I finally finished my 2nd BPO after 3 rejections and it took a week doing the comps on the subject property in a subdivision with a lot of REO's, foreclosures, and new notices to be foreclosed on. My hat is off to Pro-teck for being patient and communicating with me to arrive at a good solide opinion. And I with them: 3 major emails, 12 comparables, several phone calls. But when finished, I and them believe that Pro-tecks client has a very good idea of the value of their subject property. The economic situation didn't help, and with the large number of foreclosures, using foreclosures for comps made my opinion and Pro-tecks' job much more difficult.
All in all, the opinion is done and so far both Pro-teck and I are happy with the conclusion. Hopefully Pro-teck's client will understand. From the perspective of a broker/agent - remember to just keep at until completed. There's not much monetary reward for a BPO that takes a week, but a job well done is priceless.
Comments(5)