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Rural property BPO's

Managing Real Estate Broker with Tim Riddle Broker Associate,Marsha Hardin Real Estate

  How many of you that do BPO's on rural property have trouble making the asset companies understand your information? Useing the same BPO form for rural properties as surbuban properties makes it so hard to reflect the true information about a property thats located in the middle of nowhere.  Some comps are 10 miles away and thats all there is to use. Then the asset company says  whats the name of the subdivision and how many homes in the neighborhood are for sale?  I work with some asset companies that understand this and say put in there what you have, then some are stuck on thinking rural property comps and info is the same as properties in town.

Nita Shinsky
Shinsky & Assoc - Azle, TX
Broker, GRI, SFR, e-Pro

It seems the more frustrated the lenders get in determining whether to foreclose on a property or attempt to modify loans, it sometimes get lost in the report. Rural properties, like resort or farm and ranch properties, CANNOT be submitted on the same forms, you're right, it really doesn't make much sense. The reports I find the hardest to get passed on the first time are the forms that limit your comments to only a certain number of characters. Even with short hand a abbrev. everything you can, it's not enough if they really want a "TRUE" picture of the market for the subject property. I feel your pain, I am seeing it a lot out here!

Sep 18, 2009 03:09 PM