Find and Buy Foreclosure Deals in Imperial Valley CA
First time home buyers, trade-up buyers, investors and bargain hunters are able to easily search and find Foreclosure deals to buy in Imperial Valley.
Home buyers can search properties in three foreclosure categories, PreForeclosure, Auction (Trustee Sale), and Bank Owned homes.
"I'm giving home buyers another choice when it comes to searching the internet for their dream home" says REALTOR(r) Frederic Din of EXIT Stepping Stone Realty, who is offering clients a value added search on his websites and blogs.
"It's simple, enter a city or zip code in the search bar below and select from one of three foreclosure categories to find and buy your foreclosure deal in Imperial Valley CA", says Frederic.
Search from areas within Imperial Valley such as Brawley 92227, El Centro 92243, Calipatria 92233, Westmorland 92281, Imperial 92251, Heber 92249, Holtville 92250 and other cities throughout the area.
If you find this search tool to be valuable in helping you find your dream home or bargain deal, contact Frederic and let him represent you as your buyers agent in the home purchase transaction.
Take a few moments to leave your comments on how you used the search to find your dream home.
As a REALTOR® in Imperial County, CA I provide value opinions known as BPOs (broker price opinions) and CMAs (comparative market analysis) for a variety of private and professional clients and track housing prices for neighborhoods and areas throughout Imperial County for my home buyers, short sales, and REO disposition clients.
I am interested in news stories regarding our local housing market, whether positive or negative. News articles allow me the opportunity to digest the information and interpret housing trends for my clients. Local IV Press confirms what I've said all along.
Elizabeth Varin, a staff writer with the Imperial Valley Press wrote an article regarding housing prices in the El Centro CA area or Metropolitan Statistical Area (MSA) entitled "Housing Prices Fall in EC Area".
The article confirms what I've said all along, "it's a great time to buy a home in Imperial County, CA".
Zillow maintains their "Zestimate® is accurate "...depending on the home data received...in your area". Zestimate® home data is pulled from public record data and "is public because it's the consumers right to have access to information about ... their home" value.
The "Value Range" associated with the Zestimate® provides a low and high range for value associated with the property.
In short, the median home prices that Zillow provides are based upon their Zestimate® and Value Range as described above.
Historically relying on these types of values can potentially be skewed in terms of the low range, or be off the mark based on the high end.
As a service to my home buying public, I pulled out my Imperial Valley housing stats to review any differences or discrepancies in the housing price data.
In September 2008, the median housing price for Imperial County was $165,000, which is 26.67% less than the September 2009 median housing price of $121,000. The median house price for October 2009 is $120,000, a negligible price difference. Median sales prices from April through August 2009 remained only slightly higher than September.
While housing prices have noticeably dropped during the last few years, there are certain areas and neighborhoods in the County which are experiencing slight value increases and stabilization.
Coupled with the extended Home Buyer Tax Credit of $8,000 for first time buyer will assist those making the move through mid-2010 is expected to bolster home sales. In addition to extending the first time buyer tax credit, a new $6500 tax credit for existing home owners was introduced.
What does this mean to home buyers in today's market?
All of this good news means one thing; it's a great time to buy a home in Imperial County. So whether buying you're first home or your dream home, one thing is clear, housing prices are down about ½ from their previous lofty prices a few short years ago.
If you're in the market to buy a home, talk to me, Your Imperial Valley Housing Specialist about your favorite neighborhood, this way I can help you find the right home at the best price in the market today.
The United States is the largest "short sale" cram down in history, however it is being offset by huge PMI payments (public money issuance aka the debt) in terms of covering the shorting of bad decisions made by firms who are "too big to fail".
Lets put this into perspective of the homeowner consumer. Homeowner short sales their home and moves, then they receive 25% or more equivelant of their loss in cash to move forward and start over. Does this happen?
Obviously this doesn't happen for the US homeowner.
What IF we let the big firms fail, feel the pain now, temporarily we'll see a run up of higher unemployment, however do you think things will eventually settle down? Do you believe their are well managed and strong companies who can do as good of a job or better in a competitive nature, as opposed to a monopolistic one?
I applaud and commend Lenn Harley for all she contributes to real estate. She is and remains a mentor to me although she is on the opposite side of the US.
Thanks Lenn, great post!
If you're moving to or within Imperial Valley or Imperial County California, contact me for assistance whether you're trading up or down sizing, there are plenty of great deals on the market. Your Imperial Valley Housing Specialist Team covers, Brawley 92227 , Imperial 92251, El Centro 92243, Heber 92249, Calexico 92231, and surrounding areas.
If you've tried a loan modification and want out of your home, call me for short sale assistance. My mott is, "Loan Mod Fail Think Short Sale".
WE'RE FROM THE GOVERNMENT AND WE'RE HERE TO HELP. . .
ALL WE WANT IS YOUR MONEY AND YOUR HOME!!
* * * * HARD CORE REAL ESTATE TALK * * * *
The new Fannie Mae program to "help" home owners in trouble is, IMO, the biggest fraud to come from the government in recent memory and there have been, IMO, a serial bombardment of government perpetrated frauds on the American home owner in the past year.
Trademarked the Deed For Lease, or D4L, a reading of the guidelines for this program along with the concomitant Deed In Lieu of foreclosure guidelines, the bottom line of the result of these programs, whether intended or not is: THE HOME OWNER LOSES THE HOME.
"Honey, did the government agree to help us keep our home?"
"Not exactly Dear, but the government says that they might agree to take our home and let us rent it for a year. They'll let us know after a credit review, but there are a few things. . . . . "
NOT ALL BORROWERS WILL BE ELIGIBLE. The guidelines require that the borrowers (home owner) agree to certain occupancy rules, not unreasonable on first reading. However, some of the details will limit elegibility, such as:
Marketable title is able to be conveyed (a title insurance policy is required).
If there are subordinate liens secured against the subject, lien releases can be obtained.
1. Everyone has title insurance, don't they?? Sounds simple enough, right? Perhaps, perhaps not. Title insurance policies are always a condition of a mortgage loan. However, they are optional for a borrower. Over the years, I have spoken with many home owners who did not obtain title insurance for their property, often at the advice of their agent. Go figure.
2. What might that subordinate lien be?
Subordinate Lien: Subordinate-loan. mortgage whose priority is below that of another mortgage, like a second or third mortgage or a home-equity loan.
Could it be a HELOC or simple Second Trust? During the years that FannieMae pushed, yes pushed and purchased the Alt-A loan and the numerous Sub-Prime loans, a plethora of subordinate liens were created and used. Often created at the time of purchase or later through subsequent borrowing against equity or refinance. The funding sources, often private investors, made these loans and recorded a proper lien in good faith based on the qualifications of the borrower at the time. Second Trust Notes are a commodity. They are traded, discounted, bundled and traded again and again. Sooner or later, someone is going to want to collect on that note. What's the incentive for the second trust holder to release? Recent experiences with Short Sales would indicate that second trust holders are becoming quite recalcitrant when asked to release a second trust note.
Second mortgage: A mortgage obtained by a home owner for a loan against equity or in excess of market value (often up to 125% of market value). The second, or third mortgage is subordinate to the first or primary mortgage.
WHY DID FANNIE MAE MAKE RELEASE OF ANY SUBORDINATE LIENS A CONDITION OF THE D4L (Deed For Lease)? Is this condition of the D4L the usual "government guideline glitch" tossed in to decrease the numbers of borrowers who would qualify? Or, is it simply a reflection of the "guideline stew" that can usualy be used to describe any of the governmentprogram to help home owners in trouble that have been promulgated in the past two years?
WHY ARE HOME OWNERS IN TROUBLE ALWAYS SUBJECT TO LOSS OF THEIR HOME? The American home owner isn't looking for a handout ala TARP, created to help banks in trouble to the tune of about a $Trillion Dollars, give or take a few $Billion Dollars.
TARP: Troubled Asset Relief Program (TARP) Information. The operative word to describeTARP is "Relief". Where is the "relief" for the troubled American Home Owner??? The banks qualifying for TARP got into trouble by trading in securities that were primarily backed by sub-prime mortgages, often mortgages that should not have been written. The mortgage instruments were then bundled, converted to marketable securities, MBS,and sold to investors in the USA and around the world. Investors clamored for more, more, more of these wonderful securities. Fannie Mae and mortgage investors created more and more and more such instruments secured by the primary residences of American Home Owners.
O.K. SO WE GET IT. The government was there to help the Wall Street and Main Street banks that invested in and sold the MBSs to the tune of multi-Billions of Dollars of tax payer money.
FAST FORWARD TO 2009 and THE FANNIE MAE, HUDand any government program to help distressed American Home Owners. The one theme that is pervasive is that THE HOME OWNER LOSES THEIR HOME.
MORTGAGE MODIFICATION IS A JOKE. The programs designed by HUD and Fannie Mae may do one of several things.
They may REFINANCE your loan to a lower interest rate. The home owner still owes far more than the market value of the home and will probably not be able to sell for many, many years.
They may MODIFY your loan to a lower monthly payment. The home owner still owes far more than the market value of the home and will probably not be able to sell for many, many years.
Is it any wonder that, to date, the government programs to "help"the American Home Owners have failed?
THE INSIDIOUS NEGATIVE EQUITY. The only true mortgage modification that would help the American Home Owner would be a REDUCTION OF THE PRINCIPLE BALANCE of THE MORTGAGE. Is there any government backed, financed, promulgated or regulated program to reduce the principle balance of mortgage loans secured by home owned by distressed home owners?? NO.
The government now says, through Fannie Mae, that if you own a home that is not FHA, VA, etc. financed or insured, the government may take your home and rent it back to you for 12 months. No doubt the government will find some way of spending more tax money to create a new program to market these "assets" that were formally HOMES.
For folks who hold the opinion that the American Home Owner doesn't deserve any help to keep their home, after all, they signed a contract, didn't they, it's an opinion that has my respect. However, what was the opinion of the same folks when the government gave Wall Street and the Big Banks a $Trillion Dollars or more??? Oh, I forgot. The government didn't ask for our opinion. That was the biggest "cram down" in history. I propose that a "cram down" for American Home Owners is long overdue.
One thing for sure. I believe that the American Home Owner would be a better partner in saving the American economy than the average Wall Street Investment Bank or Big Bank. The American Home Owners will again become a consumer. They will buy and sell real estate. They will go to the mall. They will take vacation. They will help the national economy. What did the Wall Street Gangs do with the $Trillions of tax money handed to them through TARP?
Buying Your Home In SouthWest Brawley CA 92227, the area known as US Route 86 & Brawley Avenue
National average and median homes prices are at their lowest levels in years and those interested in buying a home today have a lot going for them. With mortgage interest rates hovering around 5% and thousands of dollars of tax credits available to first time home buyers, now is the time to take action.
Nestled neatly in the northern section of Imperial County just below the largest inland body of water known as the Salton Sea lies the City of Brawley California, an area rich in culture, diversity and rooted deep in agriculture.
Brawley CA is a medium sized city and according to the 2000 census bureau has a population of just over 22,000 people consisting approximately 75% Hispanic or Latino ethnicities. Per capita income for Brawley is nearly $13,000, meaning a family of four has a household income of approximately $52,000 according to the census numbers.
Residential and multifamily properties make up just over 7,000 housing units with two-thirds of the properties identified as single family detached residences. Housing prices vary amoung the area and Brawley is identified as having four distinct neighborhoods, categorized with the following characteristics according to http://neighborhoodscout.com The four neighborhoods can be found at the end of this entry.
Your Imperial Valley Housing Specialist Frederic Din will discuss each of the neighborhoods and compare the median sales prices on neighborhoodscout.com with Imperial Valley MLS sales covering a 6 and 12 month period using the same neighborhood parameters to identify opportunities for home buyers.
Neighborhoodscout identiifes the median house value in this neighborhood as $243,000. The neighorhood had 25 sales within the past six months with a median selling price of $124,900. Average property characteristics consist of 3 bedroom 2 bath homes with approximately 1,648sf. The average exposure of these home sales or days on market was 66 days.
The same neighborhood had 44 sales in the past twelve months with a median selling price of $134,950. Average property characteristics consist of 3 bedroom and 2 bath homes with 1,725sf. The average exposure of these home sales or days on market was 95 days.
Currently there are EIGHT properties available for sale in this neighborhood with an median listing price of $228,500 consisting of an average of 4 bedrooms and 3 bath homes with 2,321sf. These homes have been on the market an average of 69 days. Please contact me if you are interested in buying one of these homes for sale in this area. You can search homes for sale by visiting http://imperialvalleyreo.com
Brawley's US Route 86 & Brawley Avenue
Call Frederic Din, Your Imperial Valley Housing Specialist to show you these or other homes in the Brawley CA 92227 area by calling locally 760-344-5363 or cell 619-241-4415.
If you have any comments or questions, please feel free to contact me or post a comment below.
Buying Your Home In NorthWest Brawley CA 92227, the area known as D Street & Rio Vista Avenue
National average and median homes prices are at their lowest levels in years and those interested in buying a home today have a lot going for them. With mortgage interest rates hovering around 5% and thousands of dollars of tax credits available to first time home buyers, now is the time to take action.
Nestled neatly in the northern section of Imperial County just below the largest inland body of water known as the Salton Sea lies the City of Brawley California, an area rich in culture, diversity and rooted deep in agriculture.
Brawley CA is a medium sized city and according to the 2000 census bureau has a population of just over 22,000 people consisting approximately 75% Hispanic or Latino ethnicities. Per capita income for Brawley is nearly $13,000, meaning a family of four has a household income of approximately $52,000 according to the census numbers.
Residential and multifamily properties make up just over 7,000 housing units with two-thirds of the properties identified as single family detached residences. Housing prices vary amoung the area and Brawley is identified as having four distinct neighborhoods, categorized with the following characteristics according to http://neighborhoodscout.com The four neighborhoods can be found at the end of this entry.
Your Imperial Valley Housing Specialist Frederic Din will discuss each of the neighborhoods and compare the median sales prices on neighborhoodscout.com with Imperial Valley MLS sales covering a 6 and 12 month period using the same neighborhood parameters to identify opportunities for home buyers.
Neighborhoodscout identiifes the median house value in this neighborhood as $221,800. The neighorhood had 39 sales within the past six months with a median selling price of $120,000. Average property characteristics consist of 4 bedroom 2 bath homes with approximately 1,538sf. The average exposure of these home sales or days on market was 96 days.
The same neighborhood had 66 sales in the past twelve months with a median selling price of $124,950. Average property characteristics consist of 4 bedroom and 2 bath homes with 1543sf. The average exposure of these home sales or days on market was 91 days.
Currently there are EIGHT properties available for sale in this neighborhood with an median listing price of $124,500 consisting of an average of 3 bedrooms and 2 bath homes with 1563sf. These homes have been on the market an average of 76 days. Please contact me if you are interested in buying one of these homes for sale in this area. You can search homes for sale by visiting http://imperialvalleyreo.com
Brawley's D Street & Rio Vista Avenue
Call Frederic Din, Your Imperial Valley Housing Specialist to show you these or other homes in the Brawley CA 92227 area by calling locally 760-344-5363 or cell 619-241-4415.
If you have any comments or questions, please feel free to contact me or post a comment below.
Buying Your Home In NorthEast Brawley CA 92227, the area known as City Center
National average and median homes prices are at their lowest levels in years and those interested in buying a home today have a lot going for them. With mortgage interest rates hovering around 5% and thousands of dollars of tax credits available to first time home buyers, now is the time to take action.
Nestled neatly in the northern section of Imperial County just below the largest inland body of water known as the Salton Sea lies the City of Brawley California, an area rich in culture, diversity and rooted deep in agriculture.
Brawley CA is a medium sized city and according to the 2000 census bureau has a population of just over 22,000 people consisting approximately 75% Hispanic or Latino ethnicities. Per capita income for Brawley is nearly $13,000, meaning a family of four has a household income of approximately $52,000 according to the census numbers.
Residential and multifamily properties make up just over 7,000 housing units with two-thirds of the properties identified as single family detached residences. Housing prices vary amoung the area and Brawley is identified as having four distinct neighborhoods, categorized with the following characteristics according to http://neighborhoodscout.com The four neighborhoods can be found at the end of this entry.
Your Imperial Valley Housing Specialist Frederic Din will discuss each of the neighborhoods and compare the median sales prices on neighborhoodscout.com with Imperial Valley MLS sales covering a 6 and 12 month period using the same neighborhood parameters to identify opportunities for home buyers.
Neighborhoodscout identiifes the median house value in this neighborhood as $172,800. The neighorhood had 10 sales within the past six months with a median selling price of $63,500. Average property characteristics consist of 3 bedroom 1.75 bath homes with approximately 1,081sf. The average exposure of these home sales or days on market was 107 days.
The same neighborhood had 16 sales in the past twelve months with a median selling price of $76,500. Average property characteristics consist of 3 bedroom and 1.5 bath homes with 1,126sf. The average exposure of these home sales or days on market was 83 days.
Currently there are FOUR properties available for sale in this neighborhood with an median listing price of $91,500 consisting of an average of 3 bedrooms and 1.50 bath homes with 1,021sf. These homes have been on the market an average of 84 days. Please contact me if you are interested in buying one of these homes for sale in this area. You can search homes for sale by visiting http://imperialvalleyreo.com
Brawley's City Center
Call Frederic Din, Your Imperial Valley Housing Specialist to show you these or other homes in the Brawley CA 92227 area by calling locally 760-344-5363 or cell 619-241-4415.
If you have any comments or questions, please feel free to contact me or post a comment below.
Buying Your Home In NorthEast Brawley CA 92227, the area known as US Route 111 & Malan St
National average and median homes prices are at their lowest levels in years and those interested in buying a home today have a lot going for them. With mortgage interest rates hovering around 5% and thousands of dollars of tax credits available to first time home buyers, now is the time to take action.
Nestled neatly in the northern section of Imperial County just below the largest inland body of water known as the Salton Sea lies the City of Brawley California, an area rich in culture, diversity and rooted deep in agriculture.
Brawley CA is a medium sized city and according to the 2000 census bureau has a population of just over 22,000 people consisting approximately 75% Hispanic or Latino ethnicities. Per capita income for Brawley is nearly $13,000, meaning a family of four has a household income of approximately $52,000 according to the census numbers.
Residential and multifamily properties make up just over 7,000 housing units with two-thirds of the properties identified as single family detached residences. Housing prices vary amoung the area and Brawley is identified as having four distinct neighborhoods, categorized with the following characteristics according to http://neighborhoodscout.com The four neighborhoods can be found at the end of this entry.
Your Imperial Valley Housing Specialist Frederic Din will discuss each of the neighborhoods and compare the median sales prices on neighborhoodscout.com with Imperial Valley MLS sales covering a 6 and 12 month period using the same neighborhood parameters to identify opportunities for home buyers.
Neighborhoodscout identiifes the median house value in this neighborhood as $161,000. The neighorhood had 3 sales within the past six months with a median selling price of $79,000. Average property characteristics consist of 3 bedroom 2 bath homes with approximately 1,312sf. The average exposure of these home sales or days on market was 66 days.
The same neighborhood had 7 sales in the past twelve months with a median selling price of $83,150. Average property characteristics consist of 3 bedroom and 1.50 bath homes with 1194sf. The average exposure of these home sales or days on market was 56 days.
Currently there is ONE property available for sale in this neighborhood with a listing price of $80,000 consisting of 3 bedrooms and 1.50 bath home with 1100sf. These homes have been on the market an average of 140 days. Please contact me if you are interested in buying the home for sale in this area. You can search homes for sale by visiting http://imperialvalleyreo.com
Brawley's US Route 111 & Malan St
Call Frederic Din, Your Imperial Valley Housing Specialist to show you these or other homes in the Brawley CA 92227 area by calling locally 760-344-5363 or cell 619-241-4415.
If you have any comments or questions, please feel free to contact me or post a comment below.
July 2009 Housing Stats for Imperial County compared to July 2008
Housing Stats for Imperial County, CA (also known as Imperial Valley, CA)
Recently I reviewed listing service data for JULY Housing Sales stats for Imperial County, CA homes, including condo/townhomes (attached) and single family (detached) homes and compared them to housing stats of July 2008 to spot any significant trends of use to my readers, potential home buyers, and investors. The following is a compilation of my analysis comparing July 2008 and July 2009.
July 2008 - The number of SOLD homes: 76 July 2009 - The number of SOLD homes: 125 Increase of 39.2% from 2008
July 2008 - Average SOLD price: $204,359 July 2009 - Average SOLD price: $126,485 Decrease of 38.1% from 2008
July 2008 - The Median SOLD price: $196,000 July 2009 - The Median SOLD price: $128,500 Decrease of 34.4% from 2008
July 2008 - Average SOLD Price % ~vs~ Listing Price:98.13% July 2009 - Average SOLD Price % ~vs~ Listing Price: 99.66% Virtually unchanged - Increase of 1.5% from 2008
July 2008 - Average PRICE per Square Foot: $111.65 July 2009 - Average PRICE per Square Foot: $77.60 Decrease of 30.5% from 2008
July 2008 - Average MARKETING Time (known as DOM): 103 Days July 2009 - Average MARKETING Time (known as DOM): 65 Days Decrease of 36.9% from 2008
July 2008 - Average SALES Cycle Time (known as True DOM): 174 Days July 2009 - Average SALES Cycle Time (known as True DOM): 71 Days Decrease of 145% from 2008
If you have questions about the Imperial Valley area, please feel free to contact me if you're thinking about buying, selling, short sale, or want to modify your mortgage to your Imperial County, CA home.
I'd like the opportunity to provide you with up to date information, along with a customized housing market analysis and plan that will surely keep you ahead of the real estate cycle curve.
Looking to buy a home? Get your own customized Home Search for up-to-date information of homes that fit your home buying needs in all areas of Imperial County including foreclosures, bank owned, REO, short sale, and market listing homes. Some homes may be probate or estate sales, as well there may be fixer-upper homes at various price levels from $15,000 to $250,000 depending on the area, style, size, age and condition of the home.
Thanks, Frederic Din, REALTOR(r) Your Imperial Valley Housing Specialist 619-241-4415 cell info@ivforeclosures.com
I was going to call this article "Don't Shoot the Shooter", (picture shooter that is) since people seem to get defensive when I'm on their street taking pictures of houses for comparables and BPO reports. It seems as if they have the right to tell me not to take pictures of their house or even the neighborhood. Why not, I'm on public property, right?
Maybe I will start writing a series of short articles of my BPO and REO property inspection encounters. People for the most part are cooperative and understanding, however once in awhile there's a special and unique individual that stands out from the crowd. I will do my best to protect their identity and the housing area I'm talking about, but the stories are simply incredible and must be told, but now its time to explain just what a BPO real estate agent does. Thanks for reading.
It's a Wednesday afternoon and you're watching TV after a long day at work when you notice a vehicle parked in front of your home with the engine running idle. You decide to investigate further and notice the driver is taking a picture of your home, what comes to mind?
You've just encountered "a shooter" someone who has been contracted by a third party company to take pictures of your home and report as to the condition and provide an opinion of value regarding your home.
Introducing the BPO real estate agent. The acronym BPO stands for Brokers Price Opinion, they are an abbreviated valuation report are used by banks, lenders, mortgage companies, servicing agents and third parties to quickly and efficiently determine the market value of their asset (your home), which if you have a note or mortgage on your home, it is their right to do so. The servicing agents and third parties may also use a report called a CMA, a Comparative Market Analysis, which is which very common in the real estate world.
What does a BPO agent look for and do while at your property? First you must understand there are two basic types of BPO reports. One is called the "drive-by", which is an exterior only type of report where the agent has to make many assumptions regarding the property condition since it may affect value. I am a BPO real estate agent located in Imperial Valley or Imperial County, California, and I perform many BPOs in El Centro, Brawley, Calipatria, Calexico, Imperial, Heber, Holtville, Westmorland, and other surrounding cities monthly for variety of national clients, so allow me to explain the BPO process to you in basic terms.
Typically a BPO real estate agent will take three to five pictures of your home for a drive-by or exterior BPO, although they may only use one picture for the final report, it all depends on the client. Most obvious, its important for the agent to take an unobstructed full frontal view picture of the home, this will help the agent determine the type of elevation (look) of the property and allow to compare to other similar homes in the area. Next a side view picture is taken to determine if there are any patio covers, guest houses or other buildings on the property in the rear yard that may affect value.
The agent will more than likely take a picture of the house numbers to verify the address of the property as well a street view picture is taken from in front of the home looking down the street which gives a snapshot of what the neighborhood looks like. Some agents will also take a picture of the street sign corner for location orientation, opposite street view picture, a snapshot of the other side of the home, or even the rear yard if an alley way or rear or side street abuts the home, a picture may even be taken across the street if there is a view or amenity that could affect value either positively or negatively.
Most BPO reports require the use of MLS (multiple listing service) listing and sold comparables to arrive at an opinion of value. Remember a BPO is not an appraisal. A BPO is an opinion of value range of a specific property at a specific point in time and are used internally by the bank for their purpose. Most banks and lenders who request these reports from third parties want to know if the home they've lent hundred of thousands of dollars on is still there or in good condition.
BPO reports are used for internal purposes of the bank or lender requesting them. Some have to do with "servicing requirements" which the word servicing means the bank or lending company who sends you the monthly mortgage statement and who you send your payment to, the ones who collect your money.
Generally banks and lenders will act as their own servicing agent, collecting payments, generating mortgage statements and providing analysis of your property taxes and insurance, called an "escrow account" (not to be confused with an escrow transaction involving the purchase, sale, or refinance of a property, however often times a servicing agent is acting on behalf of the bank or lender, which in turn they collect a fee for managing a portfolio of mortgages, which includes sending out the statement and the payment collection process.
As listed on your Note (the mortgage loan) and your Deed of Trust (in trust deed states the deed is your "pink slip" to the home, so to speak), the lender has a right to check on their collateral and to perform reasonable inspections of the property, most lenders do this with a drive-by or exterior BPO report.
What types of reasons a bank or lender may request a drive-by BPO? There are numerous reasons why a bank or lender may request a BPO, they may include, a transferring of your mortgage in or out of the portfolio (group of loans), your loan got sold to another lender and the buying lender wants to know what their collateral is worth, it could be for mortgage insurance (PMI) reasons, perhaps the homeowner is seeking a loan modification of their mortgage terms to lower payments and/or interest rate, maybe the bank is making a decision on a short sale or bank owned REO property status. The homeowner could be past due or delinquent on their payments and the bank wants to determine how much of a potential loss they're facing. A BPO can be used for preventive and factual purposes regarding determining value.
As many reasons as people borrow money is how many reasons why a bank or lender would request a BPO, in short, to get an quick snap shot of the market value of the home in order to make a decision. Most banks and lenders will order more than one BPO and many will also order an appraisal to determine how close the value ranges are amongst the reports to better help them in making their value decision.
Sometimes it becomes necessary for the BPO real estate agent to go inside the home and perform what is called an "interior inspection". These types of reports are for the same purposes as the drive-by, with the exception there are photos taken of each room and any damage or deferred maintenance issues that may affect the value of the property. Either way the BPO is an opinion of market value and often times include a value range of what a home would sell for in as little as 30 days, to regular sale marketing cycle time frames of 60, 90 and 120 day prices ranges.
The interior BPO is generally requested by a bank or lender when the property is in the process of being sold or transferred, such as by a short sale, or when the property becomes bank owned such as an REO status (real estate owned), or maybe even for a loan modification. The interior BPO provides more detail regarding condition of the home, as opposed to just viewing the home from the exterior or outside. More details about the homes condition, such as flooring, walls, systems, damage to the structure, etc go into each BPO report, while additional pictures are taken to give the bank or lender a better idea of what their collateral looks like and what condition the home is in.
Condition affects value and the banks need to know this before they make a decision on what the sales price is going to be with regard to a short sale or bank owned listing in order to sell the property in a realistic time frame without giving the home away (going too low) or having the home sit on the market too long (going too high). .
In conclusion the BPO real agent serves a vital position to the real estate community to both homeowners and banks/lenders by being the eyes and ears of the banks and lenders, they ultimately own these homes, so they can make intelligent unbiased decisions on how best to price their property to sell in the current market environment within a specific time frame.
So the next time you see someone sitting in front of your home or driving by and taking pictures, know they are doing it for your benefit if you're requesting a loan modification to lower your payment or interest rate, or if you are selling your home, a BPO real estate agent will be sent over to take pictures.
Ultimately the BPO real estate agent is working to help you accomplish a goal, which may be to lower your monthly mortgage payment and interest rate, or to help you get out from under a high payment mortgage or upside down loan, either way the BPO real estate agent is on your side and is there to help you, so please don't shoot the shooter.
Since I am a BPO real estate agent feel free to ask me for assistance. I can help you help with your mortgage payments and if think you may lose your home to foreclosure, please contact me to talk about how you can walk-away from your home without messing up your credit. I will be happy to go over the process of getting out from under your upside down house and eliminate your mortgage payment while protecting your credit report and credit history long term.
Call Frederic Din, Your Imperial Valley Housing Specialist at 1-619-241-4415 or contact me via email info at ivforeclosures.com
Are you looking for foreclosure, short sale and great property deals in Imperial County? Visit my website http://imperialvalleyreo.com for listings of homes for sale. Interested in a certain home, I can help you buy any home you see listed.
I am Your Imperial Valley Housing Specialist, DRE Lic #01274420
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Central A/C
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