I've been stewing over something for a few days. Not sure if I wanted to post about it, but then a couple people have brought up that NABPOP thing, and that's exactly what's been stickin' my craw over Labor Day Weekend.
While speaking with another REO agent, a long-time, veteran REO agent, I thought I'd pick their brains for minute, when I had them on the line. Last week was my Hell Week for BPOs. Nothing easy, all obscure properties for the area they were in, never any good, or even half way decent comps, properties were out in BFE, etc, & I'm sure ya'll know how it goes. One in particular was extremely difficult, urban area, but a high-end urban area, about 110 years old, and like 3000 sq. ft. So I ask the agent for advice, any other comprable neighborhoods I could use, any suggestions, and what have you. The agent brings up NABPOP, and how great the info is, and blah, blah, blah. But I honestly almost choked on my coffee when the agent brought up some things in "training book" thing. GLA should be w/in 200 sq ft, always look for comps w/in a 1/4 mile, 10 years either side age-wise, and more blah, blah, blah, as for as I'm concerned.
I certainly don't know it all, and am always willing to learn, but what that agent was telling me, was so far out of line with the way I was taught, as well as most companies' requirements, it wasn't even funny. So for those of you that wanna know, here's how Katie does her BPOs. (Usually without issues, lol)
GLA - 20% of the subject's GLA unless requirements state otherwise, some want it w/in 15%, if it can't be done, an explaination is needed.
Age - 20 years either side of the subject for older homes, or hard to comp areas, newer construction, usually 10 on either side.
Mileage - 1 mile for urban, 3 for suburban, 10-25 for rural/extreme rural
Sale date - I'll check everything w/in the last 6 months, but as prices have been flat to declining, most of my solds are from the last 3 months now.
Condition - Especially important in REOs!!! Having comps in similar condition is crucial! As is havng at least one active, one sold in better condition than your subject
Bed/Bath Count - Having an active & a sold with the same bed/bath count is important, but you can (I think) adjust values for these much easier than anything else
One of the way cool things about BPOs, is that for some reason, if you can't meet the requirements, things are usually expandable. Whether it's the age range, the GLA%, the area, just make a ton of notes of why something couldn't be met, and most times you're covered.
Hope this helps some of you out when you're doing the BPO thing!