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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