The lenders and companies that hire real estate brokers to do BPOs, or Broker Price Opinions, have very specific requirements. Don't assume from the name that a "Drive By" BPO will involve only a couple of photos from the car and a short form with information about what you saw.

The forms used by lenders and loss mitigation companies vary greatly in how they are laid out and the information they require for a Drive By BPO. However, examination of even the shortest of forms with the least required information reveals a minimum of the following form fields and requirements:

 

  • Location
  • Neighborhood
  • Conformity to neighborhood and zoning.
  • Home type, style,  age.
  • Outside condition of exterior features.
  • Occupancy.
  • Garage or Parking.
  • The Lot size.
  • Estimated MLS/Tax record square feet.
  • Estimated MLS/Tax record room count.
  • Comments about the condition of the home
  • 3 recent sold comparables with info.
  • 3 currently listed comparable properties.
  • 3 photos.

    Get your FREE list of Mortgage BPO companies at bpo4agent.com

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    Posted by Alex BpoAgent on 03/21/2008 08:19 PM   Comments (1)   , , , , ,  

    1 Comments on Drive By BPO - Broker Price Opinion

    Thanks for the list and the tips.  You are so right, they all take time.  But with the market as it is... fill ins are in.

    07/27/2008 03:23 AM by Rosemary Brooks -Mother & Daughter (866)-750-8282 (Family Realty Group - 866-750-8282)

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    Real Estate - Other: Alex BpoAgent (Broker Price Opinion)
    Alex BpoAgent
    Vancouver, WA
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