Queer that the lender would ask you to provide a BPO. They (BPO's) are usually ordered once a loan is delinquent, or falls into default as a matter of servicing criteria It's not uncommon for several BPO's to be ordered during the course of foreclosure... and a certified appraisal, too. Paid for the the mortgage loan servicer, of course.[ Edited by TheShortSalePro on Date 10/21/2003 ]
I have a source for BPO forms. I do BPO for the commercial investors.
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