We at Your2Agents.com are really excited about our new REO team in Bellingham, WA that we are putting together. We are joining forces with Ben Kinney and Stephanie Johnson to create a division for Home4Investment. There will be more of that later, but here is some information regarding REO's and BPO's, as we understand them here in our neck-of-the-woods in Bellingham, WA
As always, if you have any questions, please contact me at 360-319-4894, THANKS!
WHAT IS A REO?
REO is an abbreviation for a REAL ESTATE OWNED property- real estate owned property indicates that the property in question has been foreclosed on and has been taken back by the mortgage lender or trustee. When a lender has taken the property back and a buyer cannot be found for the foreclosures sale it is then taken back and sold seperately. Often lenders (mortgage holder) hire a real estate agents themselves through there internal reo department or hire asset management companies who hire the realtors list, market and maintain the properties professionally for them to sell and move these type of homes off the market.
WHAT IS A BPO?
A BPO, or better known as a Broker Price Opinion, is generally used by lenders and mortgage companies to asses the market value properties in situations where they believe the expense and delay of an appraisal is not necessary.Often when completing a BPO a mortgage lender, loss mitigation, or lender will ask you to either do a Drive by Bpo which entails of taking a outside photos of the home, this generally doesnt require the agent to get out of the car. In other cases as the home is in the foreclosure process or foreclosed the lender will ask for interior/exterior Bpo which is more detail.
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