Well that was a fun experience. I sat in front of my computer for about three hours trying to finish my first BPO. Now that seemed really tedious as I was doing it, but as soon as I was done I know my next one will be much smoother.
Now I started off good on this one today. I got hooked up with a company called E Mortgage logic and have gotten two BPO orders from them so far. I could have gotten more, but since I am a new agent for them I can only have two at a time. Well since I am not very experienced with this I think that to be a good idea.
The hardest part I thought was to find competive listings. I looked all over for some that were similar to my subject property but was unable to find anything. I submitted the BPO anyway with an explanation but I think they are going to send it back to me and tell me to finish it up. I looked all over and found some I could use but they were significantly higher than my subject so I couldn't see the usefulness of taking that much adjustment off a comparable.
The funny thing about doing this BPO is that my Real Estate school training is finally starting to make sense. I passed the class in my college sure, and I passed the state test first time too. But I studied for a long long long time. After the test was done I felt like I forgot about 70% of the stuff. Most of everything was gone except the laws. Now that I am getting full into the swing of things it is all really starting to make sense. Having been licensed for only about 8 months I think I'm moving along fine.
I want to get into selling REO properties for banks and Asset Management companies so I read that BPOs were a way to get that ball rolling. Plus I can do one of these a day and get a good amount of money each month to help out.
So my first experience with these BPOs was a little painful but it was an educational pain. I think that after about ten of these it will be like clockwork. How long does it take other realtors out there to complete BPOs. Here's to the future! Hoping it is a prosperous one.
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