The inflated BPO...... or my comment to Phillip!

My past experience in the BPO field has proven to me some common errors that are still going on today. I stopped doing BPO's a little over 6 months ago but many agents still ask my opinion on some issues they run up against. Being outside the Frame and looking at the Picture has educated me on some obvious errors regularly going on. Many agents that are currently doing BPO's neglect to check the county records for important information, probably the first thing that should be done. They go directly for the past or current MLS listing which may have been inputted from the last one etc., get the picture. Any increased number of Bedrooms, Bathrooms and or Square Footage can and will result in inflated price estimates. The client requesting the BPO trust that a professional has been contracted to perform the service, when doing the BPO you are obligated to estimate only on the recorded SF, Bedrooms And Baths. Over the past 5+ years many buyers had increased the size of their homes by enclosing patio's and converting garages etc. and permits are "Unknown" If it shows up in county records as a 3/1 and you go out to find it is now a 4/2 you obligation is to estimate this property as a 3/1, end of story! That is the biggest reason, IMHO why we run into inflated prices. I do not hesitate to supply this type of information when needed and neither should you.

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Patrick Virgilio, Broker Associate, Cal BRE# 01305252

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The information contained in this blog is believed to be reliable and while every effort is made to assure that the information is as accurate as possible, the author of this blog, and its comments disclaim any implied warranty or representation about it's accuracy, completeness or appropriateness for any particular purpose. All information is copywritten and the property of Pat Virgilio. 

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Rainer
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Brian Doubleday
Brian Doubleday - IML RealEstate - Orange County, CA Broker - Ladera Ranch, CA
Ladera Ranch, Foothill Ranch, Lake Forest, Mission Viejo

Patrick, I Like the tidbit of info, BPO's have become such an important part of our world, scary how uneducated about value some of the agents are

Oct 22, 2010 05:53 PM #1
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Rainmaker
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P.J. Virgilio Jr., Realtor 408-568-6578 Selling homes in the Greater San Jose area and South through San Martin, Gilroy

San Juan Bautista and Hollister as well!
Values are UP!... ask me what your homes worth?
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