Our company does BPOs as well as property sales and lately, we have seen an increase in BPO orders in our BPO department. A BPO is a Broker's Price Opinion, or a real estate broker's opinion of value based on a site inspection, this could be a drive by or an interior inspection, and the current active and sold comparables. It is similar to an appraisal, but not as thurough. There are many reasons someone or some company would want to order a BPO, but typically, they are ordered by banks that are about to agree to a short sale on one of their properties, or they are of interest to investers before they decide to purchase the property.
Recently, we have been receiving a good amount of BPO orders from lenders and banks who are about to embark on a short sale or to analyze their lost if they were to sell the property or let it go into foreclosure. BPOs are good indicaters of the foreclosure market because, if a short sale does not go through, then it is more likely that the property will foreclose.
The Crescent City California market is no different than any other markets in the rest of California, although it may be on a smaller scale, but the number of foreclosures and BPO orders are increasing.
If you are interested in purchasing homes in Del Norte or Humboldt Counties that are in the foreclosure process or are simply looking for some great deals and bargains, do not hesitate to call Lucky Star Realty at 707-954-7926 or contact me via email: lucky@luckystarrealty.com
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