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I need help...what is a retro BPO?
I just got 2 orders for retro/historical BPOs. First of all, I would like to know why lenders and AM ask for them? They are looking for values back in 2005. I assume I have to go back in time and pretend I am pricing the homes in 2005.
I know appraisers do this for cases where a spouse passed away and they need to get a step up value when the surviving spouse sells the home.
One good thing is they do not require any photos...so no driving.
If any of you have done these BPOs, please give me some advise. Thanks
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